Automotive Composite Market Updates by 2031
MARKET OVERVIEW
Automotive composites are the homogenous blend of high- performance fiber, such as glass or carbon and epoxy polymer, prepared synthetically. If combined, it provides a composite with additional properties compared to the individual materials. Some of the major factors driving the automotive composite market growth include low-weight, high strength-to-weight ratio, and fuel efficiency. The increasing demand for lightweight vehicles and passenger cars across the globe contributes to the growing demand for automotive composites. Automotive manufacturers continue to focus on advancements in materials and manufacturing processes; thermoplastic composites and reinforced glass will likely play a significant role in the future of automotive design and production. Glass fiber is relatively inexpensive and helps in significant reduction in weight as compared to the traditional metal components used in automotive production.
MARKET DYNAMICS
Demand for fuel-efficient automobiles is increasing as a result of surging fuel prices. According to government regulations and planning, automobile manufacturers are now increasingly using lightweight materials for manufacturing their products. Automotive composite fiber is one of the best lightweight materials to replace steel and aluminum.
Further, one of the main sources of air pollution is considered to be transportation. Governments worldwide have designed strict guidelines for OEMs to adhere a set range concerning CO2 emission from vehicles. Any failure to do so may be penalized. These serve as a primary growth factor for OEMs worldwide to incorporate innovative technologies, such as use of automotive composite, to reduce the weight of vehicles while maintaining their strength and structural integrity and considering the CO2 emission guidelines.
However, the high cost of composite and complicated processing may hurdle the growth of automotive composite market.
MARKET SCOPE AND REPORT FEATURES
The "Global Automotive Composite Market Analysis to 2031" is a specialized and in-depth study with a major focus on the global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation by fiber type, resin type, application, and geography. The global automotive composite market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of automotive composite worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting automotive composite market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in automotive composite market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global automotive composite market, which helps understand the entire supply chain and various factors affecting the market growth.
SEGMENTAL ANALYSIS
The global automotive composite market is segmented on the basis of fiber type, resin type, manufacturing process and application. Based on fiber type, the automotive composite market is segmented as carbon fiber composites, glass fiber composites, and others. On the basis of resin type, automotive composite market is classified as polyester, epoxy, vinyl ester, polyurethane, polypropylene, polyethylene and others. Based on manufacturing process, the automotive composite market is segmented into compression molding, injection molding, resin transfer molding, and others. On the basis of application, automotive composite market is divided as battery enclosures, structural assembly, interior and exterior.
Based on the product type, carbon fiber composites is expected to register significant growth which can be attributed to its popularity in the automotive industries. Its high strength to weight ratio has increased its utility in automotive applications. Some other characteristics of carbon fiber composites include anti-corrosion properties, high stiffness, and high tensile strength. A remarkable growth has been seen in the demand for lightweight material to boost fuel-efficiency. Also, glass fiber composites are extensively utilized in the automotive sector since they are more cost-effective than carbon and natural fiber composites.
REGIONAL INSIGHTS
The report provides a detailed overview of the global automotive composite market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. Asia Pacific automotive composite market is projected to account for a large portion of the global automotive composite market share. The presence of leading automotive manufacturers in countries such as China, Japan, and India has aided the demand growth of automotive composites in the region. Further, a number of electric vehicle manufacturers are setting their plants in the region owing to availability of cheap labor and attractive government subsidies availability. High population base and increasing environmental concerns have fueled the demand for electrification in the automotive industry. This has increased the demand for lightweight components for manufacturing EV and vehicles with high fuel efficiency.
MARKET PLAYERS
Some of the key players operating in the automotive composite market include Toray Advanced Composites, SGL Carbon, Teijin Limited, Mitsubishi Chemical Corporation, Hexcel Corporation, Solvay, Gurit, UFP Technologies, inc., Huntsman International Llc., Hexion, and Jushi Group Co.Ltd among others.
January, 2021: Jaguar Land Rover announced the Tucana Advanced Composites project. It is a 4 year project where the aimed to increase the usage of electric vehicles and reduce the total weight of automotive vehicles.
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.
REGIONAL FRAMEWORKAutomotive Composite Market Report Analysis
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CAGR (2023 - 2031)XX% -
Market Size 2023
US$ XX Million -
Market Size 2031
US$ XX Million
Report Coverage
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Industry landscape and competition analysis & recent developments
- Detailed company profiles
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
Key Players
- Toray Industries Inc
- SGL Carbon
- TEIJIN LIMITED
- Mitsubishi Chemical Corporation
- Hexcel Corporation
- John Manville Corporation
- Owens Corning
- Zoltek Carbon Fiber
- Cytec Solvay Group
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Automotive Composite Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ XX Million |
| Market Size by 2031 | US$ XX Million |
| Global CAGR (2023 - 2031) | XX% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The List of Companies
- Toray Industries Inc.
- SGL Carbon
- TEIJIN LIMITED
- Mitsubishi Chemical Corporation.
- Hexcel Corporation
- John Manville Corporation
- Owens Corning
- Zoltek Carbon Fiber
- Cytec Solvay Group
- Gurit
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