Automotive Composites Market Size & Share 2021 to 2027
Market Size by Fiber (Glass, Carbon, Natural), by Resin (Thermoset, Thermoplastic), by Manufacturing Process (Compression, Injection, Resin Transfer Molding), by Application (Interior, Exterior, Structural & Powertrain) & Forecast.
Report ID: GMI338
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Published Date: December 2021
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Report Format: PDF
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Authors:
Kiran Pulidindi, Akshay Prakash
Automotive Composites Market Size
Automotive Composites Market size surpassed USD 3.80 billion in 2020 and is projected to grow at 6.9% CAGR from 2021 to 2027. Growing affluence of lightweight vehicles in the U.S. and major European countries is expected to propel product consumption in the automotive sector. There is a high degree of association between lightweight property and the fuel efficiency of a car. On average, a 10% reduction in vehicle weight may lead to 6% to 8% of fuel economy in passenger cars and approximately 10% effectiveness in battery-powered electric cars. These trends assist in curbing carbon emissions at a substantial level from the automobile sector, which will again help in achieving sustainable car production by 2027.
Another key growth enabler of the global automotive composites industry is the increasing acceptance of electric vehicles in Asian countries. Supportive government initiatives and strict environmental policies pertaining to crude oil consumption will drive product demand.
China is the leading country in electric car production globally, which can be attributed to its well-versed manufacturing base for producing vehicles along with easy accessibility to labor & raw materials. The country has liberal foreign direct investment policies compared to developed markets, which have gathered the attention of OEMs of automobile companies over recent years.
The ongoing coronavirus pandemic has negatively influenced the automotive composites market in 2020. One of the major reasons behind this can be the disrupted manufacturing output of vehicles in major parts of the world. Globally, gasoline-powered car production dipped by 15% in 2020 compared to the previous year. Major companies have faced tremendous challenges in terms of procurement of materials & labor owing to government announced lockdowns, which further caused a delay in the market recovery. However, changing consumer sentiments toward vehicle ownership and the reestablishment of the supply chain are likely to boost industry development.
Automotive Composites Market Analysis
In 2020, glass fiber automotive composites generated around USD 3.2 billion revenue. The segment is poised to witness above 6.5% gains during 2021 to 2027. The material offers a combination of excellent strength & stiffness, superior heat resistance, and low dielectric constant, influencing its dominance in the sector. Besides, the product is reasonably economical than other composites, which is anticipated to augment the demand in automotive industry.
The structural & powertrain segment is set to account for over 500 kilo tons sales volume in the automotive composites market by 2027. This can be mainly contributed to the extensive deployment of glass and carbon fibers in structural components including chassis and body panels. Automobile manufacturers are focusing on the usage of lightweight materials in these components, further inducing immense opportunities for the global market from structural & powertrain.
Thermoset resin is estimated to hold about 60% of the volume share in 2027. The use of resins within composite materials assists in transferring tensile stress between the fibers, which further protects reinforcing fiber materials against environmental damage or mechanical failures. Thermosetting resins exhibit exceptional properties along with enhanced flexibility at a low raw material cost. These advantages are likely to induce immense growth potential to the industry size. Tailored elasticity, fatigue strength, and excellent finishing of thermoset resins are among the other factors, which will positively influence the automotive composites demand.
The automotive composites market from injection molding process is predicted to reach USD 1 billion by 2027. This process offers excellent properties on exposing to severe temperatures. Moreover, it is considered to be a cost-effective solution for large-scale molding projects. Low energy usage coupled with low floor space requirements will contribute significantly toward revenue generation.
The Asia Pacific automotive composites industry is projected to observe growth rate of about 7.5% through 2027. The region produces the highest number of gasoline-based vehicles globally. Moreover, Asia Pacific accounts for a substantial amount of composite production, which provides a competitive edge to automakers in this region. Countries including China, India, Japan, South Korea, etc., have a positive outlook for vehicle sales.
Automotive Composites Market Share
Some key players in Automotive Composites Market are
This automotive composites market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2017 to 2027 for the following segments:
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Market, By Fiber
Market, By Resin
Market, By Manufacturing Process
Market, By Application
The above information is provided on a regional and country basis for the following:
Research methodology, data sources & validation process
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Our 6-step research process
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