Market Research Reprots- Worldwide Automotive Carbon Fiber Components Market

Automotive Carbon Fiber Components Market
Industry: Future Demand, Market Analysis &
Outlook to 2022
Technavio recognizes the following companies as the key players in the global automotive carbon fiber
components market: DowDuPont, Plasan Carbon Composites, SGL Group, TEIJIN, and TORAY
INDUSTRIES.
Commenting on the report, an analyst from Technavio’ s team said: “One trend gaining momentum in
this market is the increasing application of advanced manufacturing technologies. The use of carbon
fibers in the automotive industry requires advanced carbon fiber manufacturing techniques. This holds
more importance for automakers and auto component manufacturers to gain more competitiveness
and cost-effectiveness in the market.”
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According to the report, one driver influencing this market is the growing use of carbon fiber materials
in automotive industry. The automotive industry is focusing on the use of energy-efficient, rigid, and
light-weight materials to reduce adverse environmental effects. Thus, the global automotive industry is
witnessing increasing use of advanced materials. The growing competition among OEMs and
automakers is fueling the adoption of advanced materials for automotive applications, which include
aluminum, carbon fibers, and magnesium.
Further, the report states that one challenge affecting this market is the the high price of carbon fibers
and expensive R&D. Rising prices of raw materials such as resins and carbon fibers have increased the
procurement costs for vendors. The cost of carbon fibers is of particular concern in this regard as the
average price of carbon fiber is $40-$50 per pound. A minor share of the increased procurement costs is
absorbed by vendors of carbon fibers, with the major share being translated to higher prices for
customers. Hence, this is foreseen to be a challenge in the future. Moreover, the large volume
production of these products can become challenging with the increasing demand.