The market for automotive composites is expected to grow at a CAGR of around 13.3% from 2020 to 2027 and expected to reach the market value of around US$ 12,414.4 Bn by 2027.
Automotive composites are the lightweight solutions manufactured from a combination of two or more materials. These are particularly designed to provide strength, design flexibility, cost reduction, weight reduction, and recyclability to the vehicle. As well as, composites offer numerous advantages over traditional steel and injection moulded automotive parts, whereas properties of composite material may vary from its constituents.
The increasing demand for lightweight and fuel-efficient vehicles across the world is driving the market value. The increasing demand for environment-friendly electric vehicles is supporting market growth. The increasing use of natural fibre composites in automotive applications by the manufacturers is further accelerating the market value. The ongoing development of affordable composites and the emergence of manufacturing techniques that are aiming production costs reduction and optimum quality maintenance is further propelling the market value. Furthermore, stringent government regulations to use the lightweight materials and need to use the fuel efficiency due to increasing pollution from excessive use of fuel engines are projected to create potential opportunities over the estimated period from 2020 to 2027.
On the other side, the high production cost of composites and lack of technological advancements in some economies are likely to hinder the growth to an extent over the period.
Exterior is leading the automotive composites market with maximum share
By application, the exterior segment is having the potential revenue share (%) in the global market and also projected to maintain its dominance over the forecast period from 2020 to 2027. The usage of automotive composites in exteriors includes door frames, fenders, hoods, bumper beams, and deck lids of vehicles. The composites offer high stiffness, increased strength, and lightweight which results in minimum damages in case of accidents to the exterior parts of vehicles is supporting the segmental market value.
Asia Pacific accounted for the maximum share in the Automotive Composites Market
In 2019, Asia Pacific has registered major revenue share (%) in the global market and also projected to maintain its dominance over the estimated period from 2020 to 2027. The major economies of the region including Japan, China, and India are major contributors to the regional market value. The rapid advancement in the automotive sector along with the increasing demand for passenger vehicles is propelling the regional market value. The increasing disposable income and stringent regulation by the government on automotive manufacturers are further bolstering the market value. Moreover, the region is also projected to experience the fastest growth with major CAGR (%) over the estimated period. The rapid industrialization and rising focus of manufacturers in the regional market owing to the available opportunities is additionally accelerating the market.
The players profiled in the report include Arkema, Gurit (Switzerland), Hexcel Corporation, Nippon Sheet Glass Co, Ltd., Owens Corning (U.S.), Quantum Composites, SABIC, SGL Group (Germany), Solvay S.A. (Belgium), Toho Tenax Co., Ltd. (Japan), and Toray Industries, Inc. (Japan). The major automotive composites players were involved in strategic developments for escalating the profit share in regional as well as global market. The major investments were announced for the technological advancements associated with the changing consumer demand for automotive composites.
Market By Fiber
Glass Reinforced Plastic (GRP)
Carbon Fiber Reinforced Plastic (CFRP)
Natural Fiber (NF)
Aramid Fiber Composite
Market By Resin
Market By Manufacturing Process
Resin Transfer Molding (RTM)
Market By Application
Market By Vehicle Type
Market By Geography
Middle East & Africa
The market for automotive composites is expected to reach a market value of around US$ 12,414.4 Mn by 2027.
The automotive composites market is expected to grow at a CAGR of around 13.3% from 2020 to 2027.
The exterior is the leading segment by application in the automotive composites market.
The increasing demand for lightweight and fuel efficient vehicles, increasing demand for environment friendly electric vehicles, increasing use of natural fiber composites in automotive applications, ongoing development of affordable composites, and emergence of manufacturing techniques that are aiming production costs reduction and optimum quality maintenance are driving the market value.
Arkema, Gurit (Switzerland), Hexcel Corporation, Nippon Sheet Glass Co, Ltd., Owens Corning (U.S.), Quantum Composites, SABIC, SGL Group (Germany), Solvay S.A. (Belgium), Toho Tenax Co., Ltd. (Japan), and Toray Industries, Inc. (Japan) are the prominent players in the market.
Asia Pacific held the highest market share in the automotive composites market.
Asia Pacific is expected to be the fastest growing market over the forecast period.