New York, Dec. 14, 2021 (GLOBE NEWSWIRE) -- Automotive Composites Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Composites Market Research Report: Information By Fiber Type (Glass Fiber, Carbon Fiber, Others) By Manufacturing Process (Compression Molding, Injection Molding, Resin Transfer Molding, Others), Application (Exterior, Interior, Powertrain, Chassis) Forecast till 2028”, the market is expected to exhibit a CAGR of over 11.2% to reach a value of around USD 15.08 billion by the end of the forecast period of 2022-2028.
List of the companies profiled in the global Automotive Composites Market research report are –
- TORAY INDUSTRIES, INC. (Japan)
- SGL Carbon SE (Germany)
- TEIJIN LIMITED (Japan)
- Mitsubishi Chemical Holding Corporation (Japan)
- Hexcel Corporation (US)
- Magna International Inc. (Canada)
- PLASAN CARBON COMPOSITES (US)
- Solvay (Belgium)
- GURIT (Switzerland)
- UFP Technologies, Inc. (US)
- Huntsman International LLC (US)
- Hexion Inc. (US)
- Nippon Electric Glass Co., Ltd. (Japan)
- Jushi Group Co., Ltd (China)
- Owens Corning (US)
- 3B - the fibreglass company (Belgium)
- Cytec Industries Inc. (US)
- Johnson Controls Inc. (Ireland)
- Among others.
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The key players are engaged in strategic initiatives such as product launches, mergers, and acquisitions. For instance, in July 2021, Toray opened Resins Technical Center in Germany. This helps Toray Resins Europe GmbH market and sell high-performance resin compounds and Toray to strengthen it's position in Europe.
Market Forecast
The Global Automotive Composites Market is expected to exhibit a CAGR of over 11.2% to reach a value of around USD 15.08 billion by the end of the forecast period of 2022-2028.
One of the automotive industry's biggest challenges is reducing automobiles weight to reduce fuel consumption. Due to their high fuel consumption, road transport vehicles are believed to contribute more than a quarter of all greenhouse gas emissions. The weight of automobiles is a key factor in their fuel consumption. In addition, the growing consumer interest in energy security issues and the increasing customer awareness of alternate materials for automobiles are expected to drive the global automotive composites market.
Automotive composites offer many advantages over traditional steel and injection-molded parts. Because of their properties, composites are being considered as alternatives to steel and aluminum for automobile manufacturing. Automotive composites are made of two or more materials with different properties. The individual materials in an automotive composite are distinct and do not blend into one another, so they are not considered mixtures or solutions. The properties of a composite made from two materials are frequently superior to those of the individual materials.
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Regulatory Framework
The increased use of composite materials in automobiles fuels the quality and inspection standards. To ensure quality and consistency, engineers control manufacturing by adhering to standards, testing components to confirm material conformance with design specifications, and inspecting the components for quality standards. Industry associations such as ASTM, CDA, and SAE control automobiles' alloys' composition.
According to the U.S.-Environmental Protection Agency (EPA), the transportation industry in America accounts for nearly one-fourth of the country's greenhouse gas emissions. US automakers follow the average miles per gallon standard for their vehicles. Moreover, the automotive industry focuses on stringent government regulations such as the Corporate Average Fuel Economy (CAFE) standards and the European Emission Standards (EES) that mandate specific levels of fuel efficiency and emissions output per vehicle manufactured. This, in turn, will cause the car companies to focus more on producing lightweight vehicles that will reduce the battery weight and thus increase the fuel efficiency of their cars. The safety associated with composites in automotive, lightweight properties, and stringent government rules help drive the global automotive composites market.
Impact of Coronavirus Outbreak
After hitting the lowest by the outbreak of COVID-19, the global economy is set to expand 5.6% in 2021. However, the recovery is projected to be uneven owing to the uneven vaccine rollouts, upcoming COVID-19 waves, and withdrawal of monetary support measures. The recovery is envisioned to continue into 2022, with global growth moderating to 4.3%.
The economic impact of COVID-19 on end-use industries has been significant. Travel restrictions have caused a downturn in many markets, and growth has slowed as a result. The lockdowns have forced production facilities to remain closed, negatively impacting the polymer automotive composites due to revenue loss from lower adoption of the composites in automotive industry. All major industries face disruptions, such as supply chain failures, slow technological adoptions, and office closures. Since lifting travel restrictions, growth across application markets has gained significant traction.
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The automotive composites market has seen a drop during 2020 due to the COVID-19 ordinance. Lockdowns in various countries have impacted automobile manufacturers, which has played an important role in declining the automotive composites market. The outbreak of the COVID-19 virus has had a major impact on the automotive industry, and carmakers are currently struggling with unprecedented uncertainty. The disruption of supply chain activities has also slowed down manufacturing, delaying the production of motor vehicles and thus hampering the growth of the global composites market. In addition, the decreased demand in the automotive industry was caused by the COVID-19 pandemic, which is affecting the growth of the global automotive composites market. The automotive composites market is expected to recover from 2021 onwards with the increasing demand for electric vehicles, especially in Asia Pacific. The cutback in spending delayed many projects in the automotive composites market, which affected growth in the industry. Now that the spending lockdown has been lifted, automotive composites makers are likely to resume their expansion plans, which will boost markets for these products.
