Automotive Composites Market by Revenue Statistics and Key Growth Strategies- Exclusive Report by MarketsandMarkets™
The report "Automotive Composites Market by Fiber Type (Glass, Carbon, Natural), Resin Type (Thermoset, Thermoplastics), Manufacturing Process (Compression, Injection, RTM), Applications (Exterior, Interior), Vehicle Type, and Region - Global Forecast to 2025", is expected to grow from USD 5.4 billion in 2020 to USD 9.3 billion by 2025, at a CAGR of 11.5% during the forecast period. Government initiatives emphasizing the reduction of carbon emission and shift towards electric vehicles are expected to drive the growth of the automotive composites market.
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Browse 154 market data Tables and 57 Figures spread through 217 Pages and in-depth TOC on "Automotive Composites Market”
Glass fiber composites comprise a major share in terms of both value and volume.
Monomers account for the largest share of the overall market in terms of both value and volume. Government regulations such as Corporate Average Fuel Economy (CAFÉ) standards in the U.S. carbon emission targets in U.S. have put pressure on OEMs to incorporate lightweight materials to reduce the overall vehicle weight, which has led to increased use of GFRP in the automotive industry. However, due to pandemic COVID-19, the sales of automotive composites decreased due to disturbance in supply chain.
Exterior applications account for the largest market share in the global automotive composites market in terms of value and volume.
The exterior parts include major components such as bumper beam, fender, front end module, door panels, and hood, among others. The use of composites in the automotive industry is an emerging trend as these composites help in achieving high-performance properties such as high stiffness, lightweight, and high strength to weight to ratio. However, because of COVID-19 as well as downturn in the automotive industry, the demand for automotive composites is reduced all over the globe. The exterior segment is at the forefront with the highest consumption of automotive composites globally since it help reduce the weight of the exterior parts hence enabling a weight reduction of the complete car body and make it more fuel-efficient. Germany is the largest consumer of automotive composites. Subsequently, certain Asia Pacific countries such as China and Japan consumed a considerable share of automotive composites in 2019. There is a huge decline in demand in the APAC region due to a complete and partial lockdown in the region.
Non-electric vehicle type dominates the market in the global automotive composites market during the forecast period in terms of value and volume.
The Non-electric vehicle type contributed the major share in the automotive composites market, both in terms of value and volume. Automakers all across the world are taking initiatives to fulfill the mandate imposed by the respective government and to offer the consumer with lightweight and fuel-efficient vehicles. Sereebo, carbon fiber reinforced thermoplastic (CFRTP) jointly developed by Teijin Limited and General Motors, is used for manufacturing the pickup box’s inner dashboard, side, and floor panels. Lately, Ruf Automobile GmbH, a German car manufacturer, has developed the Rodeo concept, an all-wheel-drive carbon fiber safari vehicle based on the classic Porsche 911 safari rally car. These initiatives taken by OEMs across the globe has been driving the growth of the automotive composites market.
APAC is expected to account for the largest market share in the automotive composites market during the forecast period.
The APAC is the biggest and the fastest-growing market for automotive composites, consuming one thrid of the total global volume in 2019. The demand for automotive composites is mainly attributed to the growing need for lightweight, fuel-efficient, and environment-friendly vehicles. The manufacturers are focusing on producing lightweight car bodies with emission control features since the government has set stringent regulatory norms for pollution control from vehicles. The market in this region has undergone a significant transformation due to the in-house presence of well-established raw material suppliers, composite product and components manufacturers, and OEMs in itself consuming these composite solutions in automotive applications. The eco-systems of these adjutant industries is more likely to act in favor of growth of the automotive composites market.
Toray Industries Inc. (Japan), SGL Carbon (Germany), Teijin Limited (Japan), Mitsubishi Chemical Holding Corporation (Japan), Hexcel Corporation (US), Solvay SA (Belgium), Gurit (Switzerland), UFP Technologies Ltd. (US), Huntsman Corporation (US), and Hexion (US), are some of the key players in the automotive composites market. These players have taken different organic and inorganic developmental strategies over the past five years.
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