Dublin, Nov. 20, 2020 (GLOBE NEWSWIRE) -- The "Global Automotive Composites Market 2020: Industry Convergence Powering the Sector" report has been added to ResearchAndMarkets.com's offering.
The analysis indicates that the global automotive composites market is slated to register a moderate single-digit growth of approximately 4.7% in terms of revenue during the period 2019-2026.
The ever-tightening regulations and emission standards have propelled automotive electrification growth, driving a surge in electric vehicle (EV) sales in the recent past, amid continued weakness in conventional internal combustion engine OCE, vehicle sales. Rapid electrification is expected to have a significant impact on composites material-mix, as well as application dynamics.
The global analysis of the automotive composites market quantifies the consumption of polymeric composites for automotive applications, and intends to gauge the level of impact that industry developments and trends - including tightening standards, evolving regulations, upsurge in electric vehicle (EV) sales, and increasing shift in consumer preferences - are expected to have on the uptake of composites and the demand for individual materials during the period 2019-2026. The study also presents historical volumes and revenues across segments for the period 2016-2019.
The study analyzes the automotive composites market focusing on 2 key material types, namely thermoplastic composites and thermoset composites. Furthermore, the study analyses the overall automotive composites market on the basis of reinforcing fiber types through 3 segments, namely glass fiber reinforced polymer (CFRP), carbon fiber reinforced polymer (CFRP), and natural fiber reinforced polymer (NFRP).
On the basis of applications, the study comprises 3 key segments, namely interior, exterior, and under-the-hood (UTH). The study covers each of the 2 material type segments (thermoplastics and thermosets) on the basis of fiber types and applications. It also quantifies the consumption of each of these segment types on the basis of a robust methodology, comprising analysis of the regional automotive production, average vehicle weight, uptake of individual composites, and prospects for individual materials during the forecast period.
While the global automotive market continued to grapple with faltering sales in the past year and a half, the spread of COVID-19 across the world and the entailing supply- and demand-side disruptions are expected to result in a sharp plunge in the overall automotive production and, hence, the composites demand in the short term. Global automotive sales are expected to plummet by more than 20% in 2020 from that in 2019.
Although the market is expected to recover from 2021, the sales volumes are slated to surpass 2019 volumes during the second half of the forecast period. However, the ever-stringent fuel efficiency- and emissions-related regulations are expected to continue driving the uptake of light-weight materials, including composites for a wide range of automotive applications. Moreover, rapid electrification is expected to have a significant impact on material-mix of composites, as well as application dynamics.
While the average weight of conventional metals such as steel and aluminum is on the decline, the use of advanced grades of these metals has been on an upward trend, especially in structural applications. Plastics and composites are unlikely to completely displace conventional materials in such critical applications. The use of hybrid composites and localized use of metals and composites are expected to create growth opportunities for composites during the forecast period.
Continuous fiber reinforced composites are increasingly emerging as an attractive alternative to conventional materials to effect light-weighting across a variety of automotive applications such as front-end modules, seat shells, cross beams, door structures, underbody panels, and A and B pillars. Similarly, long-fiber reinforced thermoplastics (LFTs) are finding increasing use as alternatives both to conventional metals and short fiber grades, owing to higher strength, impact resistance, and superior component durability.
While the much-talked about carbon fiber composites exhibit superior light-weighting potential and higher strength and load-bearing capabilities to comply with changing regulatory requirements, these advanced composites have penetrated only a small volume share, owing to their exorbitant prices, elaborate processing, and high tooling costs. However, reducing carbon fiber prices and the availability of recycled carbon fibers are slated to drive increased adoption, especially during the second half of the forecast period.
The global automotive composites market is composed of several large participants operating across key regions and numerous mid-sized companies operating at regional and domestic levels. The focus on strengthening supply capabilities and efficacious, cost-effective solutions that ensure weight reduction without impacting cost and cycle times continues to drive product and application development efforts. Moreover, incumbents have been actively engaging in vertical and horizontal integration activities to derive growth and avail cost synergies.
Key Questions Answered
- Is the industry growing? How long will it continue to grow and at what rate?
- What are the growth prospects considering COVID-19 and its impact on the automotive sector?
- What are the key trends and opportunities across the value chain?
- What are the prospects for composites based on the type of fiber reinforcement?
- Who are the main participants in this industry?
- What are the regional prospects for individual material types?
