Automotive Composites Market
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Automotive Composites Market size surpassed USD 3.80 billion in 2020 and is projected to grow at 6.9% CAGR from 2021 to 2027. Growing affluence of lightweight vehicles in the U.S. and major European countries is expected to propel product consumption in the automotive sector. There is a high degree of association between lightweight property and the fuel efficiency of a car. On average, a 10% reduction in vehicle weight may lead to 6% to 8% of fuel economy in passenger cars and approximately 10% effectiveness in battery-powered electric cars. These trends assist in curbing carbon emissions at a substantial level from the automobile sector, which will again help in achieving sustainable car production by 2027.
Another key growth enabler of the global automotive composites industry is the increasing acceptance of electric vehicles in Asian countries. Supportive government initiatives and strict environmental policies pertaining to crude oil consumption will drive product demand.
China is the leading country in electric car production globally, which can be attributed to its well-versed manufacturing base for producing vehicles along with easy accessibility to labor & raw materials. The country has liberal foreign direct investment policies compared to developed markets, which have gathered the attention of OEMs of automobile companies over recent years.
The ongoing coronavirus pandemic has negatively influenced the automotive composites market in 2020. One of the major reasons behind this can be the disrupted manufacturing output of vehicles in major parts of the world. Globally, gasoline-powered car production dipped by 15% in 2020 compared to the previous year. Major companies have faced tremendous challenges in terms of procurement of materials & labor owing to government announced lockdowns, which further caused a delay in the market recovery. However, changing consumer sentiments toward vehicle ownership and the reestablishment of the supply chain are likely to boost industry development.
| Report Attribute | Details |
|---|---|
| Base Year: | 2020 |
| Automotive Composites Market Size in 2020: | 3,795.9 Million (USD) |
| Forecast Period: | 2021 to 2027 |
| Forecast Period 2023 - 2032 CAGR: | 6.9 |
| 2023 Value Projection: | 6,025.8 Million (USD) |
| Historical Data for: | 2017 to 2020 |
| No of Pages: | 300 |
| Tables, Charts & Figures: | 601 |
| Segments Covered: | Fiber, Resin, Manufacturing Process, Application and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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In 2020, glass fiber automotive composites generated around USD 3.2 billion revenue. The segment is poised to witness above 6.5% gains during 2021 to 2027. The material offers a combination of excellent strength & stiffness, superior heat resistance, and low dielectric constant, influencing its dominance in the sector. Besides, the product is reasonably economical than other composites, which is anticipated to augment the demand in automotive industry.
The structural & powertrain segment is set to account for over 500 kilo tons sales volume in the automotive composites market by 2027. This can be mainly contributed to the extensive deployment of glass and carbon fibers in structural components including chassis and body panels. Automobile manufacturers are focusing on the usage of lightweight materials in these components, further inducing immense opportunities for the global market from structural & powertrain.
Thermoset resin is estimated to hold about 60% of the volume share in 2027. The use of resins within composite materials assists in transferring tensile stress between the fibers, which further protects reinforcing fiber materials against environmental damage or mechanical failures. Thermosetting resins exhibit exceptional properties along with enhanced flexibility at a low raw material cost. These advantages are likely to induce immense growth potential to the industry size. Tailored elasticity, fatigue strength, and excellent finishing of thermoset resins are among the other factors, which will positively influence the automotive composites demand.
The automotive composites market from injection molding process is predicted to reach USD 1 billion by 2027. This process offers excellent properties on exposing to severe temperatures. Moreover, it is considered to be a cost-effective solution for large-scale molding projects. Low energy usage coupled with low floor space requirements will contribute significantly toward revenue generation.
The Asia Pacific automotive composites industry is projected to observe growth rate of about 7.5% through 2027. The region produces the highest number of gasoline-based vehicles globally. Moreover, Asia Pacific accounts for a substantial amount of composite production, which provides a competitive edge to automakers in this region. Countries including China, India, Japan, South Korea, etc., have a positive outlook for vehicle sales.
Some key players in Automotive Composites Market are
Market, By Fiber
Market, By Resin
Market, By Manufacturing Process
Market, By Application
The above information is provided on a regional and country basis for the following:
Asia Pacific market will record CAGR of about 7.5% through 2027 with increasing production of gasoline-based vehicles in the region.
Thermoset resin segment will capture around 60% of the market share by 2027 with the rising demand for transferring tensile stress between the fibers and protecting the reinforcing fiber materials against environmental damage or mechanical failures.
The market for automotive composites crossed USD 3.80 billion in 2020 and will witness a CAGR of over 6.9% through 2027, says this GMI report.
Structural & powertrain segment is set to generate a sales volume of over 500 kilo tons by 2027 with the increasing usage of glass and carbon fibers in structural components.
Glass fiber automotive composites segment will exhibit a gains of over 6.5% through 2027 with increasing product demand driven by excellent strength, high heat resistance, and low dielectric constant.