Market Size of Automotive Carbon Fiber Composites Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 27.16 Billion |
| Market Size (2029) | USD 45.76 Billion |
| CAGR (2024 - 2029) | 11.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Carbon Fiber Composites Market Analysis
The Automotive Carbon Fiber Composites Market size is estimated at USD 27.16 billion in 2024, and is expected to reach USD 45.76 billion by 2029, growing at a CAGR of 11% during the forecast period (2024-2029).
Over the medium term, rising demand for lightweight material from the automotive industry and growing focus on fuel economy are expected to be major drivers for the automotive carbon fiber market. However, high costs associated with carbon fiber composites and glass fiber composites are hindering the market's growth, as their usage in low-cost vehicles could drastically increase the prices of such vehicles.
Carbon fiber is a lightweight material with high-strength characteristics that can be designed for enhanced performance in automotive applications. It offers improvements in structural, functional, or cosmetic properties. To make vehicles lighter, cleaner, safer, and more cost-effective, leading carbon fiber suppliers are responding to the needs and expectations of vehicle OEMs, system suppliers, and customers.
Major car companies, such as BMW, Audi, GM, Honda, and Polestar, have established agreements with carbon fiber material producers for mass production and are investing in their processes to support low-cost carbon fiber manufacturing.
Amid increasingly stringent emission norms and rising fuel prices, carbon fiber is proving a great alternative to conventional metals as it can reduce the vehicle's weight. This can improve the fuel efficiency and performance of the engine while the fiber's physical strength limits are almost twice as high as those of conventional metals. The rise in demand for electric vehicles worldwide is likely to enhance the penetration of carbon fiber to improve the range of electric vehicles, which, in turn, is likely to result in major growth for the market during the forecast period.
