Market Challenges And Opportunities

Drivers

Rising car production, along with the surging need for lightweight vehicles, is likely to fuel the carbon fiber market growth. The increasing demand from manufacturers to produce automotive body parts such as hoods, deck lids, bumper beams, and fenders may favor the product demand. Adopting carbon fibers increases the durability of vehicles, thus longer life auto parts. Composites are primarily used in motorsports and luxury vehicles, which are driving the market. Companies are adopting strategies and investing in processes that can reduce the overall vehicle’s weight. Hence, the application of carbon fiber reinforced polymer (CFRP) is widely used in high-end supercars. The material has a very high strength-to-weight ratio, and the density is as low as 1.6g/cc, making it extremely lightweight. The advantage of a lightweight car is to have better fuel efficiency, and a 10% reduction in weight can save up to 6% to 8% of fuels in automobiles.

Car companies such as Audi, BMW, Honda, Polestar, and General Motors are focusing on collaborating with carbon composite material manufacturers for mass production and are investing in their processes to support low-cost composite materials. For instance, in May 2020, General Motors collaborated with Teijin, a Japanese information technology, chemical, and pharmaceutical company, to use CFRTP in its high production vehicle, and the material is being used for the mass production of vehicles.

Market Restraints

The high price of fiber composite heating elements is presently the only key factor restraining their use.

The research offers a comprehensive analysis of the sector, outlining the key factors influencing industry growth as well as its potential and difficulties. The carbon fiber composite heating element market is currently experiencing severe issues as a result of the numerous potent competitors. The specifications provide a clear summary of the precise laws and regulations that apply to the organization. To evaluate market performance and develop wise corporate judgments, compelling parameter postponement from the study may be used.