Global Automotive Composites Market is valued at USD 7.56 Billion in 2021 and expected to reach USD 15.27 Billion by 2028 with a CAGR of 10.56%% over the forecast period.
Automotive composite are made from mixture of two or more constituent materials with significantly different chemical or physical properties which produces another material with finished structure and different characteristics. Generally, composites materials can be categorized into two major types; one is structural composites with outstanding mechanical properties and second is functional composites with various outstanding physical, chemical properties. The original equipment manufacturers (OEMs) of vehicles are using composites in production vehicles to reduce vehicle weight, reduce vehicle emissions and improve fuel economy. Composites offer many structural and weight advantages over traditional steel and injection moulded automotive parts. Thermoplastic based composites offer the automotive industry key advantages: zero-solvent emissions, reduced material scrap, improved work safety conditions, elimination of painting steps (through use of high-molecular weight polymer surface films), elimination of tedious production steps via automation, and finally greatly improved recyclability in comparison to thermoset based composites.
Automotive Composites Market is segmented on the basis of fiber type, resin type, application, manufacturing process and region & country level. On the basis of fiber type, market is divided into carbon, glass and others. By resin type, the automotive composites market is classified into thermoplastic, polypropylene, polyamide, polyphenylene sulfide, thermoset, polyester, vinylester, epoxy and others. On the basis of application, the market is divided in to interior, exterior, powertrain and chassis. By Manufacturing Process, the automotive composites market is classified into compression molding ,injection molding, resin transfer molding (RTM) and others. By vehicle type, the automotive composites market is classified into electric and non-electric.
The regions covered in this Automotive Composites Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Automotive Composites Market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global Automotive Composites Market report covers prominent players like,
The main reasons behind the automobile original equipment manufacturers are turning to composites more massively, because composite materials have ability to reduce weight and consequently improve fuel economy and reduce emission. Increasing use of composites for making the components of automobile is projected to accelerate the growth of automotive composite market. In automotive sector the composites are utilized in more than 100 components on current model vehicles like from, the door panel of the Cadillac Escalade, the grill opening panel of the Ford Crown Victoria, the pickup box of the Toyota Tacoma, the front fascia of the Dodge Charger and fenders of the Mercury Mountaineer. The automotive industry needs a complete end-to-end solution to address the specific challenges of designing, analyzing and manufacturing automotive composites vehicles and enable automotive original equipment manufacturers as well as suppliers, to implement a seamless process to develop high-quality composites designs and bring them to market at a faster and lower cost which leads to accelerate the growth of automotive composite market.
North America is expected to gain the largest market share of global automotive composites market within the forecast period owing to the increasing production of electric and hybrid vehicles in this region. In the U.S. light vehicle sales reached 17.1 million units by 2017, the third straight year in which sales reached or surpassed USD 17 million. Europe is expected to show the significant growth owing to continuous development in automotive sector. The strict environment rules regarding the carbon emission in North America and Europe, is creating various opportunities for the industry players in the market to manufacture the light weight component of vehicles and this is expected to accelerate the growth of automotive composite market. As a solution to rising environmental issues, the European market is shifting towards the electric vehicles to control the carbon emission from automobile sector.
Regional & Country Analysis
The Middle East and Africa
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 7.56 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||10.56%|
|Market Size Expected in 2028:||USD 15.27 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||3A Composites, 3B - The Fibreglass Company, 3M, AB Volvo, Abaris Training Resources, Acrolab Ltd., Adler Group, Advanced Composites Group, AGY, AGY Asia and others.|
|Segments Covered||By Fiber Type, By Resin Type, By Application, By Manufacturing Process, By Vehicle Type|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|