Automotive Composites Market Intelligence Report: Analyzing Key Futuristic Trends, Research Methodologies, and Competitive Landscape until 2029

Automotive Composites Market by Fiber Type (Glass, Carbon), Resin Type (Thermoset, Thermoplastic), Manufacturing Process (Compression Molding, Injection Molding, Rtm), Application, Vehicle Type, Region - Global Forecast to 2028

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The report provides a comprehensive analysis of company profiles listed below:
Toray Industries Inc. (Japan),
Teijin Limited (Japan),
Mitsubishi Chemical Holding Corporation (Japan),
Hexcel Corporation (US),
Solvay SA (Belgium),
Owens Cornings (US)
Gurit (Switzerland),
UFP Technologies Ltd. (US),
Huntsman Corporation (US),
Hexion (US),

"The automotive composites market is projected to register a CAGR of 12.1%, in terms of value, between 2022 to 2027.''

The automotive composites market size is expected to grow from USD 7.2 billion in 2022 to USD 14.3 billion by 2028 growing at a CAGR of 12.1% between 2023 to 2028. Automotive composites have different applications, such as exterior, interior, powertrain & chassis, and battery enclosures. Advantages like lightweight and high weight to strength ratio make it suitable for fuel efficient vehicle as well as emerging trend of electric cars. These major factors are responsible for the growth of automotive composites market.

''Glass fiber segment accounted for the largest share, in terms of value & volume, of the overall automotive composites market.''

Carbon fiber composites are expected to grow with the highest CAGR of 14.6% and 13.5%, in terms of both value and volume respectively between 2023 and 2028.However,Glass fiber segment holds the largest share of in the overall automotive composites market. Owing to the advantages such as lightweight, flexibility, stability, strength, durability, and resistance to heat, temperature, & moisture along with the cost effectiveness when compared to carbon fiber, glass fiber is choice of material for automotive composite manufacturer. In automotive industry, glass fibers are used in different applications such as front-end modules, deck lids, underbody systems, bumper beams, engine cover instrument panels, and air ducts, among many other body parts.

"Exterior application let the market of automotive composites in terms of value."

The parts of the car that are placed on the outer surface of the monocoque are termed as the exterior parts of the car body. This segment includes components such as front-end module, door panels, bumper beam, fender, and hood, among others. These composites provide multiple advantages like high stiffness, lightweight, and high strength to weight to ratio to automakers which help them to make fuel efficient cars. The use of composites in different applications in automotive industry is an emerging trend due to the superior properties of composites along with the weight reduction. The composites exterior parts impart rigidity thereby offering minimum risk against damage in the event of accident. The exterior parts of the car are more prone to wear and tear owing to exposure to harsh elements and extreme weather.

"Electric vehicle type is expected to grow at a higher CAGR, in terms of both value and volume."

Number of OEMs including BMW (Germany), and Audi (Germany), among others uses composites in their high-end electric vehicles. Composites provide a high strength to weight ratio to electric vehicles which make them fuel efficient. Almost 6.6 million electric cars were sold in 2021, out of which 3.3 million were sold in China. The shift toward electric vehicles is driving the demand for composites in automotive industry.

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Reasons to buy this report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall automotive composites market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

Research Coverage

This report covers the global automotive composites market and forecasts the market size until 2028. It includes the following market segmentation-fiber (glass, carbon, others), resin (thermoset and thermoplastic), manufacturing process(compression molding, injection molding, RTM, others), application (exterior, interior, powertrain, chassis), vehicle type (non-electric, electric)and Region (Europe, North America, Asia Pacific, Latin America and Middle Eat & Africa). Porter's Five Forces Analysis, along with the drivers, restraints, opportunities, and challenges, have been discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global automotive composites market.

This release was published on openPR.