LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global carbon fiber in the automotive composites market is expected to grow at a CAGR of close to 10% during the forecast period.
This research report titled ‘Global Carbon Fiber in the Automotive Composites Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Kurva Samba Sivudu, a lead analyst at Technavio for automotive electronics research, “The carbon fiber in the automotive composite market is expected to witness rapid growth during the forecast period due to the excellent properties exhibited by carbon fiber, stringent norms to reduce emissions, and the increased preference for lightweight vehicles.”
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The market research analysis categorizes the global carbon fiber in the automotive composites market into four major application segments:
- Exterior components
- Interior components
- Structural and powertrains
- Chassis systems
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Global carbon fiber in exterior components
Exterior components are the largest application segment in the carbon fiber-based automotive composites market. There is an increased demand for exterior components from automobile applications to improve the aesthetic appeal of passenger vehicles. Door modules, fascia, mirror housing, wheel cover, claddings, wheel trims, bumpers, and rocker panels constitute the exterior components of the automobiles. The increased demand for automobiles will increase the requirement of exterior components, which can significantly drive the global carbon fiber in the automotive composites market.
Global carbon fiber in interior components
Carbon fibers are extensively used as sheets, panels, and veneers, in the interior components of automobiles. Dash panels, carpets, center consoles, door panels, steering wheels, upholstery, automobile seats, and headliners, are the most important interior components of automobiles.
“Carbon fiber panels are used to provide high strength and durability to the automobile parts. Carbon fiber is used extensively in the automotive composites market and is expected to dominate the market due to its aesthetic appeal, comfort, strength, and lustrous appearance. The requirement for lightweight interior components in automobiles will lead to the increased use of carbon fiber composites to build the interior parts of automobiles, during the forecast period,” says Kurva.
Global carbon fiber in structural and powertrain components
The improved strength and reduced weight of carbon fiber enable its extensive use in the automobile industry. Carbon fibers are used more extensively in the production of powertrains and structural components, compared to other composite materials such as metal matrix and ceramic matrix composites. APAC and Europe are the leading markets for structural and powertrain composites. The development of hybrid powertrains due to government and environmental regulations such as Kyoto protocol and the Corporate Average Fuel Efficiency (CAFÉ) will potentially drive the growth of carbon fiber in the automotive composites market in the structural and powertrain application segment.
Global carbon fiber in chassis systems
Chassis system is expected to be the fastest growing application segment of the carbon fiber in the automotive composites market. Chassis systems consist of the internal vehicular frame that supports the mechanical parts of the automobile such as breaks, engines, wheels, axle, steering, and other assemblies. The rapid growth in the automobile industry is due to the demand for lightweight composites that are used in the production of lightweight vehicles. In addition, the preference of consumers for comfort and safe drive enhances the demand for chassis systems.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- Cytec Solvay
- Mitsubishi Chemical Holdings
- Scott Bader
- TEIJIN
- TORAY INDUSTRIES
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