Dublin, May 03, 2023 (GLOBE NEWSWIRE) -- The "Global Automotive Composites Market by Fiber Type (Glass, Carbon), Resin Type (Thermoset, Thermoplastic), Manufacturing Process (Compression Molding, Injection Molding, Rtm), Application, Vehicle Type, Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The automotive composites market size is expected to grow from USD 7.2 billion in 2022 to USD 14.3 billion by 2028 growing at a CAGR of 12.1% between 2023 to 2028.
Automotive composites have different applications, such as exterior, interior, powertrain & chassis, and battery enclosures. Advantages like lightweight and high weight to strength ratio make it suitable for fuel efficient vehicle as well as the emerging trend of electric cars. These major factors are responsible for the growth of automotive composites market.
Glass fiber segment accounted for the largest share, in terms of value & volume, of the overall automotive composites market
Carbon fiber composites are expected to grow with the highest CAGR of 14.6% and 13.5%, in terms of both value and volume respectively between 2023 and 2028. However, the Glass fiber segment holds the largest share of in the overall automotive composites market.
Owing to the advantages such as lightweight, flexibility, stability, strength, durability, and resistance to heat, temperature, & moisture along with the cost effectiveness when compared to carbon fiber, glass fiber is choice of material for automotive composite manufacturers. In the automotive industry, glass fibers are used in different applications such as front-end modules, deck lids, underbody systems, bumper beams, engine cover instrument panels, and air ducts, among many other body parts.
Exterior application let the market of automotive composites in terms of value
The parts of the car that are placed on the outer surface of the monocoque are termed as the exterior parts of the car body. This segment includes components such as front-end module, door panels, bumper beam, fender, and hood, among others. These composites provide multiple advantages like high stiffness, lightweight, and high strength to weight to ratio to automakers which help them to make fuel efficient cars.
The use of composites in different applications in automotive industry is an emerging trend due to the superior properties of composites along with the weight reduction. The composites exterior parts impart rigidity thereby offering minimum risk against damage in the event of an accident. The exterior parts of the car are more prone to wear and tear owing to exposure to harsh elements and extreme weather.
Electric vehicle type is expected to grow at a higher CAGR, in terms of both value and volume.
Number of OEMs including BMW (Germany), and Audi (Germany), among others uses composites in their high-end electric vehicles. Composites provide a high strength to weight ratio to electric vehicles which make them fuel efficient. Almost 6.6 million electric cars were sold in 2021, out of which 3.3 million were sold in China. The shift toward electric vehicles is driving the demand for composites in automotive industry.
Asia Pacific is the leading automotive composites market in terms of both value and volume
The growth of the automotive composites market in Asia Pacific is driven by the presence of established car manufacturers, and industrial expansion. Asia Pacific automotive industry is one of the largest industries compared to other regions. China is the worlds largest manufacturer of vehicles both electric and non-electric. Asia Pacific is one of the major market in composites and have some prominent countries which manufacture composites like Japan and China. Both countries are major producers of vehicles owing the demand of automotive composites in the region. Also, the region is home to some of the fastest-growing economies in the world, such as China, India, and Japan.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 267 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $7.2 Billion |
| Forecasted Market Value (USD) by 2028 | $14.3 Billion |
| Compound Annual Growth Rate | 12.1% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Increase in Demand for Lightweight and Fuel-Efficient Vehicles
- Growth of Environmentally Friendly Electric Vehicles
- Increasing Use of Cost-Efficient and Eco-Friendly Natural Fibers in Automotive Applications
Restraints
- High Processing and Manufacturing Cost of Composites
- Lack of Technological Advancement in Emerging Economies
Opportunities
- Increasingly Stringent Government Regulations
- Growing Demand from Emerging Economies
- Penetration of Carbon Fiber Composites in Automotive Applications
Challenges
- Recyclability of Composites
- Developing Low-Cost Technologies
Companies Mentioned
- 3B-The Fibreglass Company
- Chongqing Polycomp International Corporation
- Creative Composites Ltd.
- Exel Composites
- Formaplex
- Gms Composites
- Hexcel Corporation
- Hexion
- Huntsman International LLC.
- Jushi Group Co. Ltd.
- Magna International
- Mitsubishi Chemical Holdings Corporation
- Mubea Carbo Tech GmbH
- Nippon Electric Glass Co. Ltd.
- Owens Corning
- Plasan Carbon Composites
- Quantum Composites
- Sabic
- SGL Carbon SE
- Solvay SA
- Teijin Limited
- Toray Industries Inc.
- TPI Composites
- UFP Technologies, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/2jixps
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