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Automotive Composites Market

Automotive Composites Market by Fiber (Glass Fiber, Carbon), by Resin (Thermoset, Thermoplastic), by Manufacturing Process (Compression Moulding, Injection Moulding, Resin Transfer Moulding (RTM), by Application (Exterior, Interior, Powertrain, Chassis), by Vehicle Type (Non-electric Vehicles, Electric Vehicles) & region forecast till 2032

Analysis of Automotive Composites Market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Automotive Composites Market Snapshot

Fact.MR’s automotive composites industry analysis reveals that global market was valued at US$ 6.35 Billion in 2021, and is projected to top US$ 20 Billion by 2032, expanding at an impressive CAGR of 11% over the next ten years. Demand for glass fiber composites is projected to surge and reach a valuation of around US$ 11 Billion, with that for carbon composites is set to balloon at 12%.

Report Attribute

Details

Anticipated Base Year Value (2021)

US$ 6.35 Billion

Expected Market Value (2022)

US$ 7.04 Billion

Projected Forecast Value (2032)

US$ 20 Billion

Global Growth Rate (2022-2032)

11% CAGR

Expected Market Share of the Asia Pacific Market (2032)

47%

Anticipated CAGR of Europe (2022-2032)

12%

Major Automotive Composites Service Providers

  • Toray Industries Inc
  • SGL Carbon
  • Teijin Limited
  •  Mitsubishi Chemical Holding Corporation
  • Hexcel Corporation
  • Solvay SA 
  • Gurit
  • UFP Technologies Ltd.
  • Huntsman Corporation
  • Hexion

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Consumption Analysis of Automotive Composites from 2017 to 2021 Vs Demand Outlook for 2022 to 2032

As per Fact.MR - a market research and competitive intelligence provider, the global market for automotive composites progressed at a CAGR of 9% from 2017 to 2021, reaching a valuation of US$ 5.72 Billion in 2020.

Composites have been used popularly in a range of internal and external automotive components to provide distinct structural and weight advantages. A number of original equipment manufacturers (OEMs) and automakers world over are increasingly using automotive composites, with the primary objective to reduce vehicle weight and cut down on carbon emission.

Start-ups and big automobile manufacturers are actively considering to incorporate carbon fiber composites in trucks and electric vehicles in the forthcoming years.

Apart from this, the adoption of advanced automotive composites has upped the current safety level, reduced the consumption of fuels. In addition, the adoption of automotive composites has helped automotive players to fill in more functional hardware, notably gadgets.

Over the next few years, the market for automotive composites will witness a spate of innovations, with automotive powertrains providing a significant untapped area for growth. Advances in the composite market will offer OEMs better design freedom and function integration. Demand for design innovations in vehicles among customers in various parts of the world will further unlock interesting prospects for market players.

Automotive Composites Market

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Which are Some Prominent Drivers of Automotive Composites Market?

Demand for increasing manufacturing efficiency driving market growth

Global demand for automotive composites is slated to grow at a sturdy pace over the next decade. Advancements in automobile manufacturing have unravelled several opportunities for growth within the market.

Furthermore, supremacy of automotive composites over their steel counterparts has led the automotive industry to prefer the former.

Vendors in the automobile industry have become reliant on the use of automotive composites in order to increase the efficiency of manufacturing. Therefore, the global market for automotive composites is set to grow to new heights in the years to follow.

Demand for reducing vehicle weight shaping market landscape

Intensifying need for reducing vehicle weight through structural advancements and pressing demand for improving fuel economy are key factors driving demand for automotive composites across regions.

Growing focus on design innovations to enhance vehicle functionalities is bolstering demand for automotive composites made from aluminium and fiber. This is partly attributed to rising consumer demand for stylish and faster cars.

A number of governmental mandates and legislations on reducing carbon emissions in several developing and developed countries is a notable factor stoking demand for automotive composites. Furthermore, focus on improving the fuel economy of vehicles by automakers is expected to accentuate the market.

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What are the Challenges Faced by the Automotive Composites Market?

Expensive nature of composite materials hindering market growth

Automotive composites are very expensive as compared to other alternatives that are already available in the market. Their high manufacturing cost is acting as a major hindrance for the growth of market.

Also, cost of raw materials such as carbon fibres and thermoplastic resins are high, and thus, even after several advantageous properties over traditional materials such as steel and aluminium, their use gets limited to the automotive industry.

High investment associated with the production of composites is majorly restricting the growth of composites in the automotive industry.

