Automotive Composites Market Size By Fiber (Glass, Carbon, Natural), By Resin (Thermoset, Thermoplastic), By Manufacturing Process (Compression, Injection, Resin Transfer Moulding [RTM]) By Application (Interior, Exterior, Structural & Powertrain) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: May 2020  |  Report ID: GMI338  |  Authors: Kiran Pulidindi, Sayan Mukherjee

Report Format: PDF   |   Pages: 335   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Automotive Composites Market size valued at USD 4.68 billion in 2019 and is projected to grow at a CAGR of over 6.7% from 2020 to 2026. Stringent government regulations regarding fuel efficiency coupled with rising high end and luxury car sales will drive the market growth.
 

Composite includes materials manufactured from combination of two or more materials. The physical and chemical properties of composite material may vary from its constituents. Composites provide superior weight to strength ratio as compared to traditional materials, such as steel. According to Oak Ridge National Laboratory (ORNL), high performance materials such as carbon fiber is capable to reduce weight by around 60% and offer superior resistance from environmental damage. Increasing environment concerns coupled with rising fuel prices is resorting manufacturers to incorporate lightweight materials in vehicles. Moreover, it offers excellent energy absorption capability as compared to traditional materials.
 

Automotive Composites Market

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Emergence of manufacturing techniques aimed at decreasing production costs and simultaneously maintaining optimum quality will boost the automotive composites market revenue. Further, the development of affordable composites will play a significant role in escalating the market demand. However, the prohibitive cost of raw materials along with lack of repeatable and automated processes are limiting the utilization of mass production techniques for composites.
 

Automotive Composites Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 4,683.5 Million (USD)
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 6.7% 2026 Value Projection: 5,607.2 Million (USD)
Pages: 335 Tables, Charts & Figures: 601
Geographies covered (23): U.S., Canada, France, Germany, UK, France, Russia, Italy, Poland, Spain, China, Japan, India, South Korea, Australia, Taiwan, Brazil, Mexico, Argentina, Argentina, Saudi Arabia, UAE, South Africa
Segments covered: Fiber, Resin, Manufacturing process, Application
Companies covered (21): ACP Composites, Clearwater Composites, Cytec Solvay Group, DowAksa, Hexcel Corporation, HITCO Carbon Composites, Johns Manville Corporation, Jushi Group Co., Ltd., Koninklijke Ten Cate, Mitsubishi Rayon Co., Ltd., Owens Corning Corp., Polar Manufacturing, protech composites, Reychem composites, Rock West composites, Scott baer, SGL Group, Toho Tenax America, Toray industries, Wolf Composites, Zoltek Carbon Fiber
Growth Drivers:
  • Weight reduction trends in vehicles
  • Improvement in automotive industry
  • Presence of major vehicle manufacturers
  • Increasing penetration of electric and hybrid vehicles
  • Increasing adoption of high-end and luxury vehicles
Pitfalls & Challenges:
  • Complex designing process
  • Temporary closure of manufacturing facilities due to COVID-19

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Stringent government policies to continually drive the demand for carbon fiber

The carbon fiber segment is estimated to witness around 9.5% growth through 2026 owing to stringent government legislations from developed regions including, North America and Europe. The material provides significant weight reduction that improves fuel efficiency significantly. The material possesses superior strength as compared to conventional material and finds application in replacing multiple structural parts such as high pressure tanks. New technological advancements in resin systems, fiber reinforcements, and manufacturing concepts will drive the market size.
 

Natural fibers will observe steady growth in the automotive composites market over the coming years due to environment friendly characteristics. These are manufactured from natural materials such as fruits, stems, and leaves. Natural fibers used in manufacturing automotive component includes flax, hemp, kenaf, and jute. Economical production and easy source ability are providing material with opportunistic growth scenario. This provides opportunity to manufacturers to further reduce manufacturing costs significantly with simultaneously adhering to environmental norms.
 

Automotive composites market is set to experience major application from exterior segment

Automotive Composites Market

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The exterior application segment is predicted to register around 7% gains till 2026. The growth can be attributed to its application from door frames, fenders, and bumpers. Automotive composites possess weight reduction potential and offers optimal structural integrity. Interior segment is also set to gain ground as industry participants are resorting to environment friendly materials to reduce overall environmental impact, consequently increasing demand for natural fibers.
 

RTM process boosts light weighting efforts and reduces cycle times

RTM process will experience substantial growth in near future on account of several benefits over current compression and injection molding techniques. Resin Transfer Molding is a type of closed mold process in which resin is injected into mold with high pressure to impregnate composite materials. RTM process significantly reduces material waste and typically reduces total part cycle time by about 5 minutes. Industry players are undergoing strategic partnership to develop innovative products.
 

Thermoplastics to bank upon recyclability properties

The thermoplastic resins held around 40% automotive composites market share in 2019 due to recyclable potential and ability of material to be melted and reformed. The resins become soft when heated and are typically molded or shaped in heated vicious state. In addition, thermoplastics have faster molding cycle as there is no chemical reaction in curing process, making it ideal for high volume manufacturing. Low manufacturing costs affiliated with the product owing to less labor-intensive requirements and decrease in raw material costs will fuel the market demand.
 

Asia Pacific is predicted to dominate the global market

Automotive Composites Market

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In 2019, Asia Pacific automotive composites market dominated over 44% revenue share and is slated to expand at significant rate during the forecast timeframe. The presence of established industry participants such as Teijin Limited, Mitsubishi Rayon Co., Ltd., and Toray Industries will contribute to the substantial market revenue generation. Manufacturers across the region are focusing on increasing their manufacturing and R&D capacities to gain a competitive edge, further influencing the regional dominance.
 

Technological edge presents major role in market share acquisition

Automotive composites industry is highly competitive, and technology plays vital role in acquiring market share. The prominent players operating in the market include Owens corning, Hexcel corporation, Quantum Composites, Nippon Sheet Glass Co, Ltd., SABIC, Solvay, and Arkema. Industry players are engaged in extensive R&D operations to gain competitive edge over other companies through funding new projects.
 

The automotive composites market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in thousand tons and revenue in USD million from 2016 to 2026, for the following segments:

Market by Fiber

  • Glass Reinforced Plastic (GRP)
  • Carbon Fiber Reinforced Plastic (CFRP)
  • Natural Fiber (NF)

Market by Resin

  • Thermoset
  • Thermoplastic

Market by Manufacturing Process

  • Compression molding
  • Injection molding
  • RTM
  • Other

Market by Application

  • Interior
  • Exterior
  • Structural
  • Others

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Poland
    • Spain
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Taiwan
  • LATAM
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • South Arabia
    • UAE
    • South Africa

 

Frequently Asked Questions (FAQ) :

The market size of automotive composites was valued over USD 4.68 billion in 2019.
The industry share of automotive composites is projected to expand at 6.7% CAGR during 2020 to 2026.
The carbon fiber segment is estimated to witness around 9.5% growth through 2026 owing to stringent government legislation from developed regions including, North America and Europe.
According to the analysts at GMI, the exterior application segment is predicted to register around 7% gains till 2026.
The prominent players operating in the market include Owens corning, Hexcel corporation, Quantum Composites, Nippon Sheet Glass Co, Ltd., SABIC, Solvay, and Arkema.
Manufacturers across the region are focusing on increasing their manufacturing and R&D capacities to gain a competitive edge, influencing the Asia Pacific market dominance.

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Premium Report Details

  • Published Date: May 2020
  • Pages: 335
  • Tables: 586
  • Charts / Figures: 15
  • Companies covered: 21
  • Countries covered: 23

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