Global Automotive Composites Market Size to Reach USD 18.84 Billion in 2032 | Emergen Research

Vancouver, Oct. 16, 2023 (GLOBE NEWSWIRE) -- The global automotive composites market size reached USD 5.33 Billion in 2020 and is expected to register a significantly steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasingly stringent pollution control standards, particularly in developed countries, along with rising demand for lightweight materials from the automotive industry are key factors expected to boost global automotive composites market revenue growth. 

Rising demand for more fuel-efficient and lightweight vehicles and increasing demand for high-end and premium vehicles are other factors expected to drive revenue growth of the market between 2023 and 2032. Fuel price hikes have been leading to rising demand for more fuel-efficient vehicles. As a result of superior strength-to-weight ratio, composites are most widely used to substitute steel and other heavy materials in automotive manufacturing. A significant number of vehicles currently are powered by traditional fuels including diesel and petrol, and the weight of a vehicle has significant impact on fuel efficiency and carbon emissions. Increasing focus on manufacturing more lightweight vehicles to enhance fuel-efficiency is driving revenue growth of the market.

However, high automotive composites manufacturing and processing costs as well as complexities in recycling of composites are factors expected to negatively impact revenue growth of the global automotive composites market to some extent during the forecast period. Raw materials such as carbon fibers and thermoplastic resins are expensive, and use in the automotive industry is restrained despite various benefits over traditional materials such as steel and aluminum as a result. In addition, high manufacturing costs for composites is hampering market growth.

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Global automotive composites market revenue is expected to expand at a CAGR of 11.2% over the forecast period and increase from USD 5.33 Billion in 2020 to USD 18.84 Billion in 2032. Global automotive composites market revenue growth is expected to be boosted by need for Original Equipment Manufacturers (OEMs) to comply with increasingly stringent government pollution control standards.

COVID-19 had a significantly negative influence on the automotive composites market in 2020. Vehicle manufacturers have been affected due to lockdowns enforced by governments of various countries, which has contributed significantly to a decline in revenue in the automotive composites market. Growth of the automotive composites market in 2020 was also been hampered by factory closures, manufacturing halts, and disruptions across the supply chain. 

Rise in demand for customized vehicles in which composites have been used to achieve desired specifications and performance is augmenting market growth. OEMs are focusing on reducing CO₂ emissions in vehicles  being manufactured as per standards and regulations in Europe and globally. In April 2019 for instance, the European Union approved regulation 2019/631, which specifies a target of 95 g/km of average emissions of carbon dioxide for new passenger vehicles.

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Scope of Research

Major Companies and Competitive Landscape

The global automotive composites market is fairly fragmented, with a number of large and medium-sized companies accounting for a major revenue share. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective automotive composites. Some major players operating in the automotive composites market report are:

• SGL Carbon SE
• Toray Industries, Inc.
• Mitsubishi Chemical Holdings Corporation
• Teijin Limited
• Hexcel Corporation
• UFP Technologies, Inc.
• Solvay S.A.
• Hexion Inc.
• Huntsman Corporation
• Gurit Holding

Strategic Development

• In January 2021, SGL Carbon SE announced a USD 4.5 million investment in its Arkansas facility to boost carbon composites manufacturing for EVs. The company manufacturers carbon and glass fiber reinforced components for automotive applications. The additional capacity would be utilized to cater to rising demand for composite battery casings in current e-car chassis.
• In May 2020, CVC Thermoset Specialties, Inc., which is a specialty chemical producer serving adhesives, industrial composites, and coatings markets, was acquired by Huntsman Corporation for USD 300 million from Emerald Performance Materials LLC, which is a majority-owned subsidiary of American Securities LLC. CVC Thermoset Specialties' highly specialized toughening, cures, and other additives, which are utilized in a wide variety of applications and industries, are well-matched with Huntsman's objective of expanding its specialty advanced materials offering.
• In January 2020, SGL Carbon SE inaugurated a new manufacturing facility in Bonn, German, for graphite-based vehicle components. The expansion included the installation of partially new manufacturing facilities and an updated production set-up, as well as the construction of a new 2,000 square meter facility for parts manufacturing.

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Some Key Highlights from the Report

• Natural fibers segment revenue is expected to expand at a significantly rapid CAGR during the forecast period because of its environmentally beneficial features. Natural materials including fruits, stalks, and leaves are used to produce these composites. Flax, hemp, kenaf, and jute are examples of natural fibers utilized in composites that are used in the production of automotive components.
• Resin Transfer Molding (RTM) segment is expected to register a significantly robust revenue growth rate over the forecast period. RTM is a production method for components made from fiber plastic composites. It involves pouring a reaction resin onto the dry, semi-finished fiber parts, and these parts are consequently immersed by applying pressure within a closed vessel. The method reduces material waste and overall component cycle times by approximately five minutes on average.
• Asia Pacific is expected to account for a larger revenue share than other regional markets over the forecast period due to presence of a large number of major market players such as Mitsubishi Chemical Holdings Corporation, Teijin Limited, and Toray Industries, Inc. among others in countries in the region.

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Emergen Research has segmented  global automotive composites on the basis of fiber type, product, resin type, manufacturing process, application, and region:

• Fiber Type Outlook (Volume Tons, Revenue, USD Billion; 2019–2032)
  • Carbon Fiber Reinforced Plastic (CFRP)
  • Glass Fiber Reinforced Plastic (GFRP)
  • Natural Fiber (NF)
• Product Outlook (Volume Tons, Revenue, USD Billion; 2019–2032)
  • Metal Matrix Composites
  • Polymer Matrix Composites
  • Ceramic Matrix Composites
• Resin Type Outlook (Volume Tons, Revenue, USD Billion; 2019–2032)
  • Thermoset
  • Thermoplastic
• Manufacturing Process Outlook (Volume Tons, Revenue, USD Billion; 2019–2032)
  • Injection Molding
  • Compression Molding
  • Resin Transfer Molding (RTM)
  • Others
• Application Outlook (Volume Tons, Revenue, USD Billion; 2019–2032)
  • Structural & Powertrain
  • Interior
  • Exterior
  • Others
• Regional Outlook (Volume Tons, Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. BENELUX
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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