Automotive Carbon Fiber Composites Parts Global Market Report 2024

The automotive carbon fiber composites parts market size has grown rapidly in recent years. It will grow from $19.29 billion in 2023 to $23.26 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. During the historical period, the growth in this sector can be attributed to several factors, including the emphasis on weight reduction in vehicles, the increasing demand for electric vehicles, a surge in demand for sports and luxury vehicles, adherence to stringent emission standards, and the influence of racing and motorsports in advancing automotive technology and materials.

The automotive carbon fiber composites parts market size is expected to see rapid growth in the next few years. It will grow to $42.14 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. Anticipated growth in the forecast period is expected to be driven by several factors, including the continued adoption of electric and hybrid vehicles, adherence to stringent fuel efficiency standards, expanded utilization of carbon fiber composite parts in structural components, the benefits of mass production and economies of scale, and the growing demand for advanced driver assistance systems (ADAS). Major trends projected in this period encompass the increasing integration of carbon fiber composite parts in electric vehicles (EVs), advancements in manufacturing technologies to enhance efficiency, further integration of these parts in structural components, increased collaborations and partnerships within the industry, initiatives focused on cost reduction, and a heightened emphasis on recycling and sustainability practices.

The automotive carbon fiber composites parts market is experiencing significant growth, primarily driven by the surging demand for electric vehicles (EVs). Electric vehicles, characterized by an electric motor powered by batteries that can be charged externally, are witnessing a substantial increase in sales. Carbon fiber composite parts find extensive use in electric vehicles to reduce weight, thereby minimizing energy consumption. According to the Global EV Outlook 2022 report published in May 2022, electric vehicle sales doubled from the previous year, reaching a new high of 6.6 million units. The global sales of electric car vehicles in 2021 surged to 6,600,000 units from 2,980,000 units. This surge in demand for electric vehicles is a key driver propelling the growth of the automotive carbon fiber composite parts market.

The automotive carbon fiber composites parts market is further fueled by the increase in vehicle production. Vehicle production involves the manufacturing and assembly of various modes of transportation, including automobiles, trucks, and motorcycles. The integration of carbon fiber composites in vehicle production is driven by ongoing efforts to enhance fuel efficiency, reduce emissions, and improve overall performance. In 2022, according to the European Automobile Manufacturers Association, 85.4 million motor vehicles were produced globally, marking a significant increase of 5.7% compared to 2021. The rise in vehicle production is a crucial factor driving the growth of the automotive carbon fiber composites parts market.

A key trend in the automotive carbon fiber composites parts market is the emphasis on product innovation. Major companies in this market are actively focusing on developing composite materials that offer advantageous properties for automobiles. For instance, in May 2022, Solvay, a Belgium-based chemical company, launched SolvaLite 714 Prepregs - a new generation of unidirectional carbon fiber and woven fabric products pre-impregnated with epoxy resin SolvaLite 714. These advanced prepregs are specifically designed for manufacturing automobile components, such as body panels, with quick compression-molding cycle durations in serial production runs. They boast quick cure cycles and extended lifespans, representing a significant innovation in the field of automotive carbon fiber composites.

Prominent companies in the automotive carbon fiber composite parts market are actively engaging in strategic partnerships and collaborations as part of their efforts to maintain a strong position in the market. These collaborative ventures are formed between two or more organizations with the aim of achieving specific business objectives or goals. An illustrative example of such a strategic partnership is the collaboration announced by Voith Composites, a leader in Composites 4.0 and the production center of carbon fiber-reinforced composites in the Voith Group. In May 2022, Voith Composites expressed its intent to partner with V-Carbon, a UK-based advanced materials technology company. V-Carbon specializes in developing the first fully integrated carbon fiber circular economy for applications in the aerospace, automotive, wind energy, and industrial sectors. This partnership is set to pioneer industry-leading innovation with the goal of establishing the first sustainable and closed-loop solution for Carbon Fiber Reinforced Polymer (CFRP) materials specifically for hydrogen (H2) systems. Such strategic collaborations highlight the commitment of major players to advancing sustainable and innovative solutions in the automotive carbon fiber composite parts market.

In February 2021, Elaghmore, a UK-based private equity company, acquired Formaplex for an undisclosed amount, adding lightweight automotive components to its investment portfolio. Formaplex, based in the UK, is a manufacturer specializing in lightweight composites and carbon fiber parts catering to diverse industries, including automotive, aerospace, defense, motorsport, and commercial applications. The acquisition reflects Elaghmore's strategic intent to expand its capabilities and offerings in the realm of lightweight and high-performance materials, further solidifying its presence in the automotive carbon fiber composite parts market.

Major companies operating in the automotive carbon fiber composites parts market report are Plasan Carbon Composites Inc., Faurecia SE, Toray Industries Inc., Mitsubishi Chemical Carbon Fiber and Composites, SGL Carbon, Composite Resources Inc., Hexcel Corporation, Teijin Limited, BUCCI COMPOSITES S.p.A., CBS Composites, Cobra Advanced Composites Co. Ltd., TOPKEY Excellence In Composites, Action Composite Technology Limited, Zhongfu Shenying Carbon Fiber Xining Co. Ltd., Jiangsu Hengrui Pharmaceuticals Co. Ltd., Martec Spa, Gigante Technologies Pvt. Ltd., Cytec Industries Incorporated, ACP Composites Inc., Clearwater Composites LLC, Owens Corning, HITCO Carbon Composites Inc., Polar Manufacturing Limited, Rock West Composites Inc., Zoltek Companies Inc., Gurit Holding AG, Solvay S.A., Continental Structural Plastics Inc., Magna International Inc., Toho Tenax Co. Ltd., Formtech Composite Limited, Quantum Composites Inc., PlastiComp Inc., TenCate Advanced Composites, Fiberforge Corporation, Albany Engineered Composites Inc., BASF SE, DSM Composite Resins AG.

Europe was the largest region in the automotive carbon fiber composites parts market in 2023. The regions covered in the automotive carbon fiber composites parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the automotive carbon fiber composites parts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

These parts encompass various types such as brake discs, brake pads, battery housing, mirror housing, chassis components, pillars, and others. Brake discs, for instance, are metal discs operating within disc brakes and rotate with the wheel. These composite parts utilize different resins such as thermoplastic and thermoset materials, serving both original equipment manufacturers (OEMs) and aftermarket applications.

The automotive carbon fiber composites parts market research report is one of a series of new reports that provides automotive carbon fiber composites parts market statistics, including automotive carbon fiber composites parts industry global market size, regional shares, competitors with automotive carbon fiber composites parts market share, detailed automotive carbon fiber composites parts market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive carbon fiber composites parts industry. This automotive carbon fiber composites parts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.