Carbon fiber in the global automotive market is forecast to grow at a CAGR of 7.9% from 2018 to 2023

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DALLAS, Dec. 06, 2018 (GLOBE NEWSWIRE) -- According to a new market report published by Lucintel, the future of market looks promising with opportunities in the exterior, interior, chassis, powertrain, and under body system market. Carbon fiber in the global automotive market is expected to grow at a CAGR of 7.9% from 2018 to 2023. The major growth drivers for this market are increasing automotive production and growing demand for lightweight material due to stringent government regulations to increase fuel efficiency and reduce greenhouse gas emissions.

In this market, SMC, LFT, SFT, Prepreg and RTM and other thermoset are used for carbon fiber in automotive manufacturing for material. Lucintel forecasts that the carbon fiber textile is expected to remain the largest market by value and volume due to increasing demand in automotive exterior applications.

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Europe is expected to remain the largest market and witness the highest growth over the forecast period due to the increasing production of luxury and sports car. Government regulations, such as CAFE Standards in the US and carbon emission targets in Europe, are putting pressure on OEMs to incorporate lightweight materials to reduce the vehicle weight.

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Emerging trends, which have a direct impact on the dynamics of carbon fiber in the global automotive industry, include development of hybrid, low cost, and recyclable carbon fiber for automotive market. SGL, Toray, Mitsubishi Rayon, Toho Tenax, Formosa Plastic, Hexcel, Cytec, Hyosung Corporation, and Composite Holding are among the major carbon fiber in automotive manufacturers.

Lucintel, a leading global strategic consulting and , has analyzed and forecasted for the carbon fiber in the global automotive market by application, material, and region and has come up with a comprehensive research report entitled  “.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions.

For a detailed table of contents, contact Lucintel at +1-972-636-5056 or mail at .

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Globe Newswire: 06:57 GMT Thursday 6th December 2018

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