South Africa Automotive Carbon Fiber Composites Market - Growth, Trends, COVID-19 Impact, and Forecasts (2024 - 2029)

South Africa Automotive Carbon Fiber Composites Industry Overview

The South African automotive carbon fiber composites market is fragmented and highly competitive due to various international and domestic players operating in the ecosystem. Some of the major players include Hexcel Corporation, Mitsubishi Chemical Group Corporation, SGL Carbon SE, Teijin Ltd, BFG International, Nippon Sheet Glass Co. Ltd, Sigmatex (UK) Limited, Solvay SA, Magna International Inc., Menzolit, and Lanxess AG. These players actively invest hefty sums to constantly innovate their material technology solutions to produce carbon fiber composites and optimize their manufacturing process to expand their production capacities.

• In October 2023, Mitsubishi Chemical Group (MCG) announced the acquisition of CPC SRL (CPC), an Italian company specializing in the manufacturing and distribution of automobile components crafted from carbon fiber reinforced plastic (CFRP). This acquisition aligns with MCG Group’s long-term strategic vision to further expand and enhance its vertically integrated automotive carbon fiber supply chain worldwide, including in South Africa.
• In July 2023, Hyundai announced its plan to partner with Dymag Wheels to offer carbon-hybrid wheels on future models from Hyundai N's performance division. The company stated that the new carbon-hybrid wheel will help the N models save around 40-50% of weight compared to traditional alloy wheels while improving stiffness and strength. It will be available to customers worldwide, including those from South Africa.

The market is anticipated to witness the launch of advanced carbon fiber composite materials to cater to the increased demand from automakers to incorporate lightweight components in vehicles and complement government efforts to promote the reduction of vehicle weight, thus leading to lower carbon emissions.