In 2021, the automotive composites market share was estimated to be worth US$ 8.17 billion, and it is anticipated to grow to US$ 12.35 billion by 2029, exhibiting a CAGR of more than 5.30% throughout that time (2022-2029).
Sales of automotive composites are directly correlated to automotive production and vehicle parc. Despite fluctuating economic conditions in the recent past, on an average, the global automotive market has observed reasonable growth. Efforts to reduce the weight of vehicular components will increase, thereby providing substantial opportunities for the growth of automotive composites market.
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Key Takeaways from Global Automotive Composites Market
- Glass fiber has been observed to be the most preferred composite material in the automotive industry, owing to low cost and high structural strength.
- Demand for high-performance automotive vehicles is increasing across the globe, along with the growing demand for emission control. As a result, manufacturers are focusing on using advanced composite materials due to the high temperature generating components that are required.
- The demand for passenger cars has seen a surge in regions such as India and China. This is expected to further increase the demand for automotive composites in the coming years.
- Natural fibers are also gaining popularity in the designing and manufacturing of door panels, seat backs, bolsters, and load floor, among others.
- Most automakers have started to position and re-brand their respective car models with aesthetic and stylish interior features, which demands the increased adoption of lightweight automotive composites.
While the demand for automotive composites is primarily driven by elevated automotive production, the trend of lightweight components in the aftermarket will further increase inclination towards automotive composites.
Automotive Composites Market Participants
The market for automotive composite has remained competitive, with the presence of giant players with expertise in advanced manufacturing technologies. In order to sustain in the global automotive composites market in the long run, product development is the key growth strategy being adopted by market participants. Launching advanced products that provide numerous operational benefits, and at the same time complying with existing emission norms and other regulations in the market, will help market players maintain product differentiation and strengthen their presence in the global automotive composites market.
Some of the key participants mentioned in the automotive composites market report are Mitsubishi Chemical, Teijin Limited, SGL Carbon SE, Solvay Group (Cytec Solvay Group), and Holding Toray Industries Inc.
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AUTOMOTIVE COMPOSITES MARKET TAXONOMY
The global automotive composites market is segmented into five segments in detail to cover every aspect of the market and present a complete market intelligence approach in front of the reader.
Material
- Glass Fiber Composite
- Natural Fiber Composite
- Carbon Fiber Composite
- Aramid Fiber Composite
- Others
Resin
- Thermoplastic
- Thermoset
Application
- Interior
- Exterior
- Underbody
- Chassis
- Power Train
- Engine Components
Vehicle Type
- Passenger Cars
- Compact
- Mid-size
- Luxury
- SUVs
- LCVs
- HCVs
- Straight Trucks
- Dump Trucks/Garbage Trucks
- Semi-trailers
- Fire Trucks
- Others
- Agricultural
- Tractors
- Tillers
- Rotavators
- Harvesters
- Threshers
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Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia & Pacific
- MEA
- China
- Japan
- India
FREQUENTLY ASKED QUESTIONS ABOUT GLOBAL AUTOMOTIVE COMPOSITES MARKET
How will the automotive composites market progress in the future?
Composite parts and components weigh a lot less than their metallic counterparts; hence, their implementation in the construction of a vehicle leads to weight reduction, which is beneficial as it reduces fuel consumption, and thereby, emissions. These factors are expected to increase the usage of advanced automotive composites by carmakers in the foreseeable future, in order to ensure compliance with stringent emission norms, globally.
Will increase in material procurement and processing of composite material affect the future trajectory of the market?
Yes, with increasing technical complexity and increasing demand for high-quality composite parts, the cost of raw material and manufacturing process of automotive composite parts will remain high in comparison to metal-based parts. Five areas incur major costs from the perspective of automotive composites – fiber, resin, consumables, machining costs, and labor. A slightest increase in these prices directly affects the growth of the automotive composite market.
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