The automotive composite market can be segmented by fiber, resin, manufacturing process, composite components and regions. Based on fiber type, the market is segmented into carbon, glass and natural. On the basis of resin type, the market is segmented into thermoset and thermoplastic. The market is further segmented by manufacturing process into compression moulding, injection moulding and continuous moulding; by composite components into exterior, interior and engine. Increasing need for environment-friendly electric vehicles owing to alarming rising pollution levels coupled with growing adoption of natural-fibre based composites in automotive applications will drive the automotive composite market.
The automotive composites market is anticipated to expand at a CAGR of around ~6% during the forecast period i.e. 2023-2035. On the basis of resin type, thermoset segment is anticipated to lead the market, owing to their properties such as resistance to heat expansion and moisture, protection against corrosion and high temperatures, as they are mostly used for manufacturing heat shields, fuel vapor canister brackets radiator brackets etc. Based on composite component, the exterior segment is projected to lead the market, on the back of rising utilization in manufacturing of exterior parts which includes fenders, hoods, bumper beams, and deck lids of vehicles to increase their overall strength.
By region, the global automotive composites market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is expected to dominate the market for automotive composites. Strong potential outlook in interior, structural and exterior applications will fuel the industry demand. Besides, innovations in vehicle manufacturing and implementation of light weight component is likely to further support the market growth. Europe led by Germany, Italy, France and Russia will have significant growth on back of stringent government regulations focusing on reducing overall vehicle weight and carbon emissions with implementation of advanced materials is likely to fuel the industry demand. Increasing R&D coupled with presence of large manufacturers in the region will further support the market growth.
Rising Trend of Motorization
The product offers superior strength to weight ratio and increases fuel efficiency of the vehicles. Ever-changing trends towards cost effective alternatives, sturdy and light weight components will positively influence the product penetration. Development in the production facilities and as well as reduction in the manufacturing time and capital cost are posing new opportunities for the industry players all over the world. Development of electric & hybrid automobiles offering long travel distance owing to reduced weight will further support the market growth. Stringent protocols to considerably reduce carbon emissions along with increasing global vehicle production with focus on improving the vehicle efficiency is projected to fuel the market demand.
However, hefty set up cost required for the manufacturing may affect the product penetration. Carbon fiber are difficult to repair mainly for the vehicle exteriors. Damage to the product during accidents requiring replacement of the part may affect the automotive composites market share. Industry players are focusing on increasing the production capacity and thus reducing the overall cost making it affordable and thus increasing the automotive composites penetration all over the globe.
The report titled “Automotive Composites Market: Global Demand Analysis & Opportunity Outlook 2035” delivers the detailed overview of the global automotive composite market in terms of market segmentation by fiber, resin, manufacturing process, composite components and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model. This report also provides the existing competitive scenario of some of the key players of the global automotive composite market which includes company profiling of key companies such as Cytec Solvay Group, Hexcel Corporation, Johns Manville Corporation, Koninklijke Ten Cate, Owens Corning Corp., Protech, ACP Composites, Toho Tenax America, Toray Industries and Zoltek Carbon Fiber. The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive composites market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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