UK Automotive Carbon Fiber Composites Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.28 Billion |
| Market Size (2029) | USD 2.35 Billion |
| CAGR (2024 - 2029) | 13.10 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
UK Automotive Carbon Fiber Composites Market Analysis
The UK Automotive Carbon Fiber Composites Market size is estimated at USD 1.28 billion in 2024, and is expected to reach USD 2.35 billion by 2029, growing at a CAGR of 13.10% during the forecast period (2024-2029).
Carbon fiber is a light-weight material and has high-strength characteristics that can be designed for enhanced performance in automotive applications. They offer 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. Many car companies, such as BMW, Audi, GM, Honda, and Polestar have established agreements with carbon fiber material producers for mass production, and are investing in their processes to support low-cost carbon fiber manufacturing.
Growing stringent emission norms and rising fuel prices, carbon fiber, a great alternative to conventional metals, can reduce the vehicle's weight. This can improve the fuel efficiency and performance of the engine while the fiber's physical strength limits are almost twice as high as those of conventional metals. The rise in demand for electric vehicles across the country is likely to increase the penetration of carbon fiber to enhance the range of electric vehicles.
UK Automotive Carbon Fiber Composites Market Trends
Increasing Adoption of Carbon Fiber in Exterior Segment
Among applications, the exterior segment is expected to lead the market of automotive carbon fiber in terms of value and volume. The growth of this segment of the market can be attributed to the increased demand from manufacturers to produce several exterior parts, such as fenders, hoods, bumper beams, and deck lids of vehicles. Furthermore, the growing car manufacturing and export industry in the country is also supporting the market growth.
Adopting carbon fiber increases the durability of vehicles, thereby ensuring a long life cycle of the parts and vehicle. The exterior parts of vehicles manufactured from composites also offer high stiffness, thereby, resulting in minimum damage to occupants in case of accidents.
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. Major players are using exterior parts using carbon composites to reduce weight and improve efficiency.
- 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.
Passenger Car Segment to Hold the Majority of The Market Share
With the enactment of stringent emission norms and fuel economy standards in the European region, automobile manufacturers in UK such as BMW, Volkswagen, Audi, etc. have started using carbon fiber composites in the manufacturing of their vehicles.
The government is also aiding the industry growth with more supportive policies: investment in infrastructure; broader measures to encourage uptake of the latest, low and zero-emission cars; and long-term purchase incentives to help the country grow its share in the EV market. This is expected to bolster the market prospects for carbon composited for EVs during the forecast period. For instance,
- In January 2023, the United Kingdom government released a plan for smart electric vehicles which is likely to befit the electric vehicle users through lower energy bills. A new strategy outlines ways to realize the potential of smart electric vehicle charging, including enabling drivers to use the electricity of their electric vehicle to power their homes.
Companies are trying to invent new parts made of carbon fiber that can reduce the total weight of the vehicle to a great extent. The application of carbon-fiber-reinforced plastic (CFRP) has been widely adopted for the production of automotive bodies, particularly in hyper-car manufacturers such as Ferrari, Lamborghini, and Porsche.
The demand for carbon fiber is expected to increase during the forecast period, as companies are forming new partnerships and launching new carbon fiber technologies for the manufacturing of automotive components, in turn aiding in driving the growth of automotive carbon fiber in the European market.
UK Automotive Carbon Fiber Composites Industry Overview
The UK automotive carbon fiber market is consolidated. The top 10 players account for most of the market share. The major companies in the carbon fiber market include Hexcel Corporation, Mitsubishi Chemical Carbon Fiber and Composites Inc., SGL Carbon SE, Teijin Limited, and Toray Industries Inc. Industry participants are expected to expect intensive competition owing to aggressive strategies, including acquisitions, pricing, merges, and new product development. For instance,
- In October 2023, Toray Industries, Inc., announced that it has developed TORAYCA T1200, the world’s highest strength carbon fiber with a tensile strength of 8.0 gigapascals.
