Spotting towards more crucial factors, it is stated that growing demand for carbon fiber-reinforced plastics in leisure cars, race cars, and other high-performance cars is also pushing the market towards growth. The current trend shows that the development of technologies and physical systems to make carbon fiber parts for mass-volume vehicles have a direct impact on the dynamics of the automotive composites carbon fiber industry.

Segmentation

In the reports of MRFR, the global Carbon Fiber Composites market has been segmented as product type, application type, and region.

By the mode of product type, the market has been segmented as hand layup, resin transfer molding, vacuum infusion processing, injection molding, compression molding.

By the mode of application, the market includes structural assembly, power train components, interior, exterior, and others.

Regional Analysis

Region wise, Asia Pacific is accounted to be the fastest and largest growing market for Carbon Fiber Composites due to countries such as China and India. They are onto the growth path due to the existence of lightweight vehicles as well as enhanced fuel efficiency. With the increased production capacity in terms of volume and new facilities and innovative technological advancements, these are driving the market of Carbon Fiber Composites on positive notes over Asia Pacific region and is expected to capture over 45% revenue share through 2023.

On the other hand, Europe region will also grow at a higher CAGR in concern with Carbon Fiber Composites market owing to extensive use of composites. There have been stringent regulations regarding carbon emissions from vehicles and due to that increasing R&D investment along with established automobile industry is noticed and will further propel the regional growth over the forecast timeframe.

Key Players

The major player operating in the market of global Carbon Fiber Composites are Cytec Industries (U.S.), SGL Carbon SE (Germany), Toray Industries, Inc. (Japan), ACP Composites, Inc (U.S.), Clearwater Composites, LLC (U.S.), Owens Corning (U.S.)