Visiongain has published a new report entitled Automotive Composites Market Report 2024-2034: Forecasts by Polymer Type (Thermosetting and Thermoplastic), by Fibre Type (Carbon Fibre, Glass Fibre, Others), by Application (Interior Components, Exterior Components, Powertrain & Chassis, Others), by Manufacturing Process (Compression Moulding, Injection Moulding, Resin Transfer Moulding (RTM), Others), by Vehicle Engine Type (Electric and Non-Electric), by Vehicle Type (Passenger Vehicles, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV)) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The automotive composites market was valued at US$11.44 billion in 2024 and is projected to grow at a CAGR of 5.9% during the forecast period 2024-2034.
Double-Digit Growth in Sales of Electric Vehicles (EVs), Driving Demand for Innovative Materials
The automotive composites market presents a significant opportunity amidst the challenges of fluctuating raw material availability and costs, driven by the double-digit growth in electric vehicle (EV) sales. As the global automotive industry transitions toward sustainable transportation solutions, the surge in EV adoption has created a promising market for composites. Electric vehicles require specialized materials to meet their unique requirements, such as thermal management, electrical insulation, and corrosion protection.
The increasing sales of electric vehicles provide a growth opportunity for composites manufacturers. EVs utilize advanced battery technologies, lightweight materials, and innovative designs, necessitating the development of composites that can withstand the specific demands of these vehicles. Composites play a critical role in protecting the battery systems, electric components, and exterior surfaces of electric vehicles, ensuring their performance, longevity, and safety.
The rising demand for composites in the EV sector is driven by the need for specialized materials with properties like thermal resistance, electrical insulation, and protection against chemical degradation. These materials enable the efficient operation and longevity of battery packs, ensuring optimal performance and reliability of electric vehicles. Additionally, materials with low-friction properties can enhance the efficiency of electric drivetrains, contributing to extended range and improved fuel economy.
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How has COVID-19 had a Significant Negative Impact on the Automotive Composites Market?
The COVID-19 pandemic has had a significant negative impact on the automotive composites market, primarily due to disruptions in global supply chains. The intricate network of suppliers and manufacturers for composite materials faced challenges in procuring and transporting raw materials, components, and finished products. These disruptions contributed to delays in the manufacturing processes, affecting the timely availability of composite materials for the automotive sector.
Moreover, the pandemic prompted widespread production halts and reduced capacities across the automotive industry as a whole. In compliance with lockdowns and safety measures, many automotive manufacturers temporarily ceased operations or operated at limited capacities. This resulted in a substantial decrease in the demand for automotive composites, as the overall production volumes for vehicles experienced a notable decline.
Financial strain on automotive companies also played a role in the negative impact on the composites market. The economic repercussions of the pandemic compelled companies to implement cost-saving measures and prioritize immediate financial concerns over long-term investments. Consequently, investments in innovative materials such as composites may have been deprioritized, impacting the growth and development of the market.
How will this Report Benefit you?
Visiongain’s 460-page report provides 158 tables and 257 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the automotive composites market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for automotive composites. Get financial analysis of the overall market and different segments including polymer type, fiber type, manufacturing process, vehicle engine type, and vehicle type and capture higher market share. We believe that there are strong opportunities in this fast-growing automotive composites market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increasing Market Preference for Lightweight and Fuel-efficient Vehicles
The increasing market preference for lightweight and fuel-efficient vehicles stands out as a pivotal driver propelling the growth of the automotive composites market. This trend is significantly reshaping the automotive industry as consumers, driven by factors such as environmental consciousness, rising fuel costs, and stringent emission regulations, express a growing preference for vehicles that prioritize fuel efficiency and reduced environmental impact. Composite materials, particularly advanced materials like carbon fiber-reinforced polymers, are gaining prominence as a solution to address the demand for lightweight vehicles. The inherent properties of composites, including high strength-to-weight ratios and durability, make them ideal for applications where reducing overall vehicle weight is critical. Lighter vehicles require less energy to operate, contributing to improved fuel efficiency and a reduction in greenhouse gas emissions.
Stringent Government Regulations Aiming to Reduce Carbon Emissions from the Automotive Sector
Stringent government regulations, such as the National Highway Traffic Safety Administration's (NHTSA) Corporate Average Fuel Economy (CAFE) standards, are emerging as a significant driver shaping the automotive composites market. These regulations, aimed at reducing carbon emissions from the automotive sector, mandate specific fuel efficiency standards for passenger cars and light trucks (light-duty vehicles) as well as fuel consumption standards for medium- and heavy-duty trucks and their engines. The CAFE standards set by NHTSA require automakers to achieve a minimum average miles per gallon (MPG) for their fleets, fostering the development and adoption of technologies that enhance fuel efficiency and reduce greenhouse gas emissions.
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Where are the Market Opportunities?
Ongoing Innovations in Automotive Composite Manufacturing Processes
Innovations in manufacturing processes are at the forefront of addressing a key challenge in the composites industry - cost-effectiveness. Traditional methods like autoclave curing and manual lay-up are labour-intensive and can be expensive. With advanced manufacturing techniques, such as automated fibre placement, resin transfer moulding, and out-of-autoclave curing, the production process becomes more streamlined, reducing labour and energy costs. This cost reduction not only benefits manufacturers but also makes composite more competitive with conventional materials, opening up new opportunities in a broader range of applications.
Competitive Landscape
The major players operating in the automotive composites market are Toray Industries, Inc., SGL Carbon SE, Teijin Limited, Mitsubishi Chemical Group Corporation, Hexcel Corporation, BASF SE, Solvay, Lanxess AG, Voith GmbH & Co. KGaA, Nippon Carbon Co Ltd., Formosa Plastics Corporation, DowAksa Advanced Composite Material Industries Limited Company, Formosa Taffeta Co., Ltd., ZOLTEK Corporation, and Hyosung Advanced Materials. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- On 11th January 2024, Toray Industries, Inc. developed TORAYCA™ M46X carbon fiber. The new offering is around 20% stronger than others in the TORAYCA™ MX series while maintaining a high tensile modulus. Utilizing TORAYCA™ M46X reduces the weight of carbon fiber-reinforced plastic materials, lowering its environmental impact.
- On 21st December 2023, Teijin Limited began production and sales of TenaxTM Carbon Fiber made with sustainable acrylonitrile (AN) using waste and residue from biomass-derived products or recycled raw materials that have received ISCC PLUS certification from the International Sustainability and Carbon Certification system.
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To find more Visiongain research reports on the Automotive sector, click on the following links:
- Carbon Fibre Reinforced Plastic (CFRP) Composites Market Report 2024-2034
- Aerospace Composites Market Report 2024-2034
- Magnesium Alloys Market Report 2023-2033
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Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.
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