China Automotive Carbon Fiber Composites Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The China Automotive Carbon Fiber Composites Market is expected to register a CAGR of more than 10 % during the forecast period, (2020-2025).
Key HighlightsAlthough automobiles have been around for more than a century, the material they are made of has mostly remained the same. It only since the past few decades that advanced materials ranging from aluminum and magnesium alloys to carbon fiber have made their way into mass-produced cars. Advanced materials such as carbon fiber are essential for boosting the fuel economy of modern cars all the while maintaining performance and safety. Since it takes lesser energy to accelerate a lighter object than a heavier one, lightweight materials offer great potential for increasing vehicle efficiency and fuel economy. A 10% reduction in the vehicle’s weight can transpire to a 6% to 8% increase in fuel economy.
BMW’s use of carbon fiber in its i3 model has considerably reduced the car’s weight. The company sells around 31,000 units of the i3 model in a year. BMW and its carbon fiber producing partner the SGL Group, have spent close to USD 1 billion in establishing the supply chain for the CFRP used in the i3 and i8. Audi is also using carbon fiber to produce the rear wall of the space-frame for its A8 sedan. Even from the supply side, carbon fiber manufacturers have been ramping up their production capacities, which will further help in the adoption of carbon fiber in automobiles.
Electrical Cars Sales Will Drive the MarketReducing the weight of electric vehicles has significant importance with the greater secondary cost savings associated. However, Composite materials will help to compensate for the extra weight of installing batteries and electrical engines. This allows manufacturers to not only focus on lighter batteries but the entire white body of the vehicle.
Many carbon fiber composites companies are offering a solution to reduce the weight of electric vehicles. For instance, Companies like Kordsa are offering new lightweight materials and engineering solutions to produce lightweight cars for future hybrid electrical cars as their sales are expected to boom in the future.
High cost of carbon fiber restricts the usage in high volume vehicles. Additionally, continuous availability and high cycle time remain the major challenges in the expansion of the industry.
Competitive LandscapeThe China Automotive Carbon Fiber Composites Market is dominated with various international and regional players such as Jiangsu Hengshen, Jilin Tangu Carbon Fiber and Fangda Carbon New Material . Although to have the edge over its competitors, the major automotive carbon fiber manufacturing companies are making joint-ventures, partnerships to launch newer products.
In 2019, Beijing Kangde Xin Composite Material made improvements in the automotive carbon fiber composite market. It has established itself as the top carbon fiber components manufacturer for the new energy-efficient vehicles BJEV EC3, an all-electric car manufactured by BAIC Motor Electric Vehicle Co Ltd.
In 2018, Haiyuan Automatic Equipments Co Ltd. raised 86 million USD for R & D and production of carbon fiber body parts of new energy vehicles. It offers various technological advantages in stamping and molding.
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