Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Automotive Carbon Fiber Composites Parts Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The automotive industry is witnessing an evolution with the integration of lightweight materials designed to enhance vehicle efficiency and performance. A comprehensive new research publication on the automotive carbon fiber composites parts market has been added to our exhaustive suite of market analysis, detailing the burgeoning growth and future predications in this niche sector.
Catalyzed by the remarkable surge in electric vehicle (EV) sales, which more than doubled to 6.6 million in 2021, the automotive carbon fiber composites parts market is forecast to expand from $19.29 billion in 2023 to an impressive $42.14 billion by 2028. This report underscores the influence of electric vehicles as a pivotal market driver, underscoring the compound annual growth rate (CAGR) of 16.0% through the forecast period.
With Europe holding the largest regional market share in 2023, the report also projects significant growth opportunities in other regions, including the Asia-Pacific, North America, and emerging economies worldwide. A myriad of factors, such as increased vehicle production, stringent fuel efficiency standards, and innovative product developments, are fueling the upward trajectory.
- Product Innovation: Companies like Solvay S.A. are at the forefront of developing cutting-edge materials like SolvaLite 714 Prepregs, crafted for speed and efficiency in manufacturing automotive components.
- Strategic Partnerships: Pioneering collaborations are shaping the future, illustrated by Voith Composites' intentions to establish a sustainable, closed-loop solution for CFRP materials in partnership with V-Carbon.
- Market Acquisitions: Investments such as Elaghmore's acquisition of Formaplex demonstrate a keen interest in expanding capabilities in lightweight automotive components,
The report also highlights the various types of products such as brake discs, battery housings, and chassis components, emphasizing their applications for both OEMs and the aftermarket.
With respect to technology, the incorporation of advanced driver assistance systems (ADAS) and continued adoption of both thermoplastic and thermoset resins are trends providing a fascinating look into the industry's direction. This motivates key players to seek innovative approaches, resulting in the enhancement of production techniques and sustainability practices.
A selection of companies mentioned in this report includes
- 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
For more information about this report visit https://www.researchandmarkets.com/r/vd1x22
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