LONDON--(BUSINESS WIRE)--The global automotive carbon fiber hood and tailgate market is expected to grow at a CAGR of close to 10% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global automotive carbon fiber hood and tailgate market by application, including passenger car and commercial vehicle. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growing use of carbon fiber materials in the automotive industry
The automotive industry is focusing on the use of energy-efficient, rigid, and lightweight materials to reduce adverse environmental effects. This is leading to an increase in the use of advanced materials in the global automotive industry. The growing competition among OEMs and automakers has enabled higher adoption of advanced materials for automotive applications, which include aluminum, carbon fibers, and magnesium.
Carbon fibers are highly preferred materials for automotive applications due to their high strength-to-weight ratio than metals, and because of this fact, they are 20% lighter than the conventional materials such as aluminum and titanium. This property of carbon fibers offers fuel efficiency and improves agility, maneuverability, and vehicle safety.
Carbon fibers are highly used in sports cars and SUVs. The increasing demand for supercars and the growing popularity of high-performance cars is driving the sales of the global automotive carbon fiber components market. The properties of reinforced carbon fiber such as light-weightiness, high stiffness, strength, and outstanding fatigue and abrasion resistance have increased its usage in various sports car components.
According to a senior analyst at Technavio for automotive components research, “The future supercars and hypercars are expected to be ultrafast and extremely lightweight with futuristic aerodynamic designing, where car chassis construction plays a very crucial role to achieve efficient dynamics. Thus, automakers and OEMs are increasingly adopting carbon fiber to enhance the performance of such automobiles.”
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Market trend: rising number of high-performance electric vehicles
Sedans and hatchbacks type vehicles dominate the electric vehicle segment. Electric powered SUVs and crossover type SUVs are bulky and require a high amount of power to operate, which makes them non-sustainable. Innovation in electric vehicle batteries and increasing number of charging stations, especially in developed countries, have encouraged automobile manufacturers to produce and launch high-performance electric vehicle models in the market. This would increase the sales of high-performance electric cars across all the vehicle segments.
Market challenge: high price of carbon fibers and expensive R&D
In the global automotive industry, the high costs associated with the design and development of carbon fibers limit their applications. When compared to other conventional materials such as cast iron or steel, the R&D and manufacturing of carbon fibers are highly expensive. Using carbon fiber in automobile reduces the overall automotive manufacturing cost by 80% due to reduced tooling and simpler assembly. However, such cost savings are currently dominated by carbon fiber material price, which is around USD 16 per lb. A carbon fiber-based automotive can be priced similarly to a steel-based automotive, if carbon fiber costs can be driven down to USD 5 per lb.
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