Global automotive composites market size was USD 7.67 billion in 2018 and is projected to reach USD 13.5 billion by 2026, exhibiting a CAGR of 7.56 % during the forecast period.

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Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Automotive Composites market.

Trusted Business Insights presents an updated and Latest Study on Automotive Composites Market 2019-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Automotive Composites market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.

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The global automotive composites market size was USD 7.67 billion in 2018 and is projected to reach USD 13.5 billion by 2026, exhibiting a CAGR of 7.56 % during the forecast period.

We have updated the Automotive Composites Market with business impact analysis and disruption caused by COVID-19.
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Automotive composites are lightweight materials that are majorly used in trucks, cars and other vehicles, primarily under the hood and the interiors. Composites are preferred materials for the weight reduction in automobile, and hence composites are used for many automotive interior and exterior applications. The usage of composite materials in the automotive industry has increased in the past few years due to its excellent dimensional stability. Properties of composites such as shape retention, low coefficient of thermal expansion, resistance to corrosion for the performance in dry and wet conditions, ease of manufacturing, and low weight to reduce overall vehicle mass make them preferred materials.

MARKET TRENDS

Virtual Network to Utilize Composites in Automotive Industry at Full Potential
The automotive composites industry has an undeniable bright future, With the forthcoming improvements in technology and manufacturing processes, composite materials can be used in more and more components, replacing steel and aluminum. A virtual network of automotive composites manufacturers and researchers has been set up to conduct the research effectively. At the same time the virtual network will bring together all industry experts which helps to bring all the parts of automotive composites value chain together to advance the industry and material into mainstream acceptance.

MARKET DRIVERS

Growing Demand for Light Weight Vehicles Is Expected To Drive the Automotive Composites Market
The market for automotive composites is driven by the heavy demand for the lightweight components in automotive parts for the sake of better fuel efficiency and reduces emissions in order to comply with the EU legislation. Composites offer weight reduction benefits by 15-20% using glass fiber composites and 25-40% for carbon fiber composites; as compared with other structural metallic materials such as steel, iron and aluminum. Moreover, to support the usage of composites in automotive sector, various public-private partnership initiatives have already been launched in EU member states. Such initiatives include establishment of composites and automotive lightweight materials innovation clusters, collaborations with automotive and the chemical industry to support the investment in this market.

Increase in Demand for Electric Vehicles is Driving the Market for Automotive Composites
Many experts consider that electric vehicles will allow higher costs per kilo of weight saved in the vehicle weight reduction strategies. Normal IC engine driven cars can only afford to pay 2-3 per kg of weight saved but electric vehicles can save 7-8/kg. General vehicles consume more energy while accelerating in the standard drive cycles, and also able to recover higher amounts of kinetic energy through brake energy recovery. In electrical vehicles, a lower weight vehicle body allows downsizing batteries while maintaining range. Reducing vehicle body and battery pack weight then leads to a compounding effect on weight reduction of overall vehicle by enable the downsizing of other parts such and brake system and driven train parts. In ICE driven vehicles, the lower weight reduces emissions and improves performance at equal drivetrain power and torque levels.

MARKET RESTRAINT

Recycling Challenges Are Expected to Hamper the Market
The recycling challenges in automotive composites market are not simple and straightforward as recycling for the metallic materials. The reason behind this is that the fiber reinforcement parts are often joint to the other parts such as fixing with metal. The complexity in disassembly, separation, and de-bonding from automotive to be recycled is the major obstacle. Furthermore, even if the part can be separated from each other it is difficult to extract individual materials from the composite. This is due to the fact that composites are the mix of different materials and cannot be melted down and recycled. Thus the various recycling laws on the plastic and composites market and their cost ineffective recycling process are hindering the market.

SEGMENTATION

By Fiber Analysis
Glass Fiber to Hold the Largest Share in the Automotive Composites Market
Based on fiber type, the market is classified into glass, carbon, and natural automotive composites. Glass fiber composites are majorly used in the automotive industries due to properties such as high strength, stiffness, flexibility, and resistance to chemical harm. In the past few years, there is a remarkable demand for the lightweight materials to increase the fuel efficiency with the demand for emission reduction. As glass fiber composites are affordable than carbon and natural fiber, they are heavily used in the automotive industry.

Moreover, automotive body parts such as engine hood, storage tanks, dashboards, are manufactured using natural fiber composites to reduce the use of other metals such as steel and aluminum and to promote the bio-based materials applications in automotive industry.

By Resin Type

Thermoset Segment to Account for the Major Share during the Forecast Period
In terms of resin, the market is segmented into thermoset and thermoplastics. The demand for thermoset is higher than that from the thermoplastic resin segment. The thermoset materials are used in a wide range of automobile applications such as headlamp housing, under the hood, electrical, and heat shielding components to exterior and interior structural parts. Moreover, the thermoset resins have low coefficient of thermal expansion, high impact strength, excellent dimensional stability, and many other composite properties.

