Automotive Carbon Fiber Reinforced Plastics Market Report 2024 (Global Edition)

Global Automotive Carbon Fiber Reinforced Plastics Market Report 2024 Market Size Split by Product (Thermosetting CFRP, Thermoplastic CFRP), by Material (PAN-based, Pitch-based)

Automotive Carbon Fiber Reinforced Plastics Market Report Description

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Automotive Carbon Fiber Reinforced Plastics Market Insights Video

Competitive Landscape of the Automotive Carbon Fiber Reinforced Plastics Market

The major firms rapidly adapt new strategies in order to get a competitive advantage and win a sizable market share. To serve a big consumer base and acquire a competitive advantage, the key Automotive Carbon Fiber Reinforced Plastics market participants prioritize expanding creative products.

Top Companies Market Share in Automotive Carbon Fiber Reinforced Plastics Industry: (In no particular order of Rank)

• Toray Industries Inc. (Japan)
• Teijin Limited (Japan)
• Mitsubishi Chemical Corporation (Japan)
• Hexcel Corporation (United States)
• Solvay (Belgium)
• SGL Carbon (Germany)
• Hyosung Advanced Materials (South Korea)
• Gurit (Switzerland)
• Cytec Industries Inc. (United States)
• Zhongfu Shenying Carbon Fiber Co. Ltd. (China)
• Jiangsu Hengshen Fibre Material Co. Ltd. (China)
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North America Automotive Carbon Fiber Reinforced Plastics Market dominated in 2023 and accounted for 40% of the global revenue

Cognitive Market Research claims, that Europe dominated the market in 2023 and accounted for around 40% of the global revenue; European automakers are increasingly incorporating CFRP into vehicle design as a result of rigorous pollution laws and a focus on lightweight for increased fuel efficiency. The region's emphasis on sustainability combines with the benefits of CFRP, contributing to its widespread adoption in premium and high-performance vehicles and influencing Europe's future of lightweight automotive solutions.

North America contributes significantly to the Automotive Carbon Fiber Reinforced Plastics (CFRP) market. The region's automotive sector promotes the use of CFRP in high-end and sports vehicles by stressing performance and fuel efficiency. Regulatory pressure to cut emissions drives the usage of lightweight materials even further. As automakers prioritize new materials, CFRP remains critical in shifting the North American car market toward higher economy and sustainability.

The current report Scope analyzes Automotive Carbon Fiber Reinforced Plastics Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Automotive Carbon Fiber Reinforced Plastics Market

According to Cognitive Market Research, the global Automotive Carbon Fiber Reinforced Plastics market size was estimated at USD XX Billion out of which North America held the major market of more than 30% of the global revenue with market size of USD XX billion in 2023 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2023 to 2030 The Automotive Glass Fiber Composites market in North America is expanding rapidly, owing to the region's emphasis on fuel efficiency, severe environmental rules, and innovative production. Glass fiber composites are widely used in a variety of vehicle segments, particularly in the manufacture of electric and hybrid vehicles, where lightweight materials are critical for improving efficiency and range. The rapid expansion of the automotive glass fiber composites market is consistent with North America's dedication to sustainable transportation solutions and technical breakthroughs. As automakers progressively incorporate these composites into vehicle designs, the market is positioned to expand further, providing prospects for improved vehicle performance, decreased environmental impact, and developments in the region's broader automotive industry.

Europe Automotive Carbon Fiber Reinforced Plastics Market

According to Cognitive Market Research, the global Automotive Carbon Fiber Reinforced Plastics market size was estimated at USD XX Billion out of which Europe with a market value of USD XX billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 6.0% from 2023 to 2030, Europe accounted for the majority of global revenue, accounting for over 40% of the total Europe leads the Automotive Glass Fiber Composites market, owing to the region's dedication to strict emissions laws and sustainable mobility. The European car industry is actively embracing glass fiber composites for lightweighting, in line with the continent's emphasis on fuel efficiency and environmental stewardship. Electric vehicles (EVs) are one important category where glass fiber composites are widely used. As Europe prioritizes the transition to electric mobility, the utilization of glass fiber composites contributes greatly to reducing weight and improving EV performance. Finally, the European Automotive Glass Fiber Composites market is positioned for continued expansion, owing to the region's commitment to innovative and eco-friendly automotive solutions. 

