Global Automotive Composite Market by Application (Structural & Powertrain, Exterior), by Product (Ceramic Matrix, Metal Matrix, Polymer Matrix) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2019, the global automotive composite market was worth USD 20.76 million. It is projected to grow at a compound annual rate (CAGR of 7.5%) between 2020 and 2027. The demand for automotive composites is expected to rise due to strict emission control regulations in developed countries. Automotive manufacturers have been forced to reduce automotive emissions due to environmental concerns and strict pollution control regulations. The curb weight is a key factor in determining fuel efficiency and vehicular emissions. A decrease in curb weight can dramatically increase fuel efficiency, which can in turn reduce vehicular pollution.

In 2019, the North American automotive composites market was dominated by the United States. This market will be driven by the presence of major automotive manufacturers such as Chrysler, Ford Motor Company, and Tesla, Inc., along with a suitable infrastructure and high disposable income. The market is also driven by a growing demand for custom-built vehicles, where composites are used to achieve desirable specifications and high performance.

Fuel-efficient vehicles are essential due to rising fuel prices. Composites are used most often to replace steel and other heavy materials due to their greater strength-to-weight ratio. Many vehicles use traditional fuel technologies like petrol and diesel, leading to an increase in demand for fuel-efficient vehicles.

Automotive manufacturers are required to use composites in their automobile construction due to stringent environmental regulations in the U.S. and Europe. European and global regulations require OEMs to reduce CO ₂ emissions from manufactured automobiles. The European Union's Regulation (EU 2019/631 was approved in April 2019. It sets a goal of 95 g/km for average CO ₂ emissions from new passenger cars.

Composites are limited to high performance cars, which are more expensive due to their high cost. Key market players are undertaking extensive R&D to develop low-cost composite grades with comparable mechanical properties to the higher-cost versions. This will increase the demand for composites within the automotive industry during the forecast period.

Product Insights

The market leader in polymer matrix composites was 75.3% of global revenue in 2019, accounting for the largest share. Because of their low cost and simple fabrication, polymer matrix composites are very popular in the automotive sector. They have many desirable mechanical properties such as high strength to weight, good corrosion resistance, and high tensile strengths.

The subtypes of polymer matrix composites are glass fiber reinforced polymer compounds, carbon fiber reinforced pomer composites and natural fiber reinforced plastic composites. They are used as seatbacks and door panels, package tray, dashboards and headliners. Glass fiber reinforced polymer composites have been able to penetrate the automotive industry due to their excellent mechanical properties and well-developed manufacturing bases.

In terms of revenue, the section of metal matrix composites is expected to grow at a highest CAGR of 8.2% during the forecast period. The advantages of metal matrix composites include high strength, stiffness, higher operating temperatures and improved wear resistance. The metal matrix composites market will see a rise in demand for lightweight components and materials that are more durable, particularly in the automotive sector.

Ceramic composites A ceramic matrix is reinforced with fiber materials such as carbon, silicon carbide and mullite. These composites have excellent chemical and thermal resistance and hardness, as well as superior corrosion and wear resistance. This makes them more useful in automotive industries.

Application Insights

The market leader in exterior components was 38.6%. This is due to the high-quality properties of automotive composites such as high impact resistance and high tensile strengths. These properties are required for exterior components that conform to automotive manufacturing standards.

The overall market growth is expected to be positive due to a growing preference for composites in the powertrain and exterior parts of luxury cars and sports cars. The segment will also see a rise in R&D to expand the scope of composites used in structural and powertrain parts.

In terms of revenue, the structural and powertrain component application segment is expected to grow at a highest CAGR of 8.0% during the forecast period. Engine, transmission, drive shafts, and engine are all structural and powertrain components. Composites can be used as a replacement for metal under-hood components. The demand for composites will increase as more people focus on fuel efficiency and vehicle weight reductions.

Automotive composites are used extensively in interior components, such as the central console, carpets and steering wheels, cockpit modules (door panels, headliners), and automobile seats. Composites will be used to make lightweight interior components for automobiles, which is expected to benefit the segment's growth.

Regional Insights

Asia Pacific was the dominant market, accounting for 46.8% of global revenue in 2019. This is due to the region being one the most lucrative for the automobile industry because of the presence of key producers in major economies such as China, India and Japan. The region is likely to grow because of its competitive advantage in terms low production costs and raw materials, as well as steady growth in automotive production.

Japan, China, India and China have strict emission regulations that are expected to lower the vehicle's weight, which will allow for fuel savings. The replacement of heavy metal parts with composites can reduce vehicle weight. Government initiatives like "Make in India" will contribute to India's automotive industry growth, which is expected to fuel demand for automotive composites in the future.

In terms of revenue, the European market is expected to grow 7.2% during the forecast period. The market will grow in the next few years thanks to process innovation, improved R&D and a strong automotive industry in Europe. Composites are light because they are compliant with stringent emission standards.

Market growth will be boosted by the presence of major auto manufacturers, a suitable infrastructure, and a high level of disposable income in North America. The region's automotive market will be driven by technological advances and supportive government initiatives. These factors will, in turn, benefit the region's market growth.

Market Share Insights & Key Companies

High competition is the hallmark of the market for automotive composites. The market players compete on many parameters including technical competence, product performance and reliability, price, corporate reputation, and pricing. In the automotive industry, joint ventures are crucial for new product development and technological collaborations. Toray Industries, Inc. and Teijin Limited are market participants. They integrate the entire value chain, from raw material production to composite fabrication. Automobile manufacturers are now collaborating with composite fabricators to develop new products that meet client needs, due to the increasing demand for lightweight components. The following are some of the most prominent players in the automotive composites industry:

• Solvay

• Toray Industries, Inc.

• SGL Carbon

• Teijin Limited

• Hexcel Corporation

• Mitsubishi Chemical Carbon Fiber and Composites, Inc.

• Johns Manville

• Gurit

• Plasan Carbon Composites

• TPI Composites

• GMS Composites

• IDI Composites International

• Revchem Composites

• Formaplex

• Owens Corning

Up Market Research published a new report titled “Automotive Composite Market research report which is segmented by Application (Structural & Powertrain, Exterior), by Product (Ceramic Matrix, Metal Matrix, Polymer Matrix), By Players/Companies Hexcel Corporation, Solvay, TPI Composites, Plasan Carbon Composites, Revchem Composites, Gurit, IDI Composites International, Mitsubishi Chemical Carbon Fiber and Composites Inc, SGL Carbon, Teijin Limited, Johns Manville, Owens Corning, Formaplex, Toray Industries Inc, GMS Composites”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Automotive Composite Market Report Segments:

The market is segmented by Application (Structural & Powertrain, Exterior), by Product (Ceramic Matrix, Metal Matrix, Polymer Matrix).

Automotive Composite Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Automotive Composite Market

Overview of the regional outlook of the Automotive Composite Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Automotive Composite Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Automotive Composite Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Structural & Powertrain

                2. Exterior

                1. Ceramic Matrix

                2. Metal Matrix

                3. Polymer Matrix

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Automotive Composite Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
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Reasons to Purchase the Automotive Composite Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.