The automotive carbon fiber composites market 2020 can post a growth rate of 10.6% between 2017 and 2023 (evaluation period), confirms Market Research Future (MRFR). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been studied in the report, which offers an in-depth analysis post the coronavirus disease outbreak.
The COVID-19 outbreak has been a major cause for the massive decline in vehicle sales worldwide, resulting from the shutdowns along with the fluctuations in oil prices. Renowned automotive manufacturers are taking up various tactics in a bid to mitigate the detrimental impact of the pandemic by examining their dealerships to facilitate flow of services. The short-term impact of COVID-19 on the automotive industry has led to closing of assembly plants in the United States (US), manufacturing interruptions across Europe and ceased export of components from China, following the imposition of the lockdown across various regions. Following the onset of SARS-CoV-2, the demand in the market for commercial vehicles has dropped substantially because of the shutdown of all the non-essential services everywhere.
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With that said, experts believe that by the time a COVID-19 breakthrough is achieved, the automotive carbon fiber composite market can remain fortified, due to the continuous efforts given by leading vendors to control revenue losses, backed by recovery tactics such as acquisitions and mergers, and more. Although the impact of the novel coronavirus has been significant, the mounting demand for carbon fiber-reinforced plastics in race cars and luxury cars can be deemed as a major growth enhancer in the global market.
Key Drivers and Main Challenges
Strong application scope of carbon fiber composites in the aerospace and defense industry, due to their superior strength and light weight, can help the market achieve incredible results in the years to come. The mounting demand for better fuel efficiency in automobiles could also mean good business. Carbon fiber composites’ rising use in high end cars and race cars is also anticipated to induce significant market growth in the near future.
The declining cost of the commodity has boosted its deployment in mid-range passenger cars. It is expected that automotive carbon fiber composite’s high durability and better strength will enhance its appeal compared to the traditional materials. The latest trends indicate that the advancements in transformative technologies as well as material systems used to develop carbon fiber parts can lead to higher deployment in mass-volume vehicles, which can mean remarkable growth for the automotive composites carbon fiber market. Leading vendors are doing everything in their capacity to boost their profits, by collaborating with other companies to upgrade their vehicles with advanced carbon fiber composites, which could lead to more product demand in the global market. For instance, in May 2020, Classic Recreations collaborated with SpeedKore Performance, a carbon fiber manufacturer, to recreate 1967 Shelby. From now on, every Shelby GT500CR model is expected to have carbon fiber bodies. Classic Recreations chose SpeedKore Performance to provide the carbon fiber bodies for the models, given the latter’s top-quality craftsmanship as well as the commitment to develop advanced vehicles.
Some of the renowned vendors in the industry include HITCO Carbon Composites Inc (U.S.), Mitsubishi Rayon Carbon Fiber and Composites, Inc. (U.S.), Cytec Industries (U.S.), Polar Manufacturing Limited (U.K.), SGL Carbon SE (Germany), Rock West Composites (U.S.), ACP Composites, Inc (U.S.), Owens Corning (U.S.), Clearwater Composites, LLC (U.S.), Toray Industries, Inc. (Japan), to name a few.
Production type and application are the primary segments according to which the market has been studied by MRFR analysts.
The production types considered in the study are resin transfer molding, injection molding, vacuum infusion processing, compression molding, hand layup, and more.
The key applications of automotive carbon fiber composites market are identified as power train components, exterior, structural assembly, and Interior.
APAC/Asia Pacific, North America, Europe and RoW/rest of the world are the key regions across which the automotive carbon fiber composites industry is presumed to observe varying degrees of growth from 2017 to 2023.
APAC is identified as the fastest gaining market and can also achieve the leading position over the conjectured period. China and India are the dominant markets in the region, on account of the high vehicle production and the increasing set up of new facilities with surge in technological innovations. The huge number of leading manufacturers present in the region, especially across China, South Korea, Taiwan and Japan also leads to revenue generation for the automotive carbon fiber composites market.
The North American market is also deemed to perform well, backed by the increasing demand for carbon fiber composites in the automotive industry of Canada and the U.S. The high sales of race cars, luxury cars, and various high-performance cars combined with the escalated vehicle production and prevalence of emission norms can also translate to major business in the region.
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