Market Size of South Africa Automotive Carbon Fiber Composites Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 280.78 Million |
| Market Size (2029) | USD 460.69 Million |
| CAGR (2024 - 2029) | 10.41 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Africa Automotive Carbon Fiber Composites Market Analysis
The South Africa Automotive Carbon Fiber Composites Market size is estimated at USD 280.78 million in 2024, and is expected to reach USD 460.69 million by 2029, growing at a CAGR of 10.41% during the forecast period (2024-2029).
Over the long term, an increasing number of automobile production and sales, rising per capita disposable income of consumers, and growing demand for availing lightweight components to reduce vehicle weight, which ultimately leads to lower carbon emissions, will serve as major determinants for the growth of the South African automotive carbon fiber composites market.
- According to the International Organization for Motor Vehicle Manufacturers (OICA), new commercial vehicle registrations in South Africa reached 165.8 thousand units in 2022 compared to 146.3 thousand units in 2021, representing a Y-o-Y growth of 13.3% between 2021 and 2022.
- Heavy truck production in South Africa stood at 30,249 units in 2022 compared to 26,969 units in 2021, recording a Y-o-Y growth of 12% between 2021 and 2022.
Carbon fiber is a lightweight material with high-strength characteristics that can be designed for enhanced performance in automotive applications. It offers improvement in structural, functional, or cosmetic properties. To make vehicles lighter, cleaner, safer, and more cost-effective, the leading carbon fiber suppliers are responding to the needs and expectations of the vehicle OEMs, system suppliers, and customers. One of the major headwinds for the industry is its low recyclability and higher cost than traditional composites, which leads to hiking the prices of vehicles.
However, with rapid enhancement in carbon fiber technology, which makes it suitable for manufacturing various vehicle parts, and the increasing demand for automakers to replace their existing metal parts with carbon fibers, a massive demand for this composite type is expected in the coming years. Many car companies, such as BMW, Audi, GM, Honda, and Polestar, have established mass production agreements with carbon fiber material producers. They are investing in their processes to support low-cost carbon fiber manufacturing.