Furthermore, the main advantage of thermoplastic resin over thermoset resins is that they are tough, better recyclable, and have ability to deliver fast manufacturing process, but due to its high melt viscosity than thermoset the infusion process could leads to improper impregnation.

By Application Area Analysis

Exterior Segment to Hold The Largest Share In The Global Automotive Composites Market
Based on application area, the market is segmented into exterior, interior, structural and power train and others. The exterior type holds the largest share in the global market. Automotive composites are widely used in exterior automotive applications such as headlamps, heat shielding components, and others. Many OEMs are also focusing on indulging composites in their car bodies. For instance, recent development confirms that reinforced thermoplastics could be the next wave BMW’s i3 is the first mass produced car to have thermoplastic composites in their exterior parts.

The automotive industry has been using more and more natural composites in the interior parts of the vehicles as the alternative to glass fiber as the light weighting solution.

REGIONAL ANALYSIS

The automotive composites market size in Asia Pacific stood at USD 2.03 billion in 2018. Asia Pacific is the largest and fastest-growing region in this market owing to highest number of vehicles present in this region especially in the countries like China, India, and Thailand. Moreover, India, Indonesia, Thailand, and China are expected to have highest number of vehicles on road and also India and China have the largest market for four wheelers, which shall further drive the growth of the market. The market in the North America is characterized by substantial government support on energy-saving automotive composites such as natural fiber composites.

Furthermore, considerable awareness among the people in the region is expected to keep the market up and moving for natural composites. The market in Europe is to be governed by usage of automotive composites which is environment-friendly. Furthermore, various OEMs present in Europe are focusing on the natural composites to support government policies.

The market in Latin America and Middle East & Africa is in the growth stage of the life cycle, thus shall gain market share during the forecast period. As the growth of automotive industry in these regions are expected to fuel the market. Therefore, the market in these regions will show more attractive growth during the forecast period.

KEY INDUSTRY PLAYERS

Key Players Are Adopting Merger and Acquisition Growth Strategies to Maintain Their Dominance in the Automotive Composites Market

Competitive landscape of this market depicts a consolidated market with the top 10 companies accounting for about 50% of the global market revenue. Key players in the market have invested a considerable amount of resources in research and development of several automotive composites products. A diversified product portfolio, supported by superior operational efficiency, and safe & novel technology development for composites application, are the strategies used by the market leaders for their growth.

Furthermore, small and medium-scale companies have adapted the strategy of mergers and partnerships with larger enterprises to improve their offering portfolio and other related services. This trend is projected to positively impact the global market during the forecast period as the smaller companies can gain a lot from the experience of the market leaders.

LIST OF KEY COMPANIES PROFILED:

  • Teijin Ltd.
  • Mitsubishi Chemical Corporation
  • Toray Industries, Inc.
  • SGL Carbon
  • RTP Company
  • Plasan Carbon Composites
  • Owens Corning
  • Solvay S.A.
  • UFP Technologies, Inc.
  • BASF SE
  • Other Players
  • KEY I

NDUSTRY DEVELOPMENTS:

August 2019 – Teijin Ltd., has announced that will it will acquire Benet Automotive s.r.o., Benet, Mlada Boleslav, based in Czech Republic, a Tier 1 automotive composite and component supplier, as a part of its strategic to grow its automotive composites business.

January 2020 – Mitsubishi Chemical Corporation headquarter in Tokyo announced that will acquire c-m-p GmbH, a manufacturer of carbon fiber prepreg, through its subsidiary Mitsubishi Chemical Advanced Material to move to strengthen its presence in the carbon fiber composite material business.

REPORT COVERAGE

The automotive composites market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, resin, fiber, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation

 Segmentation

By Fibre

  • Glass
  • Carbon
  • Natural

By Resin

  • Thermoset
  • Thermoplastics

By Application Area

  • Exterior
  • Interior
  • Structural and Powertrain
  • Others

By Geography

  • North America (U.S. and Canada)
  • Europe (Germany, France, UK, Italy, Spain, Belgium, and Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, South Korea and Rest of Asia Pacific)
  • South America (Brazil, Mexico, and Rest of South America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

 

Looking for more? Check out our repository for all available reports on Automotive Composites in related sectors.

Quick Read Table of Contents of this Report @ Automotive Composites Market Size, Share & Industry Analysis, By Fiber (Glass, Carbon and Natural), By Resin Type (Thermoset and Thermoplastics), By Application (Exterior, Interior, Structure & Power train, and Other), and Regional Forecast, 2020-2029-(Includes Business Impact of COVID-19)

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