DUBAI, United Arab Emirates, March 10, 2022 (GLOBE NEWSWIRE) -- Sales of automotive composites are directly correlated to automotive production and vehicle parc. Despite fluctuating economic conditions in the recent past, on an average, the global automotive market has observed reasonable growth. Efforts to reduce the weight of vehicular components will increase, thereby providing substantial opportunities for the growth of automotive composites market.
| Attribute | Details | |
| Automotive composites Market Size Value in 2021 | US$ 8.17 Bn | |
| Automotive composites Market Size Value in 2029 | US$ 12.35 Bn | |
| Automotive composites Market Historical CAGR (2014-2021) | 4.00% | |
| Automotive composites Market CAGR (2022-2029) | 5.30% | |
The global automotive composites market is estimated at US$ 8.17 Bn in 2021, and is projected to grow at a moderate rate during the forecast period.
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Key Takeaways from Global Automotive Composites Market
- Glass fibre 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 fibres 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.
What’s the Future Outlook?
The demand for passenger cars has seen a surge in terms of volume sales across the globe. As income per capita has increased considerably in numerous nations, the demand for luxury vehicles has grown. Moreover, the demand for high-performance cars has also seen an upsurge. This is expected to increase the demand for automotive composites for application in passenger cars and LCVs over the coming years. Aftersales service is extremely vital in gaining customer confidence, and as such, automotive composites have significant demand in the automotive aftermarket.
Looking for More Information on Automotive Composites Market?
A new market research report published by Future Market Insights (FMI) on the global automotive composites market includes global industry analysis for 2014-2018 and opportunity assessment for 2019-2029. The report offers an insightful analysis of the global automotive composites market through five different categories - material type, resin, application, vehicle type, and region. The report deliberates product usage in various vehicle types, prevailing trends, and technologies. Along with this, comprehensive value chain analysis pertaining to procurement pricing analysis and aftermarket services have been offered in this report.
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Automotive Composites Market by Category
Material:
- Glass Fibre Composites
- Natural Fibre Composites
- Carbon Fibre Composites
- Aramid Fibre Composites
- Others
Application:
- Interior
- Exterior
- Underbody
- Chassis
- Power Train
- Engine Components
Resin:
- Thermoplastic
- Thermoset
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
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia & Pacific
- India
- China
- Japan
- MEA
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