UK Automotive Carbon Fiber Composites Market Leaders
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Hexcel Corporation
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Mitsubishi Chemical Carbon Fiber and Composites Inc
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SGL Carbon Se
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Teijin Limited
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Toray Industries Inc
*Disclaimer: Major Players sorted in no particular order
UK Automotive Carbon Fiber Composites Market News
- In Febrtuary 2023, Toray Industries, Inc., announced that it has developed a rapid integrated molding technology for carbon fiber reinforced plastic (CFRP) mobility components. This new technology makes it possible to mold such CFRP mobility components as a car roof 10 times faster than a conventional autoclave molding setup.
- September 2022, National Composites Centre launches an initiative to industrialise continuous carbon fibre reclamation in the UK. This initiative, led by National Composites Centre in Bristol, will push forward the scalable industrialisation of continuous carbon fibre recycling, building a strong supply chain in the UK.
UK Automotive Carbon Fiber Composites Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Market Drivers
- 4.1.1 Growing Electric Vehicle Market
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4.2 Market Restraints
- 4.2.1 High Cost of Carbon Fiber Composites
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4.3 Porters Five Force Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Application Type
- 5.1.1 Structural Assembly
- 5.1.2 Powertrain Component
- 5.1.3 Interior
- 5.1.4 Exterior
- 5.1.5 Others
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5.2 Production Type
- 5.2.1 Hand Layup
- 5.2.2 Resin Transfer Molding
- 5.2.3 Vacuum Infusion Processing
- 5.2.4 Injection Molding
- 5.2.5 Compression Molding
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5.3 Vehicle Type
- 5.3.1 Passenger Cars
- 5.3.2 Commercial Vehices
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
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6.2 Company Profiles
- 6.2.1 Hexcel Corporation
- 6.2.2 General Motor Company
- 6.2.3 MouldCam Pty Ltd
- 6.2.4 SGL Carbon
- 6.2.5 Toho Tenex
- 6.2.6 Toray Industries
- 6.2.7 Nippon Sheet Glass Company Limited
- 6.2.8 Sigmatex
- 6.2.9 BASF
- 6.2.10 Mitsubishi Chemical Carbon Fiber and Composites Inc.
- 6.2.11 Solvay
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 3-D Printing Technology in Production Process
UK Automotive Carbon Fiber Composites Industry Segmentation
Carbon fiber is a lightweight material with high-strength characteristics that can be designed for enhanced performance in automotive applications.
The UK Automotive Carbon Fiber Market is segmented by Application (Structural Assembly, Powertrain Components, Interiors, Exteriors, and Others), Vehicle Type (Passenger Car, Commercial Vehicle), and Production Type (Hand Layup, Resin Transfer Molding, Vacuum Infusion Processing, Injection Molding and Compression Molding). The report covers the market size and forecasts in terms of value (USD) for all the above segments.
| Application Type | Structural Assembly |
| Powertrain Component | |
| Interior | |
| Exterior | |
| Others | |
| Production Type | Hand Layup |
| Resin Transfer Molding | |
| Vacuum Infusion Processing | |
| Injection Molding | |
| Compression Molding | |
| Vehicle Type | Passenger Cars |
| Commercial Vehices |
UK Automotive Carbon Fiber Composites Market Research FAQs
How big is the UK Automotive Carbon Fiber Composites Market?
The UK Automotive Carbon Fiber Composites Market size is expected to reach USD 1.28 billion in 2024 and grow at a CAGR of 13.10% to reach USD 2.35 billion by 2029.
What is the current UK Automotive Carbon Fiber Composites Market size?
In 2024, the UK Automotive Carbon Fiber Composites Market size is expected to reach USD 1.28 billion.
Who are the key players in UK Automotive Carbon Fiber Composites Market?
Hexcel Corporation, Mitsubishi Chemical Carbon Fiber and Composites Inc, SGL Carbon Se, Teijin Limited and Toray Industries Inc are the major companies operating in the UK Automotive Carbon Fiber Composites Market.
What years does this UK Automotive Carbon Fiber Composites Market cover, and what was the market size in 2023?
In 2023, the UK Automotive Carbon Fiber Composites Market size was estimated at USD 1.11 billion. The report covers the UK Automotive Carbon Fiber Composites Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the UK Automotive Carbon Fiber Composites Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
UK Automotive Carbon Fiber Composites Industry Report
Statistics for the 2024 UK Automotive Carbon Fiber Composites market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. UK Automotive Carbon Fiber Composites analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
