Automotive Composites Market by Fiber Type (Glass, Carbon, Natural), Resin Type (Thermoset, Thermoplastics), Manufacturing Process (Compression, Injection, RTM), Applications (Exterior, Interior), Vehicle Type, and Region - Global Forecast to 2022
“The automotive composites market is projected to grow at a CAGR of 12.26% from 2017 to 2022.”
The automotive composites market is projected to reach USD 13.14 billion by 2022, at a CAGR of 12.26% from 2017 to 2022. The key factor expected to drive the growth of the automotive composites market across the globe is the stringent implementation of various regulations such as the Corporate Average Fuel Efficiency (CAFE) standards and the European Emission Standards (EES) formulated by the U.S. and European governments, respectively to reduce the CO2 emissions. To comply with these government regulations, the manufacturers of vehicles are using new lightweight materials such as composites for fabricating vehicle bodies. The high investments associated with the manufacturing of composites are mainly restricting the growth of the automotive composites market across the globe.
“Based on resin type, the thermoset segment is projected to lead the automotive composites market during the forecast period in terms of value and volume.”
Thermoset composites are widely used in automotive applications for manufacturing monocoques, brake liners, suspensions, and propeller shafts, among others. Thermoset composites do not expand due to heat and are resistant to the effect of moisture, thereby making them suitable for highly corrosive and high-temperature applications such as heat shields, fuel vapor canister brackets, and radiator brackets, among others.
“Among fiber types, the carbon fiber segment of the automotive composites market is projected to grow at the highest CAGR during the forecast period in terms of value and volume.”
Automotive manufacturers are increasingly adopting high-performance carbon fibers to manufacture automotive components as carbon-fiber-reinforced plastics (CFRP) not only reduce the weight of vehicles but also result in their increased stiffness. Thus, the demand for CFRP is increasing among automotive manufacturers as they are used for manufacturing roofs, floor panels, side panels, hood frames, chassis, and bumpers of vehicles.
“The Asia-Pacific automotive composites market is projected to grow at the highest CAGR in terms of value and volume between 2017 and 2022.”
The Asia-Pacific automotive composites market is projected grow at the highest CAGR during the forecast period. The growth of the automotive composites market in Asia-Pacific region can be attributed to the increasing demand for electric vehicles in the region. The increased production of electric vehicles is an emerging trend in the automotive industry of the region as these vehicles have high potential to meet the strict government regulations regarding the reduction of CO2 emissions. In 2016, China had the largest electric car stock in the world with approximately 3 to 4 million low-speed electric vehicles.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following three categories:
• By Company Type- Tier 1 - 10%, Tier 2 - 25%, and Tier 3 - 65%
• By Designation- C Level - 10%, Director Level - 30%, and Others - 60%
• By Region- Asia-Pacific - 40%, North America - 5%, Europe - 45%, Middle East & Africa - 5%, and Latin America - 5%
The report provides a comprehensive analysis of the profiles of the companies listed below:
• Toray Industries, Inc. (Japan)
• SGL Group (Germany)
• Solvay S.A. (Belgium)
• UFP Technologies, Inc. (U.S.)
• Koninklijke Ten Cate B.V. (Netherlands)
• Gurit (Switzerland)
• Toho Tenax Co., Ltd. (Japan)
• Mitsubishi Chemical Corporation (Japan)
• Plasan Carbon Composites (U.S.)
• Continental Structural Plastics Inc. (U.S.)
This report covers the automotive composites market and forecasts the size of the market till 2022. The report includes the segmentation of the automotive composites market based on fiber type, resin type, application, manufacturing process, vehicle type, and region. The Porter’s five force analysis, along with drivers, restraints, challenges, and opportunities of the automotive composites market have been discussed in the report. The report also provides company profiles and competitive benchmarking adopted by the major players operating in the automotive composites market.
Benefits of Buying the Report
The report is expected to help market leaders/new entrants in the automotive composites market in the following ways:
• This report segments the automotive composites market comprehensively and provides the closest approximations of revenues for the overall market and its subsegments across different verticals and regions.
• The report helps stakeholders understand the pulse of the market and provides them information on key drivers, restraints, challenges, and opportunities of the automotive composites market.
• This report is also expected to help the stakeholders understand their competitors and gain insights to improve their position in the automotive composites market. The competitive landscape section includes an ecosystem of competitors and detailed information on new product developments, expansions & investments, agreements, and mergers & acquisitions.