Automotive Composites Market Size, Growth, Share, Trends & Analysis 2030

Automotive Composites Market Overview

The report is titled as ‘Automotive Composites Market: Opportunity Analysis and Future Assessment 2022-2030’. An overview of conceptual frameworks, analytical approaches of the Automotive Composites market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market.

The automotive composites market is estimated to reach at a value of US$ 9.5 Bn by the end of 2022 and expected to reach at a value of US$ 16.5 Bn by 2030 with a significant CAGR of 7.0%

Automotive Composites Overview

To put it simply, composites are an amalgam of two or more elements, natural or artificial constituents comprising various physical or chemical attributes that are more powerful as a pair than as individual participants. The component materials do not entirely merge or lose their unique identities; they integrate and impart their most valuable properties to enhance the final product or outcome. Composites are generally intended with a specific utility in anticipation, such as added efficiency, strength, or durability.

In the automotive industry, composite provides some of the crucial benefits in the automobile applications such as weight decline, cost reduction, and reusability. In addition to that, composites also incorporate the potential to deliver several weight and structural benefits over conventional steel and injection molded automotive components.

Numerous beneficial traits of automotive composites bringing about higher demand

As the automotive industry is beginning the shift from internal combustion to electric powertrains, composite materials are building a case for sustainability and light weighting. In the present times, composites carry the capacity to lay bare a whole world of new horizons and avenues for designers, manufacturers, and engineers. Since several companies have understood, utilizing composites enables an individual to customize the attributes of resins, fibers, and additives to design the precise material traits and performance attributes one desires. Owing to which, there is a rapid adoption of composites across the leading manufacturers of the market, which is ultimately estimated to drive the market growth over the following time frame.

Moreover, the swiftly growing electric vehicle market, these days, is another crucial factor that is estimated to offer significant breakthroughs to the automotive composite market growth in the following years.

Notably, polymer composites, comprising carbon fiber reinforced polymer (or briefly carbon fiber), providing lesser weight and much higher flexibility in respect of shape than metal, can help to enhance battery capacity as well as improve the overall vehicle efficiency.

Furthermore, the leading players of the market are also introducing new technologies in the market which are projected to promote their product portfolio and strengthen their worth across the global markets. For instance, Mitsubishi Chemical Holding Corporation recently reported the development of of a thermoplastic composite material (FRTP) which offers flame retardancy, high production performance, and recyclability since couple of primary facets of the EV battery systems are the need of greater fire resistance for rider’s safety and using lightweight materials to further preserve energy. Attributing to which, the global automotive composites market is expected to rise substantially in the forthcoming years.

Regional Market Outlook

In terms of geography, the automotive composites market can be divided into six regions – North America, Latin America, Europe, Asia Pacific, Middle-East, and Africa. Europe is holding the biggest share of the automotive composite market and positively dominating the market due to the presence of leading established automotive manufacturers in the region. Furthermore, Asia Pacific is closely following Europe and is projected to grow substantially in the near future since the region is witnessing rapid growth of the EV market these days.

Automotive Composites Market Segmentation

The automotive composites market is segmented on the basis of composite type, fiber composite, resin type, manufacturing type, application, vehicle type and region.

By Composite Type

Bulk Molding Compound (BMC)

Continuous Fiber Thermoplastic (CFT)

Glass Mat Thermoplastic (GMT)

Long Fiber Thermoplastic (LFT)

Natural Fiber Composites

Phenolic Composites

Polyurethane (PU) Composites

Sheet Molding Compound (SMC)

Short Fiber Thermoplastic (SFT)

Other composites

By Fiber Composite

Glass

Natural

Carbon

By Resin Type

Thermoset

Thermoplastic

By Manufacturing Process

Compression Molding

Injection Molding

Resin Transfer Molding (RTM)

Others

By Application

Exterior

Interior

Powertrain

Chassis

Underbody

Engine Components

Others

By Vehicle Type

Electric

Passenger Cars

LCVs

HCVs

Agricultural

Non-electric

Passenger Cars

LCVs

HCVs

Agricultural

By Region

North America

Latin America

Europe

Asia Pacific

Middle East

Africa

Automotive Composites Market Key Players

Some of the key participating players in automotive composites market are:

BASF SE

E.I. du Pont de Nemours & Co.

Formaplex

GMS Composites

Gurit Holding AG

Hexcel Corporation

IDI Composites International

Johns Manville

Mitsubishi Chemical Holding Corporation

Owen Corning

Plasan Carbon Composites

Revchem Composites

SGL Carbon SE

Solvay

Teijin Limited

Toray Industries Inc.

TPI Composites

UFP Technologies Inc.

3B - the fiberglass company

Cytec Industries Inc.

Johnson Controls Inc.

Magna International Inc.

Huntsman International LLC

Hexion Inc.

Nippon Electric Glass Co. Ltd.

Jushi Group Co. Ltd.

Factors that are benchmarked while estimating the market

Various factors that are benchmarked while estimating the market growth includes (but not restricted to):

New product developments and launches

Global Automtoive Industry Outlook

Top Companies Historical Growth Rate

Pricing Impact

Impact of Regulations

Advantages of Automotive Composites

Actions taken by the manufacturer and respective regulatory authorities also impact the market growth of the segment. These factors are understood at regional level and in major countries globally for providing regional insights of the product segment in the report. This helps our clients to make informed decisions.

A mix of top-down and bottom-up approach is followed to arrive and validate our market value estimations. For a product segment where one/two manufacturer(s) dominate the market, its product sales, previous growth rates and market expansion plans are considered to generate market share in the market.