Automotive composites market worth $9.3 billion by 2025
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Automotive Composites Market by Fiber Type (Glass, Carbon, Natural), Resin Type (Thermosetting, Thermoplastics), Manufacturing Process (Compression, Injection, RTM), Applications (Exterior, Interior), Vehicle Type and Region – Forecast world until 2025
The global automotive composites market size is expected to grow from USD 5.4 billion in 2020 to USD 9.3 billion by 2025, at a CAGR of 11.5%. Government initiatives emphasizing on reducing carbon emissions and shifting to electric vehicles are expected to drive the growth of the automotive composites market.
Fiberglass composites represent a significant share in terms of value and volume.
Monomers account for the largest share of the overall market in terms of value and volume. Government regulations such as the Corporate Average Fuel Economy (CAFÉ) standards in the United States carbon emissions targets have put pressure on OEMs to incorporate lightweight materials to reduce overall vehicle weight, which has led to increased use of GFRP in the automotive industry. However, due to the COVID-19 pandemic, sales of automotive composites declined due to supply chain disruption.
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Exterior applications account for the largest market share in the global automotive composites market in terms of value and volume.
The exterior parts include major components such as the bumper beam, fender, front module, door panels, and hood, among others. The use of composites in the automotive industry is an emerging trend as these composites help achieve high performance properties such as high stiffness, light weight and high strength-to-weight-to-weight ratio. However, due to COVID-19 as well as the downturn in the automotive industry, the demand for automotive composites is reduced all over the world. The exterior segment is at the forefront with the highest consumption of automotive composites in the world, as it helps to reduce the weight of exterior parts, thus allowing a reduction in the weight of the car’s complete body and making it more fuel efficient. Germany is the largest consumer of automotive composites. Subsequently, some Asia-Pacific countries like China and Japan consumed a considerable share of automotive composites in 2019. There is a sharp decline in demand in APAC due to full and partial lockdown In the region.
Non-electric vehicle type dominates the market in the global automotive composites market over the forecast period in terms of value and volume.
The non-electric vehicle type accounted for the majority of the automotive composites market, both in value and volume. Automakers around the world are taking initiatives to fulfill the mandate imposed by the respective government and provide the consumer with light and fuel-efficient vehicles. Sereebo, a carbon fiber reinforced thermoplastic (CFRTP) jointly developed by Teijin Limited and General Motors, is used to make the interior instrument panel, side panels and bed floor. Lately, Ruf Automobile GmbH, a German automaker, has developed the Rodeo concept, an all-wheel drive carbon fiber safari vehicle based on the classic Porsche 911 safari rally car. the growth of the automotive composites market.
APAC is expected to account for the largest market share in the automotive composites market over the forecast period.
APAC is the largest and fastest growing market for automotive composites, consuming one-third of the total global volume in 2019. The demand for automotive composites is mainly attributed to the growing need for lightweight, fuel-efficient vehicles. fuel and environmentally friendly. . Manufacturers have focused on producing lightweight car bodies with emission control devices since the government set strict regulatory standards for vehicle pollution control. The market in this region has undergone significant transformation due to the in-house presence of well-established raw material suppliers, manufacturers of composite products and components, and OEMs themselves consuming these composite solutions in automotive applications. The ecosystems of these adjunct industries are more likely to act in favor of the growth of the automotive composites market.
Toray Industries Inc. (Japan), SGL Carbon (Germany), Teijin Limited (Japan), Mitsubishi Chemical Holding Corporation (Japan), Hexcel Corporation (USA), Solvay SA (Belgium), Gurit (Switzerland), UFP Technologies Ltd . (USA), Huntsman Corporation (USA) and Hexion (USA) are some of the major players in the automotive composites market. These players have adopted different organic and inorganic development strategies over the past five years.
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