Automotive Carbon Fiber Market 2021-2030 analysis by Allied Market Research. The global market segmented by application, raw material, fiber, type and region.
PORTLAND, ORAGON, USA, Jan. 18, 2022 /EINPresswire.com/ — Automotive Carbon Fiber Market Outlook 2030 –
The global automotive carbon fiber market has witnessed a tremendous increase in size and valuation, driven by the continued expansion of the automotive industry across the globe. With the growing demand for automobiles, the global market is expected to continue to register a strong rise in the coming years. The demand for PAN type carbon fibers is considerably high because these carbon fibers have high tensile strength and excellent modulus of elasticity. In terms of elastic modulus, ultra-high elastic modulus based carbon fibers are in relatively higher demand than other products because they have an elastic modulus almost ten times that of steel. Companies are trying to invent new carbon fiber parts that can drastically reduce the overall weight of the vehicle. The application of carbon fiber reinforced plastic (CFRP) has been widely adopted for the production of automobile bodies, especially among hyper-car manufacturers such as Ferrari, Lamborghini and Porsche. Europe is the biggest market for carbon fiber manufacturers as it is home to sports, super and hyper car manufacturers like Porsche, Mercedes Benz, Audi, BMW, Ferrari, Lamborghini and others.
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The major players analyzed in the report are Zoltek Corp., SGL Group, Toho Tenax Europe GmbH, Formtex Plastics Corp., Mitsubishi Chemical Carbon Fiber and Composites Inc., Hexcel Corp., Solvay, DowAksa, Zhongfu Shenying Carbon Fiber Co. Ltd. , and Jiangsu Hengshen Fiber Materials Co. Ltd.
COVID-19 Impact Analysis
The COVID-19 outbreak has severely affected the automotive sector globally, which, in turn, has led to a drastic decline in automotive sales and shortage of raw materials. The Covid-19 has had a severe impact on the market due to the complete shutdown of global transportation, imports and exports. Due to social distancing norms and lockdown restrictions around the world, research and production for the carbon fiber market has been hampered. The pandemic negatively impacted the carbon fiber market size in 2020, a major discrepancy was seen in the growth of carbon fiber manufacturers due to the coronavirus. Carbon fiber is an evolving industry, which is hampered due to the ongoing pandemic, due to which all types of production and installation activities in the affected countries have been stopped and all operations have been interrupted.
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Main impact factors
Strict government emission standards, growing demand for high-speed vehicles, and increasing adoption of carbon fiber in automobiles are driving the market growth.
The high and non-repairable cost is expected to hamper the growth of the market.
Rising sales of passenger vehicles and demand for lightweight materials in aerospace and defense can be seen as an opportunity for market investments.
The carbon fiber market trends are as follows:
Increase in sales of passenger vehicles
Passenger vehicles account for the largest share of total vehicle production. In addition, increasing R&D investment by original equipment manufacturers and Tier 1 companies to improve the quality and driving efficiency of passenger vehicles is supporting the development of the market. Additionally, increasing personal disposable income, especially in developing countries such as China, India, and the Middle East, is expected to drive the growth of the passenger car market. Carbon fibers are widely used in the production of automotive interior components. Since the passenger vehicle is currently experiencing a massive increase, the demand for automotive carbon fiber is expected to increase significantly in the coming years.
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Growing adoption of carbon fiber in automobiles
Although automobiles have been around for over a century, the material they are made of has remained the same for the most part. It’s only in recent decades that advanced materials ranging from aluminum and magnesium alloys to carbon fiber have made their way into mass-produced cars. Advanced materials such as carbon fiber are key to increasing the fuel economy of modern cars while maintaining performance and safety. For example, BMW’s use of carbon fiber in its i3 model has significantly reduced the car’s weight, Audi also uses carbon fiber to produce the rear wall of its A8 sedan’s space frame. Since it takes less energy to accelerate a lighter object than a heavier one, lightweight materials offer great potential for increasing vehicle efficiency and fuel economy. Thus, driving the growth of the market.
Key benefits of the report:
This study presents the analytical representation of the Automotive Carbon Fiber market along with current trends and future estimations to determine impending investment pockets.
The report presents information related to the major drivers, restraints and opportunities as well as challenges in the Automotive Carbon Fiber market.
The current market is quantitatively analyzed from 2020 to 2030 to highlight the growth scenario of the Automotive Carbon Fiber market.
The report provides a detailed analysis of the Automotive Carbon Fiber Market based on the competitive intensity and how the competition will shape in the coming years.
Automotive Carbon Fiber Market Research Report Questions Answered:
Who are the major market players active in the Automotive Carbon Fiber market?
What would be the detailed impact of COVID-19 on the market?
What current trends would influence the market in the coming years?
What are the driving factors, restraints, and opportunities in the Automotive Carbon Fiber Market?
What are the projections for the future that would help to take new strategic steps?
Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
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