Press release
Automotive Composites Industry Is Expanding at an Impressive CAGR of 11% By 2032
Fact.MR's automotive composites industry analysis reveals that global market was valued at US$ 6.35 Billion in 2021, and is projected to top US$ 20 Billion by 2032, expanding at an impressive CAGR of 11% over the next ten years. Demand for glass fiber composites is projected to surge and reach a valuation of around US$ 11 Billion, with that for carbon composites is set to balloon at 12%.The global automotive composites market is estimated at US$ 8.17 Bn in 2021, and is projected to grow at a moderate rate during the forecast period.As per Fact.MR - a market research and competitive intelligence provider, the global market for automotive composites progressed at a CAGR of 9% from 2017 to 2021, reaching a valuation of US$ 5.72 Billion in 2020.
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Key Takeaways from Global Automotive Composites Market
• Glass fibre has been observed to be the most preferred composite material in the automotive industry, owing to low cost and high structural strength.
• Demand for high-performance automotive vehicles is increasing across the globe, along with the growing demand for emission control. As a result, manufacturers are focusing on using advanced composite materials due to the high temperature generating components that are required.
• The demand for passenger cars has seen a surge in regions such as India and China. This is expected to further increase the demand for automotive composites in the coming years.
• Natural fibres are also gaining popularity in the designing and manufacturing of door panels, seat backs, bolsters, and load floor, among others.
• Most automakers have started to position and re-brand their respective car models with aesthetic and stylish interior features, which demands the increased adoption of lightweight automotive composites.
While the demand for automotive composites is primarily driven by elevated automotive production, the trend of lightweight components in the aftermarket will further increase inclination towards automotive composites.
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Market Competition
Manufacturers of automotive composites are entering into collaborations and partnerships with OEMs. Automakers are incorporating composites in their product lines in a move to gain a competitive edge over others. A number of established companies are acquiring small players in a move to further consolidate their market position.
Furthermore, several players are focused on developing advanced structural automotive composites to gain a better foothold in the market.
Some of the key developments are
• In October 2020, Teijin Group strategically partnered with AZL Partner New York for their lightweight production technology. This technology is aimed at transforming their business model to closely realize multifunctional and more lightweight next generation vehicles.
• In August 2020, SGL Carbon, along with joint coordinator Consortium, succeeded in improving the thermal insulation properties for the new composite materials by around 120 % and have made commercially available carbon materials.
• In July 2019, Teijin signed a joint agreement with an Australian venture AEV Robotics for co-development of lightweight automotive components and solutions for next generation transportation which will redefine forms of aging transportation.
Major Automotive Composites Service Providers
• Toray Industries Inc
• SGL Carbon
• Teijin Limited
• Mitsubishi Chemical Holding Corporation
• Hexcel Corporation
• Solvay SA
• Gurit
• UFP Technologies Ltd.
• Huntsman Corporation
• Hexion
What's the Future Outlook?
The demand for passenger cars has seen a surge in terms of volume sales across the globe. As income per capita has increased considerably in numerous nations, the demand for luxury vehicles has grown. Moreover, the demand for high-performance cars has also seen an upsurge. This is expected to increase the demand for automotive composites for application in passenger cars and LCVs over the coming years. Aftersales service is extremely vital in gaining customer confidence, and as such, automotive composites have significant demand in the automotive aftermarket.
Looking for More Information on Automotive Composites Market?
A new market research report published by Future Market Insights (FMI) on the global automotive composites market includes global industry analysis for 2014-2018 and opportunity assessment for 2019-2029. The report offers an insightful analysis of the global automotive composites market through five different categories - material type, resin, application, vehicle type, and region.
The report deliberates product usage in various vehicle types, prevailing trends, and technologies. Along with this, comprehensive value chain analysis pertaining to procurement pricing analysis and aftermarket services have been offered in this report.
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Automotive Composites Market by Category
Material:
• Glass Fibre Composites
• Natural Fibre Composites
• Carbon Fibre Composites
• Aramid Fibre Composites
• Others
Application:
• Interior
• Exterior
• Underbody
• Chassis
• Power Train
• Engine Components
Resin:
• Thermoplastic
• Thermoset
Vehicle Type:
• Passenger Cars
o Compact
o Luxury
o Mid-Size
o SUVs
• LCVs
• HCVs
o Straight Trucks
o Dump Trucks/Garbage Trucks
o Semi-Trailers
o Fire Trucks
o Others
• Agricultural
o Tractors
o Tillers
o Rotavators
o Harvesters
o Threshers
Region:
• North America
• Latin America
• Western Europe
• Eastern Europe
• South East Asia & Pacific
• India
• China
• Japan
• MEA
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