China Automotive Carbon Fiber Composites Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The China Automotive Carbon Fiber Composites Market is expected to register a CAGR of more than 10 % during the forecast period, (2020-2025).

• Carbon fiber composites offer improvement in structural, functional, or cosmetic properties. To make vehicles lighter, cleaner, safer, and more cost-effective, the leading carbon fiber suppliers respond to the needs and expectations of the vehicle OEMs, system suppliers, and customers. Many car companies, such as BMW, Audi, GM, Honda, and Polestar, have established agreements with carbon fiber material producers for mass production. They are investing in their processes to support low-cost carbon fiber manufacturing.
• Currently, China has more than 40 automotive carbon fiber manufacturers. At the same time, Hengshen CoLtd and Zhongfu Shenying are the leading manufacturers of carbon fiber devices. Automotive Carbon Fiber is a booming industry mainly due to favorable national policies and improved market potentials, which have grasped many carbon fiber companies to reach out to demands for changing the automotive landscape in the country.
• As of 2019, Zhongfu Shenying holds the largest carbon fiber capacity of over 8000 tons, while Hengshen C, Ltd is the nations first carbon fiber and composite materials enterprise on NEW OTCBB (Over the Counter Bulletin Board), with a complete industrial chain ranging from carbon fiber precursor to terminal composite.

Scope of the report

The China Automotive Carbon Fiber Composites Market covers the current and upcoming trends with recent technological developments. The report will provide a detailed analysis of various areas of the market by type, application and technology. The market share of significant automotive sensor manufacturing companies and country level analysis will be provided in the report.

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Key Market Trends

Increasing Adoption of Carbon Fiber for Greater Fuel Efficiency

Although automobiles have been around for more than a century, the material they are made of has mostly remained the same. It only since the past few 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 essential for boosting the fuel economy of modern cars all the while maintaining performance and safety. Since it takes lesser energy to accelerate a lighter object than a heavier one, lightweight materials offer great potential for increasing vehicle efficiency and fuel economy. A 10% reduction in the vehicle’s weight can transpire to a 6% to 8% increase in fuel economy.

BMW’s use of carbon fiber in its i3 model has considerably reduced the car’s weight. The company sells around 31,000 units of the i3 model in a year. BMW and its carbon fiber producing partner the SGL Group, have spent close to USD 1 billion in establishing the supply chain for the CFRP used in the i3 and i8. Audi is also using carbon fiber to produce the rear wall of the space-frame for its A8 sedan. Even from the supply side, carbon fiber manufacturers have been ramping up their production capacities, which will further help in the adoption of carbon fiber in automobiles.

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