Automotive Composite Materials Market Drivers, Analysis, Share, Growth, and Trends & Forecast During 2019-2025

Global Automotive Composite Materials Market was valued at US$ 4,681.6 Million in 2018 and is anticipated to reach US$ 9,037.4 Million by 2025 displaying a reasonable CAGR of 9.97% over the forecast period (2019-2025). Composite materials are homogenous mixtures which are prepared by synthetically assembling two materials together. One of these is fibre, reinforcing the material and the other one is a binding material called Matrix. The composite materials have high electrical and corrosion resistance and are stiff and have high strength-to-weight ratios. The use of composite materials among automobiles reduces the overall weight of the vehicle, improves fuel efficiency, reduces GHG emissions, improves safety, increases crashworthiness and offers a smooth finish with an exceptional aerodynamic design. Besides these advantages, composite materials offer other benefits as well, owing to which they have been widely adopted in the auto industry. Further, the growing concerns for GHG emissions by vehicles and the regulatory framework are also propelling the use of composites in the auto industry. Legislative bodies are not only issuing regulations but also offering certain relaxation and subsidies to the green vehicle owners. In addition, there is a visible increase in the demand for composite materials for electric vehicles. Composite materials are used in EVs to offset the weight increased using batteries. Due to this, the inclination of the auto OEMs toward the use of composite materials in their models has also taken a jump. Subsequently, OEMs are entering certain competitive strategies with composite material manufacturers and distributors to strengthen their foothold in the industry.

However, the growing automotive composites market faces certain market challenges such as the high production cost of the composites and lack of advancement in manufacturing techniques in emerging countries. Despite this, the growing popularity of the hybrid composite materials, increasing relationships between automotive OEMs and material suppliers and scope of growth in developing countries are considered to be the key opportunity areas in this market.

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“Polymer Matrix Composite is expected to dominate during the forecast period.”

The global automotive composites material market is segmented based on different materials such as Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC), Ceramic Matrix Composite (CMC) and Hybrid Composite. Currently, PMCs are the most popular composite type among the automakers, as they have high flexibility, high insulation, lower density and lighter weight than other composite materials type and is expected maintain its dominance during the forecast (2019-2025)

“Thermoset held the largest market share in 2018 and is expected to dominate the market in 2025.”

The study further bifurcates the manufacturing type into different matrix type including, thermoplastic and thermoset wherein thermoset held the largest market share in 2018 and is expected to dominate the market by 2025. However, thermoplastic is expected to register the highest growth during the forecast period as they are compact and wireless.

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“Amongst Manufacturing Process, Injection moulding is projected to hold the largest market share and will dominate the Global automotive composite material market by 2025.”

Based on the manufacturing process the Global automotive composites market is segmented into Hand Lay Up, Compression Moulding, Injection Moulding, and Resin Transfer Moulding (RTM). Injection Moulding dominated the market in 2018 with a market value of US$ 2154 million.

“Amongst applications, the exterior is anticipated to dominate the global automotive composite material market by 2025.”

Based on several application areas, the global automotive composite materials market is segmented across Interior, Exterior, Chassis, and Powertrain & under the hood and Structural. Among different application areas, an exterior segment dominated and the market, however because of stringent regulations on vehicle interior air quality, the demand for composites for vehicles interiors is expected to bolster during the forecast period.

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“Amongst vehicle type, passenger cars hold the major share in the global automotive composite material market.”

The global automotive composite materials market is further segmented based on different vehicle types, such as performance cars, passenger cars and other. Passenger cars segment dominated the automotive composites market in 2018 and is expected to dominate the market during the forecast period. The highest market value of passenger cars among the vehicle segment is attributed to the growing adoption of composites in light vehicles.

“Asia- Pacific represents one of the largest markets of the Global automotive composite material market.”

For a deep-dive analysis of the industry, the study also includes Global country-level analysis including major markets of Global Automotive Composite Market around the globe including North America, Europe, Asia- Pacific, MENA and Latin America. Asia-Pacific is considered as the largest market Automotive Composite Market. The strong presence of several composite material manufacturers in countries such as China, Japan and India are driving the market growth of this region.

Competitive Landscape -

BASF SE, DowDupont Inc., Gurit Holding AG, Magna International Inc., Mitsubishi Chemical Holdings Corporation, Owens Corning, SGL Group, Solvay SA, Teijin Limited and Toray Industries Inc. are some of the prominent players operating in the Automotive Composites market industry. Some of the key players are also expanding their businesses by setting up new plants or increasing their expenditure on R&D to develop cheaper manufacturing methods. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

UnivDatos Market Insights (UMI) understands that you may have your own business need, hence we also provide fully customized solutions to clients. The Global Automotive Composites Market can be customized to regional level/country level or any other market segment.

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