Brooklyn, New York, Sept. 28, 2022 (GLOBE NEWSWIRE) -- Reports and Insights has published a new report titled, “Automotive Composites Market: Opportunity Analysis and Future Assessment 2022-2030” analyzed By Composite Type (Bulk Molding Compound (BMC), Continuous Fiber Thermoplastic (CFT), Glass Mat Thermoplastic (GMT), Long Fiber Thermoplastic (LFT), Natural Fiber Composites, Phenolic Composites, Polyurethane (PU) Composites, Sheet Molding Compound (SMC), Short Fiber Thermoplastic (SFT), Other composites), By Fiber Composite (Glass, Natural, Carbon), By Resin Type (Thermoset, Thermoplastic), By Manufacturing Process (Compression Molding, Injection Molding, Resin Transfer Molding (RTM), Others), By Application (Exterior, Interior, Powertrain, Chassis, Underbody, Engine Components, Others), By Vehicle Type (Electric, Passenger Cars, LCVs, HCVs, Agricultural), Non-electric (Passenger Cars, LCVs, HCVs, Agricultural)) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is estimated to reach at a value of US$ 9.5 Bn by the end of 2022 and expected to reach at a value of US$ 16.5 Bn by 2030 with a significant CAGR of 7.0%.
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Automotive Composites Overview
To put it simply, composites are an amalgam of two or more elements, natural or artificial constituents comprising various physical or chemical attributes that are more powerful as a pair than as individual participants. The component materials do not entirely merge or lose their unique identities; they integrate and impart their most valuable properties to enhance the final product or outcome. Composites are generally intended with a specific utility in anticipation, such as added efficiency, strength, or durability.
In the automotive industry, composite provides some of crucial benefits in the automobile applications such as weight decline, cost reduction, and reusability. In addition to that, composites also incorporate the potential to deliver several weight and structural benefits over conventional steel and injection molded automotive components.
Numerous Beneficial Traits of Automotive Composites Bringing About Higher Demand
As the automotive industry is beginning the shift from internal combustion to electric powertrains, composite materials are building a case for sustainability and light weighting. In the present times, composites carry the capacity to lay bare a whole world of new horizons and avenues for designers, manufacturers, and engineers. Since several companies have understood, utilizing composites enables an individual to customize the attributes of resins, fibers, and additives to design the precise material traits and performance attributes one desires. Owing to which, there is a rapid adoption of composites across the leading manufacturers of the market, which is ultimately estimated to drive the market growth over the following time frame.
Moreover, the swiftly growing electric vehicle market, these days, is another crucial factor that is estimated to offer significant breakthroughs to the automotive composite market growth in the following years.
Notably, polymer composites, comprising carbon fiber reinforced polymer (or briefly carbon fiber), providing lesser weight and much higher flexibility in respect of shape than metal, can help to enhance battery capacity as well as improve the overall vehicle efficiency.
Furthermore, the leading players in the market are also introducing new technologies in the market which are projected to promote their product portfolio and strengthen their worth across the global markets. For instance, Mitsubishi Chemical Holding Corporation recently reported the development of of a thermoplastic composite material (FRTP) which offers flame retardancy, high production performance, and recyclability since a couple of primary facets of the EV battery systems are the need of greater fire resistance for rider’s safety and using lightweight materials to further preserve energy. Attributing to which, the global automotive composites market is expected to rise substantially in the forthcoming years.
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As per report, Europe is holding the biggest share of the automotive composite market and positively dominating the market due to the presence of leading established automotive manufacturers in the region. Furthermore, Asia Pacific is closely following Europe and is projected to grow substantially in the near future since the region is witnessing rapid growth of the EV market these days.
Automotive Composites Market Segmentation
The automotive composites market is segmented on the basis of composite type, fiber composite, resin type, manufacturing process, application, vehicle type, and region.
By Composite Type
- Bulk Molding Compound (BMC)
- Continuous Fiber Thermoplastic (CFT)
- Glass Mat Thermoplastic (GMT)
- Long Fiber Thermoplastic (LFT)
- Natural Fiber Composites
- Phenolic Composites
- Polyurethane (PU) Composites
- Sheet Molding Compound (SMC)
- Short Fiber Thermoplastic (SFT)
- Other composites
By Fiber Composite
- Glass
- Natural
- Carbon
By Resin Type
- Thermoset
- Thermoplastic
By Manufacturing Process
- Compression Molding
- Injection Molding
- Resin Transfer Molding (RTM)
- Others
Check the Latest Developments in the Automotive Composites Industry Worldwide: https://reportsandinsights.com/pressrelease/automotive-composites-market
By Application
- Exterior
- Interior
- Powertrain
- Chassis
- Underbody
- Engine Components
- Others
By Vehicle Type
-
-
- Electric
- Passenger Cars
- LCVs
- HCVs
- Agricultural
- Non-electric
- Passenger Cars
- LCVs
- HCVs
- Agricultural
-
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East
- Africa
Automotive Composites Market Key Players
Some of the key participating players in automotive composites market are:
- BASF SE
- E.I. du Pont de Nemours & Co.
- Formaplex
- GMS Composites
- Gurit Holding AG
- Hexcel Corporation
- IDI Composites International
- Johns Manville
- Mitsubishi Chemical Holding Corporation
- Owen Corning
- Plasan Carbon Composites
- Revchem Composites
- SGL Carbon SE
- Solvay
- Teijin Limited
- Toray Industries Inc.
- TPI Composites
- UFP Technologies Inc.
- 3B - the fibreglass company
- Cytec Industries Inc.
- Johnson Controls Inc.
- Magna International Inc.
- Huntsman International LLC
- Hexion Inc.
- Nippon Electric Glass Co. Ltd.
- Jushi Group Co. Ltd.
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