Projected to reach USD 17.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11% during the forecast period. The increasing demand for lightweight materials in the automotive industry, the growing focus on reducing carbon emissions, and the rising need for improved fuel efficiency are key drivers contributing to the growth of the market’s revenue.
The Automotive Composites Market growing requirement for lightweight materials is a primary catalyst behind the revenue growth of the automotive composites market. Automotive composites offer favorable mechanical properties and a high strength-to-weight ratio, making them an excellent choice for manufacturing body panels, engine parts, and suspension components. The utilization of composites in automobile production can significantly reduce the overall weight of vehicles, leading to enhanced performance, reduced carbon emissions, and improved fuel efficiency.
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Further key findings from the report suggest
- The metal Composites product segment is expected to register the highest CAGR during the forecast period because of its extensive use in powertrain and chassis components. Metal Composites offer high transverse stiffness and strength, fire resistance, protection from moisture, and radiation resistance.
- The compression Molding process is generally used to give shape to fiberglass and thermoplastic resins. The process has a high production rate, low wastage of material, and low maintenance cost is also an advantage of the process.
- Automotive composite products would find widespread usage in structural and powertrain components during the forecast period and would substitute metallic underhood parts.
- Europe occupies the second largest market share, and this trend is expected to continue throughout the forecast period. The demand is mainly arising from countries like Germany, Spain, France, UK, and Turkey. Stringent emission control regulations in Europe is expected to fuel the market’s demand in this region.
- There have been a number of new product launches in the market amongst which integrated production system for CFRP by Toho Tenax, HexPly M79 Prepegs by Hexcel Corporation, SIGRABOND Carbon Fiber-Reinforced Carbon, SIGRACELL Specialty Graphites for Lithium-Ion Batteries, SIGRACET Fuel Cell Components by SGL Carbon require special mention.
Top 10 Companies Operating in the Global Automotive Composite Market:
Owens Corning, Toray Industries Inc, Hexcel Corporation, SGL Carbon, Toho Tenex(Teijin Ltd.), Quantum Composites, Nippon Sheet Glass Co. Ltd., SABIC, Solvay, and Arkema, among others.
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The global market is further segmented into type and application:
Product Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Polymer Matrix Composites
- Metal Matrix Composites
- Ceramic Matrix Composites
Manufacturing Process Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Compression Molding
- Injection Molding
- RTM
- Others
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Interior Components
- Exterior Components
- Structural Components
- Powertrain Components
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Takeaways of the Competitive Overview Section:
- Overview of the company profiles of each market player
- Industrial chain analysis of each player
- Revenue share contribution
- Sales network and distribution channels and net profits and losses of each company
- Key business growth strategies are undertaken by these players
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