Comparative View of Automotive Composites Markets

Automotive composites Market:

Automotive composites Market Automotive composites Market
CAGR (2022-2032) 6%
Market Value (2032) US$ 20 Billion
Growth Factor Advancement in automobile manufacturing is bolstering the demand for automotive composites.
Opportunity Stringent regulations by government to curb emissions across the globe is creating lucrative opportunities for automotive composites.

Automotive Relay Market:

Automotive composites Market Automotive Relay Market
CAGR (2022-2032) 5.1%
Market Value (2032) US$ 26.5 Billion
Growth Factor Adoption of advanced & automated electrical safety systems in vehicles is creating lucrative opportunities for automotive relay.
Opportunity Integration of new technologies in automotive relays is fueling the growth of automotive relay market.

Automotive Tail Light Market:

Automotive composites Market Automotive Tail Light Market
CAGR (2022-2032) 6%
Market Value (2032) US$ 22 Billion
Growth Factor The usage of rear combination lamps for vehicles has catered plentiful benefits such as better brightness, energy, and cost-saving and also presents enhanced safety is boosting sales for automotive tail light.
Opportunity Investment in research and development for integrating technology ans sensors in tail lights is advancing the use of automotive tail lights.

Region-Wise Insights

How are Stringent Carbon Emission Regulations in Europe Benefiting Manufacturers of Automotive Composites?

Carbon reduction targets set by government benefitting market growth

The global market for automotive composites in Europe is projected to expand at a CAGR of 12% across forecast period.

Europe’s automotive sector is one of the major industries operating in the region, and is comparatively larger than any other region.  European Union countries together are amongst the world’s biggest producers of motor vehicles, and the sector represents the largest private investor in research & development.

Stringent regulations imposed by authorities across Europe such as the European Automotive Manufacturers Association (ACEA) and the European Union Automotive Fuel Economy standard have set limits for carbon emissions, which has put pressure on automakers.

For instance, the European Union Commission (EC) has enforced to increase the EU’s GHG (greenhouse gases) reduction target for 2030 from 40% cut in CO2 emission to a cut of 50 or 55%.

Increasing fuel efficiency requirement along with lightweight nature of vehicles has enforced the use of automotive composites in automotive applications, driving demand for the product in the region.

Stringent Emissions Contributing to Market Growth in Asia Pacific?

Lower material rates boosting adaption of automotive composites

Asia Pacific dominated the market accounting for 47% share of global revenue from automotive composites.

This high demand is on account of the region being one of the most lucrative destinations for the automotive industry, owing to the presence of key manufacturers in major economies such as China, India, and Japan. Asia Pacific provides a competitive advantage in terms of low raw material and production cost, along with steady growth in automobile production.

Stringent emission regulations implemented by China, India, and Japan are expected to reduce the weight of vehicles, thereby enabling fuel savings. Vehicle weight can be reduced through the replacement of heavy metal components with composites.

Moreover, government initiatives such as “Make in India” are expected to contribute to the automotive industry growth in India, which, in turn, is likely to fuel demand for automotive composites over the coming years.

Country-wise Forecast CAGRs for the Automotive composites Industry

Country CAGR

China

8%

India

6%

Germany

9%

Category-wise Analysis

Properties of Glass Fiber Maximizing its Use in Automotive Composites?

Superior attributes of glass fiber attracting manufacturers to invest in the same

Glass fiber accounts for the largest share of around strong>75% of the overall market. Glass fiber-reinforced composites, commonly abbreviated as GFRP, are composed of a large number of tiny glass fibers that are compiled together and held rigidly in place by plastic polymer resin.

It is used as a reinforcing element in composites. Owing to its superior attributes such as strength, durability, flexibility, stability, lightweight, and resistance to heat, temperature, and moisture, glass fiber is a choice of material for automotive composite manufacturers.

Growing Use of Automotive Composites in Car Manufacturing Creating Lucrative Opportunities for Automotive Composites Market?

Use of automotive composites in exteriors of car boosting market growth

Exterior application of automotive composites accounts for 55% in terms of value and 50% in terms of volume, of the overall market.

Exterior application contributes a major share in the automotive market since major components of a car’s body such as bumper beams, fenders, front-end modules, door panels, and hoods, among others, are made of composite materials.

Furthermore, use of composites in exterior parts such as fenders, hoods, bumper beams, deck lids, and others adds to the durability of cars, ensuring long lifecycle and lower maintenance cost.

