The automotive composites industry is projected to reach a valuation of USD 8.3 billion in 2023, with an anticipated compound annual growth rate (CAGR) of 12.1% from 2023 to 2033, ultimately reaching an estimated USD 26.1 billion by the end of that period.
Industry Dynamics
The Industryis highly competitive, driven by major players who leverage advanced manufacturing technologies to promote sustainability in the global automotive composites sector. Product development is a crucial growth strategy for these Industryparticipants.
By launching innovative products, companies can reap numerous practical benefits while ensuring compliance with existing emissions norms and regulations. This proactive approach will enable Industryplayers to strengthen their position in the global automotive composites industry.
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Key Takeaways from the Automotive Composites Industry Report:
- Sales of the automotive composites Industryexpanded at a CAGR of 11.3% from 2018 to 2022.
- The automotive composites Industryreached a valuation of USD 6.2 billion.
- Overall sales of automotive composites across the globe are projected to increase by 1.5x, registering year-on-year (YoY) growth of 5.10% in 2022.
- The automotive Industry in Asia Pacific is said to hold a Industryshare of 7.8%.
- Australia is said to be expanding at a CAGR of 4.5%.
- The automotive Industry in India has witnessed significant expansion over the past half-decade contributing a Industryshare of 6.89%.
- North America is expected to be the second most dominant automotive composites Industryholding a Industryshare of 38.6%.
- The United States is estimated to hold a significant portion of North America’s Industrywith a value share of 23.8%.
- China is estimated to witness strong growth in the automotive composites industry, accounting for more than 19% of the Industryshare.
- Glass fiber composites are estimated to hold a significant position in the industry.
- The glass fiber composites segment is expected to account for a dominant Industryshare of 49.8%.
- Passenger car contributes to an increase in sales in the automotive composites industry.
- The passenger car segment is anticipated to witness significant growth with a Industryshare of 62.8%.
- The exterior application holds a leading position in the industry.
- An exterior segment is anticipated to witness dominant growth with a Industryshare of 44.3%.
- Sales of thermoplastic resins lead to growth in the industry.
- Thermoplastic resins are expected to raise the sales of the Industrywith a value share of 36.1%.
Some of the important developments by the key players:
- In February 2023, Belgian chemicals group Solvay (SOLB.BR) forecasted lower earnings this year due to weaker demand from chemicals, coatings, and consumer industrys, sending its shares down more than 3% even as it reported record profits for 2022.
- In May 2023, Belgian chemicals group Solvay reported higher-than-expected first-quarter results and lifted its full-year profit and cash outlooks, but lower volumes hit its shares.
Leading Key Players:
- Toray Industries Inc.
- Gurit Holding AG
- Solvay Group
- SGL Carbon SE
- Teijen Limited
- Mitsubishi Chemical Holding
- Owen Corning
- E.I. du Pont de Nemours & Co.
- UFP Technologies Inc.
- Quantum Composites
Automotive Composites IndustrySegmentation:
By Material:
- Glass Fiber Composites
- Natural Fiber Composites
- Carbon Fiber Composites
- Aramid Fiber Composites
- Others
By Application:
- Interior
- Exterior
- Underbody
- Chassis
- Power Train
- Engine Components
By Resin:
- Thermoplastic
- Thermoset
By Vehicle Type:
- Passenger Cars
- Compact
- Luxury
- Mid-Size
- SUVs
- LCVs
- HCVs
- Straight Trucks
- Dump Trucks/Garbage Trucks
- Semi-Trailers
- Fire Trucks
- Others
- Agricultural
- Tractors
- Tillers
- Rotavators
- Harvesters
- Threshers
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia & Pacific
- India
- China
- Japan
- The Middle East and Africa
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