LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global automotive carbon fiber components market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global automotive carbon fiber components market will grow at a CAGR of close to 10% during the forecast period. The growing use of carbon fiber materials in the automotive industry is a major factor driving the market’s growth.
To reduce adverse environmental effects, the automotive industry is focusing on the use of energy-efficient, rigid, and light-weight materials. There is an increase in the usage of advanced materials in the global automotive industry. The increasing competition between OEMs and automakers is propelling the adoption of advanced materials for automotive applications, which include aluminum, carbon fibers, and magnesium.
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In this report, Technavio highlights the increasing application of advanced manufacturing technologies as one of the key emerging trends driving the global automotive carbon fiber components market:
Increasing application of advanced manufacturing technologies
The global automotive market is experiencing rapid adoption of high-strength materials that not only adds to the overall performance of the vehicle but also helps in overall weight reduction. Implementation of carbon fibers in the automotive industry requires advanced carbon fiber manufacturing techniques. This turns out to be important for automakers and auto component manufacturers to gain more competitiveness and cost-effectiveness in the market.
Advanced production technologies are being incorporated by automotive carbon fiber component designers and manufacturers as they help in reducing the manufacturing and assembling costs while meeting the quality standards and specific configurations as required by the respective automotive applications. During labor-intensive activities, the innovative manufacturing techniques utilize fast cycle manufacturing processes, faster automation processes, and layup automated techniques. Carbon fiber components use a special resin-like epoxy 4831 as an adhesive to improve performance.
“Engineers and designers are making use of advanced composite software tools and utilities to aid in the automation of processes by fusing speed into the drive shaft manufacturing. These software tools consist of advanced design, analysis, and manufacturing simulation software tools using knowledge-based analysis. Also, the automotive carbon fiber components industry is also using innovative cost modeling, and custom design integrated virtual manufacturing systems,” says a senior analyst at Technavio for research on automotive components.
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Global automotive carbon fiber components market segmentation
This market research report segments the global automotive carbon fiber components market into the following applications (powertrain, exterior, and interior) and key regions (the Americas, APAC, and EMEA).
The smart utilities segment held the largest market share in 2017, accounting for nearly 36% of the market. The market share for this application is expected to increase by 2022.
APAC was the leading region for the global automotive carbon fiber components market in 2017, accounting for a market share of nearly 53%. By 2022, APAC is expected to continue dominating the market as the emerging economies of the Asian market account for the highest production of automotive.
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