Segmentation
By Fiber Type
- Glass Fiber: Glass fiber contributes the largest share in the global automotive composites market. The increasing need for cost-effective and lighter vehicles is driving the metal substitution in the automotive industry. Alternative materials, such as glass-fiber-reinforced plastic (GFRP), are being used increasingly in manufacturing lightweight automobile parts, including body panels, doors, roofs, frame segments, and seating systems. With its desirable physical properties and major advantages over steel, glass fiber reinforced plastics (GFRP) are used in many automotive industry applications.
- Carbon Fiber: As manufacturing and aerospace industries have already taken advantage of carbon fiber parts in their products, the automobile industry is now taking the wheel on some of the latest advancements. The carbon fiber segment is expected to grow at the highest CAGR during the forecast period. Carbon fiber can be molded into a variety of shapes, including those that would be impossible to construct with other materials. The automotive industry is expected to use carbon fiber to make strong, lightweight parts in order to increase speed, improve aerodynamics, and increase fuel efficiency.
- Others: Other fiber types include natural fiber, basalt fiber, aramid fiber, and hybrid fiber
By Manufacturing Process
- Compression Molding: The compression molding process uses high pressure to form parts from the material. The amount of force and heat applied during the process must be carefully measured and monitored to produce the desired shape.
- Injection Molding: Injection molding is one of the most commonly used manufacturing processes for plastics. This process allows companies to produce large numbers of high-quality parts from a wide variety of polymers.
- Resin Transfer Molding (RTM): In RTM, pressure-injected resin fills a mold cavity. This process creates parts with two finished surfaces.
- Others: Other manufacturing processes include filament winding, continuous process, and Lay-Up process.
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By Application
- Exterior: The exterior application segment has the largest share in the global automotive composites market owing to the increased application of composites in external components such as bumper beams, fenders, front-end modules, door panels, and hoods. Furthermore, the use of composites in exterior parts improves durability, ensures longevity, and reduces maintenance costs in automobiles.
- Interior: The automotive industry has been using increasingly large amounts of composite materials in recent years. Automotive composites help automakers to design attractive interior components such as dashboard, door panel, cotton felt carpet, rear shelf and trunk floor, carpet, cotton felt carpet, rear shelf and trunk floor, headliner, inner dash, tunnel, engine hood, headrest, and sound insulation and enable them to manufacture lightweight, durable automobiles.
- Powertrain: A car's powertrain consists of every component that delivers power from the engine to the wheels on the ground. The key components of the powertrain include an engine, transmission, driveshaft, axles, and differential.
- Chassis: A chassis is the structure of a vehicle that supports its body. Automotive Chassis plays a vital role in the suspension system, making the car much easier to drive.
By Region
- The North American market for automotive composites is driven by the growing awareness of the environmental impact of using fossil fuels and CO2 emissions standards in the region. The growth in technological advancements, coupled with the rise in automobile production, has aided the growth of the North America automotive composites market. Strategic alliances between carbon fiber and resin suppliers and automakers are expected to drive the North America automotive composites market .
- Europe: The market in Europe is projected to witness high demand for automotive composites due to the growth of the automotive industry in the region. Major contributors to the market growth include Germany, the UK, France, and Russia.
- Asia-Pacific: Asia-Pacific dominates the global automotive composites market during the forecast period on account of government initiatives in the region. However, rising electric vehicle production is anticipated to provide lucrative opportunities for the growth of the market. The growth potential is in emerging economies such as India, China, South Korea, and Australia. Asia-Pacific, the automotive composites market, has been witnessing significant growth due to the increasing adoption of emission-free vehicles in the region.
Segmentation of Market covered in the research:
Automotive Composites Market Research Report: Information By Fiber Type (Glass Fiber, Carbon Fiber, Others) By Manufacturing Process (Compression Molding, Injection Molding, Resin Transfer Molding, Others), Application (Exterior, Interior, Powertrain, Chassis) Forecast till 2028
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Report Scope:
| Report Attribute/Metric | Details |
| Market Size | 2028: USD 15.08 billion |
| CAGR | 11.2% (2022-2028) |
| Base Year | 2021 |
| Forecast Period | 2022 to 2028 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Fiber Type, Manufacturing Process, Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | TORAY INDUSTRIES, INC. (Japan), SGL Carbon SE (Germany), TEIJIN LIMITED (Japan), Mitsubishi Chemical Holding Corporation (Japan), Magna International Inc. (Canada), UFP Technologies, Inc. (US), and Cytec Industries Inc. (US) |
| Key Market Opportunities | Rising electric vehicle production is anticipated to provide lucrative opportunities for the growth of the market. |
| Key Market Drivers | A rise in demand for lightweight, fuel-efficient vehicles Increasing environmental concerns and stringent pollution control measures |
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