South Africa Automotive Carbon Fiber Composites Market Size (2024 - 2029)

South Africa Automotive Carbon Fiber Composites Market Analysis

The South Africa Automotive Carbon Fiber Composites Market size is estimated at USD 280.78 million in 2024, and is expected to reach USD 460.69 million by 2029, growing at a CAGR of 10.41% during the forecast period (2024-2029).

Over the long term, an increasing number of automobile production and sales, rising per capita disposable income of consumers, and growing demand for availing lightweight components to reduce vehicle weight, which ultimately leads to lower carbon emissions, will serve as major determinants for the growth of the South African automotive carbon fiber composites market.

• According to the International Organization for Motor Vehicle Manufacturers (OICA), new commercial vehicle registrations in South Africa reached 165.8 thousand units in 2022 compared to 146.3 thousand units in 2021, representing a Y-o-Y growth of 13.3% between 2021 and 2022.
• Heavy truck production in South Africa stood at 30,249 units in 2022 compared to 26,969 units in 2021, recording a Y-o-Y growth of 12% between 2021 and 2022.

Carbon fiber is a lightweight material with high-strength characteristics that can be designed for enhanced performance in automotive applications. It offers improvement in structural, functional, or cosmetic properties. To make vehicles lighter, cleaner, safer, and more cost-effective, the leading carbon fiber suppliers are responding to the needs and expectations of the vehicle OEMs, system suppliers, and customers. One of the major headwinds for the industry is its low recyclability and higher cost than traditional composites, which leads to hiking the prices of vehicles.

However, with rapid enhancement in carbon fiber technology, which makes it suitable for manufacturing various vehicle parts, and the increasing demand for automakers to replace their existing metal parts with carbon fibers, a massive demand for this composite type is expected in the coming years. Many car companies, such as BMW, Audi, GM, Honda, and Polestar, have established mass production agreements with carbon fiber material producers. They are investing in their processes to support low-cost carbon fiber manufacturing.

South Africa Automotive Carbon Fiber Composites Industry Segmentation

Automotive carbon fiber composites are a specific type of composite material made by combining carbon fiber with a resin, such as vinyl ester or epoxy, to create vehicle components, such as chassis, that have higher performance properties than the individual materials alone.

The South African automotive carbon fiber composites market is segmented by vehicle type, application, and manufacturing process. By vehicle type, the market is segmented into passenger cars and commercial vehicles. By application, the market is segmented into structural assembly, powertrain components, interior, exterior, and others (underbody, etc.). By manufacturing process, the market is segmented into compression molding, injection molding, resin transfer molding, and others (over molding, etc.).

The report offers market size and forecasts for the automotive carbon fiber composites in value (USD) for all the above segments.