The automotive composites market size is predicted to grow from its current value of US$ 8.17 billion in 2021 to US$ 12.35 billion by 2029, registering a CAGR of more than 5.30 percent over the forecast period (2022 to 2029). Around 8.2% of sales in the global composites market are anticipated to come from the automotive composites sector.
The global automotive composites market is expected to experience significant growth in the coming years, driven by factors such as increasing demand for lightweight materials to improve fuel efficiency, stringent emission regulations, and advancements in technology.
One of the primary drivers of growth in the automotive composites market is the increasing demand for lightweight materials in the automotive industry to improve fuel efficiency and reduce emissions. Composites, such as carbon fiber reinforced plastics (CFRP) and glass fiber reinforced plastics (GFRP), offer high strength-to-weight ratios and excellent mechanical properties, making them ideal for lightweight automotive applications.
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Additionally, stringent emission regulations in various countries are expected to drive the adoption of lightweight materials in the automotive industry, further fueling growth in the automotive composites market.
Key Takeaways from Global Automotive Composites Market
- Glass fiber has been observed to be the most preferred composite material in the automotive industry, owing to low cost and high structural strength.
- Demand for high-performance automotive vehicles is increasing across the globe, along with the growing demand for emission control. As a result, manufacturers are focusing on using advanced composite materials due to the high temperature generating components that are required.
- The demand for passenger cars has seen a surge in regions such as India and China. This is expected to further increase the demand for automotive composites in the coming years.
- Natural fibers are also gaining popularity in the designing and manufacturing of door panels, seat backs, bolsters, and load floor, among others.
- Most automakers have started to position and re-brand their respective car models with aesthetic and stylish interior features, which demands the increased adoption of lightweight automotive composites.
While the demand for automotive composites is primarily driven by elevated automotive production, the trend of lightweight components in the aftermarket will further increase inclination towards automotive composites.
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Automotive Composites Market Participants
The market for automotive composite has remained competitive, with the presence of giant players with expertise in advanced manufacturing technologies. In order to sustain in the global automotive composites market in the long run, product development is the key growth strategy being adopted by market participants. Launching advanced products that provide numerous operational benefits, and at the same time complying with existing emission norms and other regulations in the market, will help market players maintain product differentiation and strengthen their presence in the global automotive composites market.
Some of the key participants mentioned in the automotive composites market report are Mitsubishi Chemical, Teijin Limited, SGL Carbon SE, Solvay Group (Cytec Solvay Group), and Holding Toray Industries Inc.
AUTOMOTIVE COMPOSITES MARKET TAXONOMY
The global automotive composites market is segmented into five segments in detail to cover every aspect of the market and present a complete market intelligence approach in front of the reader.
Material
- Glass Fiber Composite
- Natural Fiber Composite
- Carbon Fiber Composite
- Aramid Fiber Composite
- Others
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Resin
- Thermoplastic
- Thermoset
Application
- Interior
- Exterior
- Underbody
- Chassis
- Power Train
- Engine Components
Vehicle Type
- Passenger Cars
- Compact
- Mid-size
- Luxury
- SUVs
- LCVs
- HCVs
- Straight Trucks
- Dump Trucks/Garbage Trucks
- Semi-trailers
- Fire Trucks
- Others
- Agricultural
- Tractors
- Tillers
- Rotavators
- Harvesters
- Threshers
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