Carbon Fiber Market For Automotive Analysis From 2018 To 2023. Global Carbon Fiber Market For Automotive by Material Type (Sheet Molding Compound (SMC), Short Fiber Thermoplastic (SFT), Long Fiber Thermoplastic (LFT), Prepreg, and Others), Application Type (Exterior, Power Train System, Under Body System, Chassis System, Interior, And Others), Vehicle Type (Passenger Car and Commercial Vehicle), and region.

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Global Carbon Fiber Market For Automotive Highlights:

The factors supporting the growth of carbon fiber in automotive, are increased safety in the vehicle, growing technology development, increase in the sales of vehicle, and rise in government regulations to meet fuel efficiency of the vehicle. The growing technology for light weight material is expected to drive the market in the future. The lightweight materials help increase the fuel efficiency and the performance of the vehicle. This increased performance will drive vehicle purchase, which will drive the market. There has been an increase in the government regulations to meet the fuel efficiency of the vehicle. The Institute for Advanced Composites Manufacturing Innovation (IACMI) has aimed to decrease the cost of composite fiber to reduce the overall cost of the automotive components. Increase in vehicle sales is also expected to drive the carbon fiber in automotive market during the forecast period. The increase in sales of vehicle will result in growing demand of carbon fiber in the vehicle due to the light weight property. This increase demand will result in the growth of the market in future.

The carbon fiber in automotive market is segmented based on material type, application type, vehicle type, and region. On the basis of material type, the market is segmented based on Sheet Molding Compound (SMC), Short Fiber Thermoplastic (SFT), Long Fiber Thermoplastic (LFT), Prepreg, and Others. LFT is expected to dominate the carbon fiber in automotive market during the forecast period. It is used where there is prime requirement for higher strength, high resistance to chemicals, heat and corrosion. This property of LFT will increase the demand of this segment in future. On the basis of application type, the market has been segmented as exterior, power train system, under body system, chassis system, interior, and others. Exterior segment is expected to dominate the market in future due to increased demand for carbon fire in exterior components.

On the basis of region, the market has been segmented into North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific is expected to dominate the market in future due to the rise in production of passenger and commercial vehicles in emerging countries such as India, China, and Japan. Europe is expected to be the second largest market for carbon fiber due to an increase in demand for light weight vehicle body parts. The stringent government regulations in Europe for developing environmental sustainable composite materials, is expected to drive the carbon fiber market in future. North America, where automobile manufacturers will continue to see an increase in the sales of the passenger cars is expected to be the third largest market due to growing demand for vehicle production. The increase in demand of the new vehicles will enable the growth of the auto components suppliers. This increase in demand of passenger cars, will result in high demand for standard components in the vehicle. This will result in the growth of the market in future.

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