Automotive Composites Market to exceed $24bn by 2024
Published Date: January 15, 2018 Authors: Vitika Verma, Amulya Agarwal
Automotive Composites Market size is estimated to surpass USD 24 billion by 2024; according to a new research report by Global Market Insights, Inc.
Global automotive composites market demand is expected to cross 4000 kilo tons till 2024. Continuously rising efforts by vehicle manufacturers across the globe for reduction in overall vehicles weight will primarily drive the automotive composites market growth over the forecast timespan. Usage of these composites results in considerable reduction in carbon emissions, that leads to their high preference, positively impacting the industry. However, their excessive costs may hamper the industry growth.
Majority of OEMs in Europe and North America have carried out extensive vehicle weight reduction plans owing to stringent environmental regulations. Moreover, National Highway Traffic Safety Administration (NHTSA), U.S. in association with the Environmental Protection Agency (EPA) has launched a national program for significant reduction in carbon emissions and improvement of fuel efficiency of heavy-duty vehicles. These regulations are expected to induce immense potential to the automotive composites market size till 2024.
Rising usage of carbon fibers as reinforcement for plastic matrices has gained prominence in the automotive composites market. These composites possess higher stiffness and more potential for weight reduction as compared to its counter parts. Industry participants are focusing on developing low-cost carbon fiber composites and its recycling, paving opportunistic ways for the automotive composite market over the next eight years. Hybrid composites structures developed by combination of glass and carbon fiber is another innovation that has gained popularity in the automobile industry owing to its rising usage in exterior applications. Shifting preference towards these hybrid composites can be attributed to its benefit such as high compressive strength.
Browse key industry insights spread across 350 pages with 443 market data tables & 10 figures & charts from the report, “Automotive Composites Market Industry Size By Fiber (Glass, Carbon, Natural), By Resin (Thermoset, Thermoplastic), By Manufacturing Process (Compression, Injection, Resin Transfer Moulding (RTM)), By Application (Interior, Exterior, Structural) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Russia, Italy, Poland, Spain, China, India, Japan, South Korea, Australia, Taiwan, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Automotive composites market from glass fiber accounted for over USD 9 billion in 2016 and is anticipated to continue its dominance over the forecast timeframe. The substantial revenue generation is attributed to its advantages over the counterparts such as higher strength, and resistance to heat & chemical attacks. Better thermal insulation is another factor supporting the industry dominance. Natural fibers will exhibit over 7.5% CAGR from 2017 to 2024 owing to their high usage in exterior vehicle applications as a replacement of glass fibers. This shifting preference is attributable to its light weighing capabilities as compared to the counterparts.
Thermoset resins are expected to generate a demand of over 2,500 kilo tons and capture over 55% of the automotive composites market revenue share till 2024. Ease of manufacturing and convenient impregnation of reinforced fibers will primarily drive the industry growth. Benefits such as resistance to high temperatures and corrosives & solvents, enhanced adhesion and finishing, and tailored elasticity will further support the revenue generation. Thermoplastic resins are likely to witness over 6.5% CAGR owing to their rising adoption due to reforming abilities and higher impact resistance as compared to its counterpart.
Automotive composites market from compression is expected to dominate the revenue share surpassing USD 9 billion over the next eight years owing to high usage of this process in glass fiber composites. Moreover, this process is used for mass production of composites, further supporting the industry dominance. RTM is likely to exhibit around 7% CAGR till 2024 owing to regular innovations in this process over the past years. Moreover, it is increasingly being used by the manufacturers to create low cost products, further propelling the industry growth.
Exterior applications will account for around USD 9 billion by 2024 owing to extensive usage of these composites in exterior vehicle applications. usage of these composites results in 20% weight reduction coupled with higher damage tolerance and less production time. Automotive composites market from structural and powertrain application will exhibit around 7% CAGR owing to high usage of glass and carbon fibers in vehicle’s structural components. Enhanced fuel efficiency is another factor supporting the industry growth over the coming years.
Asia Pacific automotive composites market is expected to capture over 45% revenue share till 2024. Presence of numerous vehicle manufacturers across the regions coupled with continuously rising vehicle production, especially in emerging countries including India and China will primarily support the revenue generation. Europe will pose around 6% CAGR owing to extensive usage of composites due to stringent regulations regarding carbon emissions from vehicles. Rising R&D investments along with established automobile industry will further propel the regional growth ver the forecast timeframe.
ACP Composites, Hexcel Corporation, Johns Manville Corporation, DowAksa, Owens Corning Corp., Revchem Composites, and SGL Group are among the noticeable players in the automotive composites market. Other prominent participants include Clear Water Composties, Jushi Group Co. Ltd., Protech Composites, and Toray Industries.
Strategic agreements are among prominent strategies implemented by the market players to gain competitive edge. For instance, in July 2017, DowAksa accomplishes a long-term agreement with Vestas Wind systems to produce carbon fiber caps with advanced processes.
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 2013 to 2024, for the following segments:
Automotive Composites Market, By Fiber
Automotive Composites Market, By Resin
Automotive Composites Market, By Manufacturing Process
- Resin Transfer Moulding (RTM)
Automotive Composites Market, By Application
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa