Carbon Fiber Composites In Automotive Market Scope
In the auto industry, the use of carbon composites is mostly used in racecars, high-end performance vehicles and some high-end luxury vehicles. Although the wind-energy and aerospace industries dominate usage carbon fiber composites in automotive have a large growth potential. Carbon fibers are the major load-bearing components in most of such composites. Epoxy is the most frequently used polymer matrix with carbon fibers. Polyester, polysulfone, polyimide, and thermoplastic resins are also used in carbon fiber composites. The use of composites continues to grow, the composite materials industry will grow at a faster rate than most industries during the next decade.
According to AMA, the Global Carbon Fiber Composites In Automotive market is expected to see growth rate of 11.2%Market players are focusing on providing carbon fiber composites with higher quality along with complying with all regulatory standards to fascinate more end users. They are also focusing on the introduction of numerous advanced & attractive features to further offer qualified carbon fiber composites. The market is fragmented owing to the presence of several international and domestic providers. The high focus on offering cost-effective product offerings. Besides, the numerous industry profitability has led to the entry of new players, in turn, increasing the level of rivalry in the already competitive market. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Carbon Fiber Composites In Automotive market throughout the predicted period.
ZOLTEK Corporation (United States), Cytec Industries, SGL Carbon SE (Germany), Toray Industries, Inc. (Japan), ACP Composites, Inc (United States), Clearwater Composites, LLC (United States), Owens Corning (United States), HITCO Carbon Composites Inc, Mitsubishi Rayon Carbon Fiber and Composites, Inc., Polar Manufacturing Limited (United Kingdom) and Rock West Composites are some of the key players that are part of study coverage.
Segmentation Overview
The study have segmented the market of Global Carbon Fiber Composites In Automotive market , by Application (Racecars, High-End Performance Vehicles and High-End Luxury Vehicles) and Region with country level break-up.
On the basis of geography, the market of Carbon Fiber Composites In Automotive has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Manufacturers are Adopting Light Material for Overall Weight Reduction of the Vehicle and Glass and Carbon Fiber Is another Innovation That Has Gained Popularity in the Automobile Industry
Market Growth Drivers:
Rising Use of Carbon Fibre Reinforced Plastics (CFRP) in Luxury Car and Recyclable Carbon Fiber Have Directly Impacted In the Global Automotive Industry due to Development of Hybrid Cars
Challenges:
Presence of Large Number of Players in the Market considered as one of the keen challenge and Low Oxidation Resistance associated with Carbon Fiber Composites
Restraints:
High Cost of Carbon Fiber Composited as compare to Metals
Opportunities:
The Succession of Auto OEM/fiber Supplier Partnerships Formed over the Past Few Years and Manufacturers Are Focusing On Developing Low-Cost Carbon Fiber Composites through Recycling Strategies
Market Leaders and their Expansionary Development Strategies
In February 2020, Solvay announced that it had acquired Composites One, a leading North American distributor of composite materials. The acquisition allowed Solvay to expand its presence in the North American market and strengthen its position in the composites industry.
In February 2022, ESE Carbon Co. recently launched its E2 one-piece carbon fiber composite wheels into the market for the aftermarket segment. The initial E2 launch includes 19 x 8.5-inch wheels, servicing Tesla Model S, Tesla Model 3 and Subaru WRX STI vehicles. Neutron is the world’s first large carbon fiber composite launch vehicle which previously pioneered. WIth this launch, company has expanded portfolio to gain profitable attention.
Key Target Audience
Manufacturers of Carbon Fiber Composites, Suppliers of Carbon Fiber Composites, Wholesalers, Distributors, and Retailers of Carbon Fiber Composites, Automotive Industry, Raw Material Providers and Governmental Bodies
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.