Canada Automotive Carbon Fiber Composites Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.33 Billion |
| Market Size (2029) | USD 2.32 Billion |
| CAGR (2024 - 2029) | 10.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Canada Automotive Carbon Fiber Composites Market Analysis
The Canada Automotive Carbon Fiber Composites Market size is estimated at USD 1.33 billion in 2024, and is expected to reach USD 2.32 billion by 2029, growing at a CAGR of 10.5% during the forecast period (2024-2029).
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.
Carbon fiber components will not only make EVs lighter and more aerodynamic but will also help improve the battery life and range of travel. If it can be mass-produced, then the EV market will translate into substantial job opportunities directly and indirectly. The people are thrilled about the widespread adoption of electric vehicles (EVs) as a mode of transportation. This shift will significantly impact India's sustainability efforts by reducing environmental damage and decreasing the country's reliance on imported oil. Significant progress will be made toward a cleaner and greener future locally, and the complete electrification of India will benefit businesses, investors, and consumers alike.
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.
In August 2023, Canadian researchers turned black bitumen into 'Green' carbon fiber. The team anticipates starting commercial production in 2024 and witnesses wide applications for its carbon fibers in electric vehicles (EVs), improving their performance and ultimately helping to boost EV adoption rates. With around one million cars and other light vehicles manufactured annually in Canada, local carbon fiber can give automakers a competitive edge while supporting Canada’s emission-reduction goals.
Adopting carbon fiber increases the durability of vehicles, thereby ensuring a long life cycle of the parts and vehicles. The exterior parts of vehicles manufactured from composites also offer high stiffness, resulting in minimum damage to occupants in case of accidents.
Thus, the above factors have a positive impact on the market.
Canada Automotive Carbon Fiber Composites Market Trends
Interior is Projected to Grow at an Exponential Rate
Carbon fiber in interiors has gained immense popularity in recent years and is expected to grow at an exponential rate in the future. The innovations in automotive technology have changed the entire industry, with the recent trend, such as using lightweight materials like carbon fiber for the interior design of vehicles that includes steering wheels, gear knobs, dashboards, and seats.
It makes vehicles more efficient in terms of fuel, lighter, and, at the same time, safer. The bonded carbon fiber fabric is a new technology manufacturers and car automakers use today. It has the advantages of convenient construction, high efficiency, light, and thinness, and hardly increases weight and thickness after bonding.
The laminates used in interiors are very sturdy because a lot of pure carbon threads are woven into them. In addition, carbon laminates make the car's interior look fancy and stylish.
People are attracted to and demand the appearance of carbon fiber interiors, which leads to the high usage of these materials for cosmetic applications. Moreover, manufacturers of high-performance vehicles change several interior parts with carbon fiber, which saves additional weight. Also, the carbon fiber interior makes it look good, elegant, and stylish.
In the interior segment, carbon-fiber dash kits are one of the most popular interior customization accessories, and they are in demand due to their various customization and tuning properties.
The Canadian government is pursuing to reach new vehicle sales of 60% zero-emission vehicles by 2030 and 100% by 2035.
With the enactment of stringent emission norms and fuel economy standards in the region, automobile manufacturers in Canada, such as BMW, Volkswagen, and Audi, have started using carbon fiber composites in the manufacturing of their vehicles. For example,
With various models like Model 3 and Model Y in Canada, Tesla has a Tesla Carbon Fiber Interior Wrap Kit Sticker For Model 3.
Exterior Holds the Highest Share
Carbon fiber parts are lighter than steel and sheet metal, making them ideal for use in vehicle exteriors to reduce weight.
The carbon fiber material for some exterior parts, like the roof, the hood, or the aerodynamic elements of the car, is in great demand.
Companies focus on launching carbon fiber body kits with aesthetic appeal features to make the car look much better. The other features include heat resistance, durability, the ability to produce parts in any desired shape, and corrosion resistance.