Key Topics Covered:
1. Executive Summary
- Key Findings
- Strategic Factsheet
- Market Engineering Measurements
- CEO's Perspective
2. Market Scope, Definitions, and Segmentation
- Market Scope
- Market Segmentation
- Market Definitions
- Geographic Scope
- Key Questions This Study Will Answer
- Percent Revenue Forecast by Region
3. Market Overview
- Automotive Market Trends
- Automotive Market - Material Challenges
- Automotive Composites - Material Trends
- Automotive Composites - Material Requirements
- Applications of Materials Used in Automobiles
- Comparison of Characteristics of Materials Used
- Comparative Outlook of Automotive Materials
- Thermoset Composites
- Automotive Composites - Weight Reduction Potential per Application
- Automotive Composites - Requirements and Materials
- Automotive Composites - Weight Saving Potential
4. Drivers and Restraints
- Market Drivers
- Drivers Explained
- Market Restraints
- Restraints Explained
- Drivers and Restraints - Impact Assessment
5. Forecasts and Trends - Total Automotive Composites Market
- Market Engineering Measurements
- Forecast Assumptions
- Revenue Forecast
- Volume Shipment Forecast
- Pricing Trends and Forecast
- Volume Shipment and Revenue Forecast Discussion
6. Material Type Analysis - Total Automotive Composites Market
- Volume Shipment and Revenue Forecast - Thermoplastic Materials Segment
- Volume Shipment and Revenue Forecast - Thermoset Materials Segment
- Volume Shipment and Revenue Forecast Discussion by Material Type
- Percent Revenue Forecast by Material Type
- Percent Volume Shipment Forecast by Material Type
- Volume Shipment and Revenue Forecast Discussion - Material Type Segments
- Attractiveness Analysis by Material Type
7. Fiber Type Analysis - Total Automotive Composites Market
- Product Attributes
- Percent Revenue Forecast by Fiber Type
- Revenue Forecast by Fiber Type
- Percent Volume Shipment Forecast by Fiber Type
- Volume Shipment Forecast by Fiber Type
- Forecast Discussion by Fiber Type - GFRP
- Forecast Discussion by Fiber Type - CFRP
- Forecast Discussion by Fiber Type - NFRP
- Attractiveness Analysis by Fiber Type
8. Application Analysis - Total Automotive Composites Market
- Material Trends in the Automotive Market
- Percent Revenue Forecast by Application
- Revenue Forecast by Application
- Percent Volume Shipment Forecast by Application
- Volume Shipment Forecast by Application
- Forecast Discussion by Application - Interior
- Forecast Discussion by Application - Exterior
- Forecast Discussion by Application - UTH and Structural
- Attractiveness Analysis by Application
9. Region Analysis - Total Automotive Composites Market
- Percent Revenue Forecast by Region
- Revenue Forecast by Region
- Percent Volume Shipment Forecast by Region
- Volume Shipment Forecast by Region
- Attractiveness Analysis by Region
10. Market Trends
11. Value Chain Overview
- Value Chain
- Value Chain Description
- Value Chain - Competitive Structure
- Value Chain - Key Participants
- Company-Product Matrix
12. Growth Opportunities and Companies to Action
- Growth Opportunity 1 - Cost-effective yet Efficacious Means of Weight Reduction: Hybrid Composites
- Growth Opportunity 2 - Strengthening Portfolio Through M&As or New Investments
- Growth Opportunity 3 - Recycling and End-of-life Management
- Growth Opportunity 4 - Focus on Next-generation Manufacturing Technologies: 3D Printing
- Strategic Imperatives for Success and Growth
13. Vertical Market Analysis - Thermoplastic Composites for Automotive Applications
- Characteristics and Overview
- Market Engineering Measurements
- Revenue Forecast
- Volume Shipment Forecast
- Volume Shipment and Revenue Forecast Discussion
- Pricing Trends and Forecast
- Pricing Trends and Forecast Discussion
- Percent Volume Shipment Forecast by Material Sub-type
- Percent Volume Shipment Forecast by Application
- Volume Shipment Forecast by Application
- Volume Shipment and Revenue Forecast Discussion by Application
- Percent Volume Shipment Forecast by Fiber Type
- Volume Shipment Forecast by Fiber Type
- Volume Shipment and Revenue Forecast Discussion by Fiber Type
- Competitive Environment
- Vertical Market Analysis - Thermoset Composites for Automotive Applications
- Characteristics and Overview
- Market Engineering Measurements
- Revenue Forecast
- Volume Shipment Forecast
- Volume Shipment and Revenue Forecast Discussion
- Pricing Trends and Forecast
- Pricing Trends and Forecast Discussion
- Percent Volume Shipment Forecast by Material Sub-type
- Percent Volume Shipment Forecast by Application
- Volume Shipment Forecast by Application
- Volume Shipment and Revenue Forecast Discussion by Application
- Percent Volume Shipment Forecast by Fiber Type
- Volume Shipment Forecast by Fiber Type
- Volume Shipment and Revenue Forecast Discussion by Fiber Type
- Competitive Environment
14. The Last Word
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