Carbon Fiber in Automotive Market-Overview
Carbon fiber is made from robust and thin crystalline carbon filaments, which are employed to increase the material’s strength. Carbon fiber is utilized in the brakes of race cars and high-end vehicles. The growing emphasis on reducing vehicle weight to improve vehicle performance and efficiency has resulted in revising heavy metals and other materials with appropriate lightweight materials such as carbon fiber. Carbon fiber in the automotive market is projected to be valued at USD 3.57 billion by 2030, with a CAGR of 7.65%.
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Severe environmental requirements further bolster the need for lighter materials. Advanced materials, such as carbon fiber are critical for improving modern automotive fuel efficiency while preserving performance and safety. Because it takes less energy to accelerate a lighter item than a heavier one, lightweight materials have the potential to improve vehicle efficiency and fuel economy significantly.
Based on type, the Carbon fiber in Automotive market Growth has been categorized as short fiber thermoplastic (SFT), long fiber thermoplastic (LFT), and sheet molding compound (SMC). By region, the carbon fiber in the automotive market has been studied for five key regions—North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa. Based on the application, the carbon fiber in the automotive market has been classified as power train system, exterior, underbody system, chassis system, and interior.
In the coming years, government assistance will likely aid global market development. During the projection period, online commerce’s reliance on sales will grow dramatically, pushing industry participants to devote more to its development. The emphasis on collecting reserves of assets to respond to emerging catastrophes is expected to impact future market developments. The encouraging feedback on introducing a COVID-19 vaccine will give companies more confidence in their prospects. The alteration of supply chain remarks is expected to affect market participants’ overall expansion positively. The market may have restrained expansion due to the recurrence of COVID episodes in several areas. If inputs such as workforce and supply chains become adversely damaged by the continued occurrence of periodic lockdowns in several regions, market expansion may be restricted.
The essential players operating in the Carbon Fiber in Automotive Market are Mitsubishi Chemical Carbon Fiber and Composites Inc. (US), ZOLTEK (US), SGL Carbon SE (Germany), Hexcel Corporation (US), Cytec Solvey Group (US), Formosa Plastic Corp. (Taiwan), Teijin Limited (Japan), DOWAKSA (US), Sigmatex Ltd, and Toray Industries Inc. (Japan).
Mar 2022 Teijin has lately increased its carbon-fiber thermoplastic product line. The company’s decision to supply commodity engineering plastic prepregs will increase its attractiveness to automakers. Until recently, Teijin of Japan provided high-performance carbon-fiber prepegs made from advanced technical plastics such as polyaryletherketone (PAEK), polyetheretherketone (PEEK), polyethersulfone (PSE), and polyphenylene sulfide (PPS). Teijin has added three new matrix materials to its efforts to expand the use of carbon-fiber composites in the automotive industry: polypropylene (PP)/polycarbonate (PC), PC, and polyamide (PA).
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Detailed Regional Analysis
The regional review of the carbon fiber in the automotive market includes five key regions—North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa. Positive car sales in Asia-Pacific markets like India, China, and Japan. High governmental and private sector investments in electric vehicle manufacturing are expected to drive carbon fiber usage during the projection period. The region’s popularity for second cars has negatively influenced the region’s new car sales. Furthermore, customer attitudes toward paying less on new automobile purchases have hindered the region’s automotive industry. Europe is the biggest automobile hub, with many automobile manufacturers present; this has a favorable impact on market growth. The Middle East and Africa market is expected to rise slowly during the projected period. The Latin American market is predicted to increase significantly due to good growth opportunities in Brazil and Mexico.