Start-Ups for Automotive Composites Market

Key start-up players in the automotive composites market are 9T, Boston Materials, Rein4ced, Weav3D and Solerial Matusions

  • 9T Labs, a key player in the automotive composites market is focusing on developing advanced solutions for 3D manufacturing. Moreover, the company is using 3D technology to create optimal carbon fiber composites.
  • Solerial Matusions, another key player in the automotive composites market is focusing on using carbon fiber nanoparticles. Through this, the company is reducing weight of aircrafts.

Market Competition

Manufacturers of automotive composites are entering into collaborations and partnerships with OEMs. Automakers are incorporating composites in their product lines in a move to gain a competitive edge over others. A number of established companies are acquiring small players in a move to further consolidate their market position.

Furthermore, several players are focused on developing advanced structural automotive composites to gain a better foothold in the market.

Some of the key developments are

  • In October 2020, Teijin Group strategically partnered with AZL Partner New York for their lightweight production technology. This technology is aimed at transforming their business model to closely realize multifunctional and more lightweight next generation vehicles.
  • In August 2020, SGL Carbon, along with joint coordinator Consortium, succeeded in improving the thermal insulation properties for the new composite materials by around 120 % and have made commercially available carbon materials.
  • In July 2019, Teijin signed a joint agreement with an Australian venture AEV Robotics for co-development of lightweight automotive components and solutions for next generation transportation which will redefine forms of aging transportation.

Report Scope

Report Attribute

Details

Market Value in 2022

US$ 7.04 Billion

Market Value in 2032

US$ 20 Billion

Growth Rate

CAGR of 11% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2017-2021

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Billion and CAGR from 2022-2032

Report Coverage

  • Revenue Forecast, 
  • Volume Forecast,
  • Company Ranking,
  • Competitive Landscape,
  • Growth Factors,
  • Trends and Pricing Analysis

Segments Covered

  • Fiber
  • Resin
  • Manufacturing Process
  • Application
  • Vehicle Type
  • Region

Regions Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Key Countries Profiled

  • U.S
  • Canada
  • Brazil
  • Argentina
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • Nordics
  • BENELUX
  • Australia & New Zealand
  • China
  • India
  • ASEAN
  • GCC
  • South Africa

Key Companies Profiled

  • Toray Industries Inc
  • SGL Carbon
  • Teijin Limited
  •  Mitsubishi Chemical Holding Corporation
  • Hexcel Corporation
  • Solvay SA 
  • Gurit
  • UFP Technologies Ltd.
  • Huntsman Corporation
  • Hexion

Customization

Available Upon Request

Key Segments Profiled in the Automotive Composites Industry Survey

  • Automotive Composites by Fiber:

    • Glass Fiber Automotive Composites
    • Carbon Fiber Automotive Composites
  • Automotive Composites by Resin:

    • Thermoset Automotive Composites
    • Thermoplastic Automotive Composites
  • Automotive Composites by Manufacturing Process:

    • Compression Moulding
    • Injection Moulding
    • Resin Transfer Moulding (RTM)
  • Automotive Composites by Application:

    • Exterior Automotive Composites
    • Interior Automotive Composites
    • Powertrain Automotive Composites
    • Chassis Automotive Composites
  • Automotive Composites by Vehicle Type:

    • Automotive Composites for Non-electric Vehicles
    • Automotive Composites for Electric Vehicles
  • Automotive Composites by Region:

    • North America Automotive Composites Market
    • Latin America Automotive Composites Market
    • Western Europe Automotive Composites Market
    • Eastern Europe Automotive Composites Market
    • APEJ Automotive Composites Market
    • Japan Automotive Composites Market
    • Middle East & Africa Automotive Composites Market

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As of 2021, the automotive composites market was worth US$ 6.35 Billion

Fact.MR foresees automotive composites demand to reach US$ 7.04 Billion in 2022

From 2022-2032, Fact.MR expects automotive composites revenue to flourish at a 11% CAGR

In 2032, automotive composites market worth is poised to reach US$ 20 Billion

Europe is projected to expand at a CAGR of 12% across forecast period.

Asia Pacific is expected to account for 47% share of global revenue from automotive composites.

China, India and Germany will flourish at a CAGR of 23% combined until 2032

Glass fiber is expected to account for the largest share of around 75% of the overall market.

Exterior application of automotive composites accounts for 55% in terms of value and 50% in terms of volume, of the overall market.

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