Asia Pacific Automotive Carbon Fiber Reinforced Plastics Market

According to Cognitive Market Research, the global Automotive Carbon Fiber Reinforced Plastics market size was estimated at USD XX Billion out of which Asia Pacific held a considerable market share in 2023, accounting for more than 22% of the global revenue with a market size of USD XX billion in 2023 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2023 to 2030 The booming automobile sector and the development of innovative materials are driving forces. Rapid economic expansion and urbanization in Asia Pacific have increased demand for lightweight materials to improve vehicle performance and efficiency. Glass fiber composites are finding broad use in a variety of categories, including commercial vehicles, as the region sees a growth in demand for long-lasting and fuel-efficient transportation solutions. Finally, the Asia Pacific Automotive Glass Fiber Composites market is expanding rapidly, driven by the region's economic dynamics and the automotive industry's commitment to meeting evolving standards, providing opportunities for advancements in vehicle design, and contributing to the region's automotive innovation landscape.

South America Automotive Carbon Fiber Reinforced Plastics Market

According to Cognitive Market Research, the global Automotive Carbon Fiber Reinforced Plastics market size was estimated at USD XX Billion out of which Latin America accounted for more than 5% of the global Automotive Carbon Fiber Reinforced Plastics revenue in 2023 with a market size of USD XX billion in 2023 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2023 to 2030 Latin America is emerging as a prominent player in the Automotive Glass Fiber Composites market, owing to the region's booming automotive sector and growing emphasis on environmentally friendly technology. Glass fiber composites are rapidly being used in car manufacture in Latin America, notably in commercial vehicle production. The region's economic and infrastructure development is driving need for long-lasting, lightweight solutions. Despite economic problems, the Latin American Automotive Glass Fiber Composites market demonstrates promise for growth and innovation in meeting the increasing needs of the automotive sector. Integration of glass fiber composites in vehicle design is a possible path for expanding the region's automotive manufacturing capabilities as Latin American countries strive for economic progress and environmental sustainability.

Middle East and Africa Automotive Carbon Fiber Reinforced Plastics Market

According to Cognitive Market Research, the global Automotive Carbon Fiber Reinforced Plastics market size was estimated at USD XX Billion out of which the Middle East and Africa accounted for more than 3% of the global revenue in 2023 with a market size of USD XX billion in 2023 and will grow at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2030 owing to the region's economic diversification efforts and the evolution of the automotive sector. As the region sees a desire for lightweight materials that improve vehicle performance, glass fiber composites are gaining traction in a variety of vehicle segments, including luxury cars. While economic swings and infrastructure constraints provide obstacles, the Middle East and Africa automobile Glass Fiber Composites market shows promise for contributing to breakthroughs in automobile design and sustainability. As the Middle East and Africa continue to invest in infrastructure and economic development, the integration of glass fiber composites presents prospects for determining the future of the automobile industry.

Automotive Carbon Fiber Reinforced Plastics Market Analysis

Automotive Carbon Fiber Reinforced Plastics Type Segment Analysis

According to Cognitive Market Research, thermosetting CFRP holds a prominent market share. Thermosetting CFRP is widely used in the automotive carbon fiber reinforced plastics (CFRP) sector. In CFRP manufacturing, thermosetting polymers such as epoxy are typically utilized as matrices. During the molding process, these resins undergo irreversible curing, resulting in a durable and stiff composite. Because of its superior mechanical qualities, heat resistance, and adaptability, thermosetting CFRP is a popular material for improving performance in automotive applications.

Thermoplastic CFRP is the fastest-growing category over the forecast period. Thermoplastic CFRP is gaining traction in the market for Automotive Carbon Fiber Reinforced Plastics. Thermoplastic CFRP, as opposed to thermosetting CFRP, can be melted and re-molded, allowing for more efficient recycling and greater design freedom. This form of CFRP is regarded for its impact resistance, faster processing times, and recyclability, which makes it an appealing solution for some automotive applications that require versatility and durability.

• Thermosetting CFRP
• Thermoplastic CFRP

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Automotive Carbon Fiber Reinforced Plastics Industry. Request a Free Sample PDF!

Automotive Carbon Fiber Reinforced Plastics Material Segment Analysis

According to Cognitive Market Research, PAN-based held the major market share over the forecast period. While PAN-based carbon fibers are more widespread, Pitch-based carbon fibers are also used in the Automotive Carbon Fiber Reinforced Plastics (CFRP) sector. Pitch-based CFRP, which is derived from coal tar or petroleum pitch, has outstanding heat resistance and a greater modulus, making it suited for specialized high-performance applications in the automotive sector. However, when compared to PAN-based alternatives, its production process and cost frequently limit its application.

Pitch-based is the fastest-growing category over the forecast period. In CFRP manufacturing, thermosetting polymers like epoxy are typically utilized as matrices. During the molding process, these resins undergo irreversible curing, resulting in a durable and stiff composite. Because of its superior mechanical qualities, heat resistance, and adaptability, thermosetting CFRP is a popular material for improving performance in automotive applications.

• PAN-based
• Pitch-based

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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