Automotive Composites Market Analysis

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.

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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.