Canada Automotive Carbon Fiber Composites Market Insights Forecasts to 2033

• The Canada Automotive Carbon Fiber Composites Market Size was valued at USD 1.20 Billion in 2023.
• The Market Size is Growing at a CAGR of 10.48% from 2023 to 2033
• The Canada Automotive Carbon Fiber Composites Market Size is expected to reach USD 3.25 Billion by 2033

The Canada Automotive Carbon Fiber Composites Market Size is anticipated to exceed USD 3.25 Billion by 2033, Growing at a CAGR of 10.48% from 2023 to 2033. The increasing demand in the automotive sector is driving the growth of the automotive carbon fiber composites market in the Canada.     

Market Overview

Carbon fiber composites are composite materials of carbon fibers embedded in a polymer matrix, typically epoxy resin. In automotive, the lightweight nature of carbon fiber mediates the reduction of vehicle weight which leads to improved fuel efficiency and lower emissions. They exhibit excellent strength-to-weight ratios, providing enhanced structural integrity and crash protection compared to traditional materials like steel or aluminium.  Because carbon fiber has a very high strength-to-weight ratio—it is up to five times stronger than steel and only one-third as heavy. The shift of carbon fiber from its exclusive use in high-performance supercars to its incorporation into ordinary vehicles represents an important trend as the automotive industry develops.  

Report Coverage

This research report categorizes the market for the Canada automotive carbon fiber composites market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Canada automotive carbon fiber composites market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Canada automotive carbon fiber composites market.

Driving Factors

The automotive sector is Canada’s largest manufacturing sector with a $12.5 billion contribution to the country’s GDP in 2020. By increasing durability, carbon fiber ensures a lengthy life cycle for both automobiles and their parts. High rigidity is another benefit of composite-made car exteriors, which reduces occupant injury in the event of an accident. Thus, the emerging automotive sector in the country is responsible for driving the market growth for automotive composites is driving the market.

Restraining Factors

The high cost of manufacturing and R&D of carbon fiber is restraining the market demand for automotive carbon fiber composites.

Market Segmentation

The Canada Automotive Carbon Fiber Composites Market share is classified into vehicle type, production type, and application.

• The passenger car dominates the market with the largest market share during the forecast period.

The Canada automotive carbon fiber composites market is segmented by vehicle type into passenger car and commercial vehicle. Among these, the passenger car dominates the market with the largest market share during the forecast period. Carbon-fiber composites can cut passenger car weight by fifty percent and increase fuel efficiency by approximately thirty-five percent, according to energy.gov. The significant advantages of carbon fiber composites in terms of design versatility and weight reduction are contributing to drive the market.  

• The resin transfer molding segment is expected to grow at the fastest CAGR growth during the forecast period.

The Canada automotive carbon fiber composites market is segmented by production type into hand layup, resin transfer molding, vacuum infusion processing, injection molding, and compression molding. Among these, the resin transfer molding segment is expected to grow at the fastest CAGR growth during the forecast period. Resin transfer molding is any kind of molding frequently employed in situations that require net-shape cure products with low machining requirements.

• The exteriors segment accounted for the largest market share during the forecast period.

The Canada automotive carbon fiber composites market is segmented by application into structural assembly, powertrain components, interiors, and exteriors. Among these, the exteriors segment accounted for the largest market share during the forecast period. Fender, bumper beam, and door panels, are the components present outside sections of the car body. Because of their rigidity, the exterior components composed of composite materials offer a low risk of damage in the case of an accident, which fuels the market expansion.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Canada automotive carbon fiber composites market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Mitsubishi Chemical Carbon Fiber and Composites Inc
• MouldCam Pty Ltd
• Solvay
• Nippon Sheet Glass Company Limited
• SGL Carbon
• Toray Industries
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In July 2024, Thermal processing solutions provider Harper International (Buffalo, N.Y., U.S.) was awarded a contract to engineer and manufacture a scientific line for the production of bitumen pitch carbon — a petroleum-derived pitch that can be used to make carbon fiber — to be installed at Alberta Innovates, located in Edmonton, Alberta, Canada.

• In June 2023, UBC engineers successfully develop carbon fiber from bitumen. 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.

Market Segment

This study forecasts revenue at Canada, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Canada Automotive Carbon Fiber Composites Market based on the below-mentioned segments:

Canada Automotive Carbon Fiber Composites Market, By Vehicle Type

• Passenger Car
• Commercial Vehicle

Canada Automotive Carbon Fiber Composites Market, By Production Type

• Hand Layup
• Resin Transfer Molding
• Vacuum Infusion Processing
• Injection Molding
• Compression Molding

Canada Automotive Carbon Fiber Composites Market, By Application

• Structural Assembly
• Powertrain Components
• Interiors
• Exteriors