Also, the active participation of car enthusiasts and users of premium sports and racing cars in enhancing the overall performance of the market through aerodynamic kits, bumper tuning, etc., require customized body kits that are easily manufactured with carbon fiber, making exterior applications hold the highest share. Thus, companies use carbon fiber in high-end sports cars and the latest models. For example,
In August 2023, Ford Motor Co. debuted a USD 3,00,000, 800-horsepower Mustang, with an exterior made of mostly carbon fiber and a supercharged V8 engine, included in production in Markham, Canada.
Canada Automotive Carbon Fiber Composites Industry Overview
The Canadian automotive carbon fiber composites market is consolidated and led by globally and regionally established players. The companies adopt new product launches, collaborations, and mergers to sustain their market positions. For instance
In September 2023, The Mitsubishi Chemical Group (MCG Group) announced it attained full ownership of CPC SRL (CPC), specializing in the manufacturing and distribution of automobile components crafted from fiber-reinforced plastic (CFRP).
Some of the major players in the market include Hexcel Corporation, Mitsubishi Chemical Carbon Fiber and Composites Inc., SGL Carbon SE, Teijin Limited, and Toray Industries Inc.
Canada Automotive Carbon Fiber Composites Market Leaders
-
Hexcel Corporation
-
Mitsubishi Chemical Carbon Fiber and Composites Inc
-
SGL Carbon SE
-
Tejin Limited
-
Toray Industries Inc
*Disclaimer: Major Players sorted in no particular order
Canada Automotive Carbon Fiber Composites Market News
- February 2023: Tesla's new carbon-wrapped motor made waves in the automotive industry, with many touting it as the world's most advanced motor. This innovative technology is expected to offer increased efficiency, improved performance, longer battery life, and environmental benefits for electric vehicles.
- June 2023: A new process developed at the University of British Columbia (UBC, Canada) has the potential to turn the ability to make lightweight composite electric vehicles (EVs) into reality. Dr. Frank Ko and Dr. Scott Renneckar successfully transformed bitumen into carbon fiber, a sticky substance from Alberta’s oil sands, into a crucial product for the energy transition.
Canada 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
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's 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
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 Other Applications
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Hexcel Corporation
6.2.2 itsubishi Chemical Carbon Fiber and Composites Inc
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 Solvay
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Canada Automotive Carbon Fiber Composites Industry Segmentation
Carbon fiber is a polymer, also known as graphite fiber. It is a robust and stiff material made of crystalline carbon filaments twisted together. It can be woven into a cloth, molded into a permanent shape, and coated with plastic or resin.
The Canadian automotive carbon fiber composites market is segmented by application (structural assembly, powertrain components, interior, exterior, and other applications). The report offers market size and forecasts for the Canadian automotive carbon fiber composites market in value (USD) for all the above segments.
| Application Type | |
| Structural Assembly | |
| Powertrain Component | |
| Interior | |
| Exterior | |
| Other Applications |
Canada Automotive Carbon Fiber Composites Market Research FAQs
How big is the Canada Automotive Carbon Fiber Composites Market?
The Canada Automotive Carbon Fiber Composites Market size is expected to reach USD 1.33 billion in 2024 and grow at a CAGR of 10.5% to reach USD 2.32 billion by 2029.
What is the current Canada Automotive Carbon Fiber Composites Market size?
In 2024, the Canada Automotive Carbon Fiber Composites Market size is expected to reach USD 1.33 billion.
Who are the key players in Canada Automotive Carbon Fiber Composites Market?
Hexcel Corporation, Mitsubishi Chemical Carbon Fiber and Composites Inc, SGL Carbon SE, Tejin Limited and Toray Industries Inc are the major companies operating in the Canada Automotive Carbon Fiber Composites Market.
What years does this Canada Automotive Carbon Fiber Composites Market cover, and what was the market size in 2023?
In 2023, the Canada Automotive Carbon Fiber Composites Market size was estimated at USD 1.19 billion. The report covers the Canada Automotive Carbon Fiber Composites Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Canada Automotive Carbon Fiber Composites Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Canada Automotive Carbon Fiber Composites Industry Report
Statistics for the 2024 Canada Automotive Carbon Fiber Composites market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Canada 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.
