Global Automotive Composites Market – Industry Trends and Forecast to 2029

Global Automotive Composites Market, By Fiber Type (Carbon Fiber Automotive Composites, Glass Fiber Automotive Composites, Other Fiber Automotive Composites), Vehicle Type (Non-Electric Vehicles, Electric Vehicles), Resin Type (Thermoset Automotive Composites, Thermoplastic Automotive Composites), Manufacturing Process (Compression Molded Automotive Composites, Injection Molded Automotive Composites, Resin Transfer Molded Automotive Composites, Other Processes), Application (Exterior, Interior, Powertrain, Chassis) – Industry Trends and Forecast to 2029.

 Automotive Composites Market Analysis and Size

Now-a-days, composite materials have big advantages over steel in the manufacturing of automobiles. Automobile manufacturing companies are continuously launching new materials to improve the safety pf vehicles, noise and vibration, and fuel economy.  In the previous decades, cars have become more and more dependent on the steel for their basic materials but now car manufacturers are turning to glass fibre, aluminium, magnesium, and other automotive composite materials which deliver better performance. The glass fiber automotive composite is highest growing fiber segment due to its superior properties such as durability, flexibility, strength, moisture, and many other over the forecast period.

Data Bridge Market Research analyses that the automotive composites market is expected to undergo a CAGR of 11.95% during the forecast period. This indicates that the market value, which was USD 8.77 billion in 2021, would rocket up to USD 21.64 billion by 2029.  In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Automotive Composites Market Scope and Segmentation

Market Definition

Automotive composites are being considered to make safer, lighter, and more fuel-efficient vehicles. An automotive composite is made up of high-performance fiber such as glass or carbon in a matrix material (epoxy polymer) which, if combined, provides enhanced properties compared with the individual materials by themselves

Automotive Composites Market Dynamics

Drivers

• Rising  demand of automotive composite in automotive sector

The automobile manufacturers such as BMW, Merced’s, Audi, and Volkswagen have already used this automotive composites to make the exterior and interior parts of automobiles. Due to the advanced development of several type of automotive composites in automotive sector for instance, in application of development of environmental friendly automotive, anti-roll bar brake friction material for medium duty automotive application, and automotive piston are some major application which are expected to increase the growth of the automotive composites market.

• Growing demand of fuel efficient vehicle

Growing fuel prices have accelerated the demand for fuel-efficient vehicles. For the replacement of steel and other heavy materials, composites are widely used due to their higher strength to weight ratio. The majority of vehicles currently use conventional fuel technologies, such as petrol and diesel, which contributes to increasing demand for fuel-efficient vehicles.

Furthermore, rising demand of light vehicles, growing applications of natural fiber composites and increasing demand of environmental friendly electric vehicle are some of the major factors which will expected to increase the growth of the automotive composites market during forecast period of 2022-2029. 

Opportunities

• Surging government initiatives

Surging government initiatives further offer the numerous growth opportunities within the market. For instance, In India, “Make in India” are anticipated to contribute to the growth in the automotive industry, which, in turn, is expected to fuel the demand for automotive composites in upcoming years.

• Increasing developments of new methods.

The development of low-cost manufacturing methods and carbon fiber-based methods for automotive composites is receiving much attention. There are several cost effective ways of manufacturing composite automobile parts that also decrease the number of fasteners and joints and will create immense opportunities for the growth of the automotive composites market.

Restraints/Challenges

• Lack of technological advancement

Lack of technological advancements in certain countries has limited the use of automotive these composites. Manufacturers in some countries use traditional materials such as aluminium and steel, despite the beneficial attributes of thermoplastic resins and glass fiber. This is anticipated to obstruct the growth of automotive composites

• High cost associated with automotive composites

However, high manufacturing and technology costs of automotive composites will hinder the growth rate of automotive composite.

This automotive composites market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the automotive composites market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Automotive Composites Market

The outbreak of coronavirus had a negative impact on the automotive composites market. As a result of this pandemic, the government has imposed stringent regulation throughout the globe which has affected the growth of the automotive composites market. The primary users of automotive composites, such as the automotive industry, have also shut down their manufacturing facilities, resulting in a global decline in composite demand. Due to their regional and category mix and acquisition activity, the separate organizations have showed a variability of tendencies. Also, the majority of raw materials providers in this market had to close down their operations and the major suppliers turned their priority to providing pandemic relief

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In February 2022, Teijin Automotive Technologies has declared the initiation of commercial operation of its new manufacturing facility which is located in Wujin National Hi-Tech Industrial Zone, China. The company also revealed the construction of its third-plant in China, to deal with the increasing demand for electric vehicles.
• In January 2021, Jaguar Land Rover declared the development of lightweight composites to enhance its vehicles' power train structure and efficiency. The company is producing light weight composites for high performance batteries and reduced carbon emission.

Global Automotive Composites Market Scope

The automotive composites market is segmented on the basis of fiber type, vehicle type, resin type, manufacturing process and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Fiber Type

• Carbon Fiber Automotive Composites
• Glass Fiber Automotive Composites
• Other Fiber Automotive Composites

Vehicle Type

• Non-Electric Vehicles
• Electric Vehicles

Resin Type

• Thermoset Automotive Composites
• Thermoplastic Automotive Composites

Manufacturing Process

• Compression Molded Automotive Composites
• Injection Molded Automotive Composites
• Resin Transfer Molded Automotive Composites
• Other Processes

Application

• Exterior
• Interior
• Powertrain
• Chassis

Automotive Composites Market Regional Analysis/Insights

The automotive composites market is analysed and market size insights and trends are provided by country, fiber type, vehicle type, resin type, manufacturing process and application as referenced above.

The countries covered in the automotive composites market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the automotive composites market due to prevalence of many manufacturers along with rising number of research and development activities in this region.

Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2022-2029 due to this region's adoption of automotive composites in electric vehicles.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Automotive Composites Market Share Analysis

The automotive composites market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to automotive composites market.

Some of the major players operating in the automotive composites market are:

• Quantum Composites (U.S.)
• Textum OPCO, LLC (U.S.)
• Composites Evolution (U.K.)
• DEVOLD AMT (Norway)
• Taiyuan Heavy Industry Co.,Ltd (China)
• STRUCTeam (U.K.)
• RTP Company (U.S.)
• G. Angeloni s.r.l (Italy)
• Talon Technology Co.,Ltd (U.S.)
• Rock West Composites, Inc (U.S.)
• COLAN AUSTRALIA, (Australia)
• CIT Composite Materials Italy (Italy)
• SGL Carbon (Germany)
• Gurit (Switzerland)
• Hexcel Corporation (U.S.)
• Exel Composites (Finland)
• General Electric (U.S.)
• Solvay (Belgium)
• LANXESS (Germany)
• Avient Corporation (U.S.)
• Aerodyn GmbH (Germany)
• C. Cramer, Weberei, GmbH & Co. KG (Germany)
• Innegra Technologies, LLC (U.S.)
• Teijin Aramid B.V (Japan)