The global automotive carbon fiber components market could grow at a CAGR of 9.77% from 2018 to 2022, says market research company Research and Markets.

According to the report, one driver influencing this market is the growing use of carbon fiber materials in the automotive industry. The automotive industry is focusing on the use of energy-efficient, rigid, and light-weight materials to reduce adverse environmental effects and growing competition among OEMs and automakers could fuel the adoption of advanced materials for automotive applications, including carbon fiber along with aluminium and magnesium.

However, the report also states that one challenge affecting this market is the high price of carbon fibers and expensive R&D. The rising prices of raw materials such as resins and carbon fibers have increased the procurement costs for vendors and the average price of carbon fibers is US$40-$50 per pound. While minor share of the increased procurement costs is absorbed by vendors of carbon fibers, the major share being translated to higher prices for customers, which could be a challenge in the future.

This story uses material from Research and Markets, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.