The anticipated size of the automotive composites market in 2022 was USD 7.2 billion and is estimated to be USD 8.3 billion in 2023. Robust growth in environmental concerns and demand for pollution control norms have forced automotive manufacturers for controlling automotive emissions.
Curb weight is considered one of the most critical factors that affect fuel efficiency and vehicular emission. A fall in the curb weight can acutely raise fuel efficiency which, might reduce vehicular pollution.
Future Market Insights has mentioned in its reports that the automotive composites market is estimated to expand at a CAGR of 12.1% between 2023 and 2033, totaling around USD 26.1 billion by 2033.
The global Automotive Composites Market is experiencing significant growth, driven by the automotive industry’s shift towards lightweight materials to enhance fuel efficiency and reduce emissions. Composites, known for their high strength-to-weight ratio, are increasingly being integrated into vehicle designs to meet stringent environmental regulations and consumer demand for performance and sustainability.
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Key Takeaways:
The market is projected to grow from USD 7.4 billion in 2022 to USD 16.4 billion by 2032, reflecting a compound annual growth rate (CAGR) of 8.3% during the forecast period . This growth is primarily attributed to the increasing adoption of composite materials in various automotive applications, including exterior, interior, and structural components.
Key Drivers:
A significant driver of the automotive composites market is the industry’s focus on reducing vehicle weight to improve fuel efficiency and lower carbon emissions. Composites offer a viable solution by providing the necessary strength while being lighter than traditional materials like steel and aluminum. Additionally, advancements in manufacturing processes have made composites more cost-effective and accessible for mass production.
Growth Opportunities:
Opportunities in the market are emerging through the development of innovative composite materials and manufacturing techniques. The integration of carbon fiber and glass fiber composites in electric vehicles (EVs) is gaining traction, as these materials contribute to extending the driving range by reducing overall vehicle weight. Furthermore, the increasing emphasis on sustainability is prompting research into recyclable and bio-based composites.
Key Applications:
Automotive composites are extensively utilized across various vehicle components, including:
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Exterior Components: Bumper beams, fenders, front-end modules, door panels, and hoods.
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Interior Components: Dashboard panels, seat structures, and interior trims.
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Structural Components: Chassis, frames, and load-bearing structures.
Detailed Market Study: Full Report and Analysis
https://www.futuremarketinsights.com/reports/automotive-composites-market
Key Players:
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Toray Industries, Inc.
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SGL Carbon SE
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Teijin Limited
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Hexcel Corporation
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Owens Corning
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Mitsubishi Chemical Holdings Corporation
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Gurit Holding AG
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Solvay S.A.
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TenCate Advanced Composites
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Huntsman Corporation
Key Segmentation:
By Fiber Type:
- Glass Fiber
- Carbon Fiber
- Natural Fiber
By Resin Type:
- Thermoset
- Thermoplastic
By Manufacturing Process:
- Compression Molding
- Injection Molding
- Resin Transfer Molding (RTM)
By Application:
- Exterior
- Interior
- Structural
- Powertrain Components
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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