Future Market Insights’ newly published report examines the automotive composite market and offers crucial market insights for the next 10 years. According to the report, the thermoset automotive composite resin material is expected to dominate the market accounting for over 62.9% share in overall market value by 2028 end, thereby registering a CAGR of 5.7% during the forecast period (2018-2028). The estimated value of the global automotive composite market in 2018 is US$ 7,231.7 Mn and is expected to expand at a CAGR of 5.4% to reach US$ 12,202.5 Mn by the end of 2028.
Factors Influencing Growth in Demand for Automotive Composite:
Growing environmental awareness and fluctuating fuel prices have influenced consumers, especially in the developed countries of Europe and North America, to opt for electric car models, such as battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV). Increasing urban population, incentives for electric vehicles, decreasing battery prices, strengthening transportation infrastructure in emerging and developed countries and inter-governmental initiatives for electric vehicles are further driving the adoption of electric cars, which in turn is expected to contribute to the growth of automotive composites during the forecast period as automotive composites help tremendously improve the mileage and recue the weight of the vehicle.
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Governments of different countries have put immense pressure on automotive manufactures to reduce vehicle weight to achieve fuel economy. Nowadays, the weight of the main vehicle modules in newer vehicles are much lighter than traditional metal bodywork, which were nearly 20% percent heavier than today’s modules. Manufacturers are heavily investing in R&D and manufacturing strategy to reduce the weight of several vehicle body components. OEMs prefer composite based materials over traditional raw materials (steel) for specific applications, which helps reduce considerable weight of vehicles, representing technological advancements over other materials.
Global Automotive Composite Market- Segmental Analysis & Forecast: On the basis of material, glass fibre automotive composite is estimated to account for a large market share of over 50% followed by carbon composite and natural fibre. The combined market share of these three segments has been projected to contribute over 75% of the global automotive composite market. Thermoset resin is estimated to lead the global automotive composite market with a CAGR of 5.7% during the forecast period. Thermoplastic resin is the next prominent segment with a projected CAGR of 4.8% between 2018 and 2028.
On the basis of region, Western Europe is anticipated to dominate the global automotive composite market throughout the forecast period. The Western Europe automotive composite market is expected to expand at a CAGR of 5.6% during the forecast period. The markets in North America and China are anticipated to be the other prominent regions in the global market, anticipated to register a CAGR of 6.3% and 6.6% respectively during forecast period. These three regions are expected to register relatively faster growth in the global market for automotive composite during the forecast period.
Global Automotive Composite Market- Competitive Landscape: The global automotive composite market chiefly comprises North America based OEMs as well as European based OEMs that command a major share in the global automotive composite market. Some of the top players reported in this study on the global automotive composite market are Toray Industries Inc., Gurit Holding AG, Solvay Group (Cytec Solvay Group), SGL Carbon SE, Teijin Limited, Mitsubishi Chemical Holding, Owen Corning, E.I. du Pont de Nemours & Co., UFP Technologies, Inc., SAERTEX GmbH & Co. KG, Plasan Carbon Composites, Inc., Veplas d.d, Liberty Advanced Composites Ltd., NTF India Pvt. Ltd., Multimac Inc. and among others. Industry players over the recent past have been focussing on expansion plans and territory sales expansion in Asia Pacific and other emerging markets to improve automotive composite sales turnover.
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Moreover, organic growth and product development strategies adopted by automotive composite manufacturers to improve sales and distribution networks and enhance their operational efficiencies are expected to continue over the forecast period.