Global Automotive Composites Market to Grow with a CAGR of 9.3% through 2028
The major drivers for the
Global Automotive Composites Market include the need for lightweight materials
to improve fuel efficiency and reduce emissions, increasing demand for electric
vehicles (EVs) with composites for battery efficiency, and stringent
regulations promoting the use of composites for safety and emissions
compliance.
According to
TechSci Research report, “Global Automotive Composites Market – Global
Industry Size, Share, Trends, Competition Forecast & Opportunities,
2028”, the Global Automotive Composites Market stood at USD 25 Billion in
2022 and is anticipated to grow with a CAGR of 9.3% in the forecast period,
2024-2028. The Global Automotive Composites Market is experiencing significant
growth, driven by various factors. Firstly, stringent emission norms have led
to a push for lightweight materials, promoting the use of composites in the
automotive industry. This shift towards lightweight materials not only helps
reduce vehicle weight but also contributes to improved fuel efficiency and
reduced emissions. Secondly, the increasing demand for high-performance
vehicles has also played a crucial role in driving the growth of the market. As
consumers seek vehicles that offer better performance, durability, and safety,
automotive manufacturers are turning to composites to meet these demands. The
high strength-to-weight ratio of composites makes them an ideal choice for
producing lightweight yet strong vehicle components. Furthermore, rapid
advancements in manufacturing processes have made composites more accessible
and cost-effective for automotive applications. These advancements have
resulted in improved production efficiency and reduced manufacturing costs,
making composites more viable for mass production.
In addition, the
growing adoption of composites in electric vehicles (EVs) has acted as a
significant growth catalyst for the market. Composites offer several advantages
for EVs, including lightweight construction, improved energy efficiency, and
increased range. As the demand for EVs continues to rise, the use of composites
in their manufacturing is expected to increase further. Lastly, the market
expansion is driven by the growing trend towards sustainability and the
continuous development of hybrid composites. With increasing concerns about
environmental impact, automotive manufacturers are focusing on developing
sustainable solutions. Hybrid composites, which combine natural fibers with
synthetic materials, offer a more sustainable alternative to traditional
composites and are gaining traction in the automotive industry. In conclusion,
the Global Automotive Composites Market is thriving due to the combined
influence of stringent emission norms, the demand for high-performance
vehicles, advancements in manufacturing processes, the adoption of composites
in EVs, and the trend towards sustainability. With ongoing research and
development, the market is expected to witness further growth and innovation in
the future.
Browse over XX
market data Figures spread through XX Pages and an in-depth TOC on
"Automotive Composites Market.”
The global
automotive composites market has been experiencing remarkable growth over the
past few years. This surge can be primarily attributed to several factors.
Firstly, the continuous advancements in technology have paved the way for the
development and implementation of innovative composite materials in the
automotive industry. These materials offer enhanced strength, durability, and
lightweight properties, making them ideal for various vehicle components.
Additionally,
the increasing need for lightweight vehicles to comply with stringent emissions
standards has further fueled the demand for automotive composites. These
composites help reduce the overall weight of vehicles, resulting in improved
fuel efficiency and reduced carbon emissions. As governments worldwide continue
to tighten regulations on vehicle emissions, automakers are increasingly
turning to composites as a viable solution.
Furthermore, the
rising demand for high-performance vehicles has also contributed to the growth
of the automotive composites market. Consumers are increasingly seeking
vehicles that offer superior performance, fuel efficiency, and safety.
Automotive composites, with their exceptional properties, are being used to
manufacture components such as body panels, chassis, and interior parts,
thereby enhancing the overall performance and driving experience of
high-performance vehicles.
In conclusion,
the substantial growth of the global automotive composites market can be
attributed to technological advancements, the need for lightweight vehicles to
meet emissions standards, and the increasing demand for high-performance
vehicles. As the automotive industry continues to evolve, the adoption of
composites is expected to rise further, driving the market growth in the coming
years.
In the
automotive industry, a wide range of composites are utilized, encompassing
materials such as glass fiber, carbon fiber, and even natural fibers. Each of
these composites possesses distinct properties and finds application in various
automotive components. For instance, glass fiber reinforced plastic (GFRP) is
widely employed due to its exceptional mechanical properties, providing
enhanced strength and durability. On the other hand, carbon fiber reinforced
plastics (CFRP) are increasingly preferred in the industry, primarily due to
their remarkable high strength-to-weight ratio. This makes CFRP composites an
excellent choice for manufacturing high-performance vehicles that prioritize
both strength and reduced weight.
The market has
seen a surge in demand for natural fiber composites, a trend driven by growing
environmental consciousness and the push for sustainable alternatives. These
eco-friendly composites help reduce the overall weight of the vehicle, leading
to improved fuel efficiency and lower carbon emissions.
Region-wise,
Asia-Pacific is the largest market for automotive composites, led by China,
Japan, and India. This region's growth can be owed to the burgeoning automotive
industry, rapid industrialization, and a growing population with increasing
disposable income. The North American market, with the United States at the
forefront, is also a significant player due to its advanced automotive sector
and high demand for luxury and electric vehicles. Europe follows closely, with
Germany leading the pack, thanks to its strong automotive industry, which hosts
some of the world's leading car manufacturers.
Competition in
the global automotive composites market is fierce, with numerous players vying
for market share. Key players include Toray Industries, SGL Carbon, Teijin
Limited, and Hexcel Corporation, all continually innovating to stay ahead.
However, the
market for automotive composites is not without its challenges. One of the
major hurdles is the high production costs associated with these advanced
materials. Additionally, the lack of efficient recycling processes for
automotive composites further complicates the market landscape. Despite these
obstacles, the future of the industry appears promising due to ongoing research
and development efforts. Specifically, there is a strong focus on developing
low-cost production techniques that can help drive down costs and make
automotive composites more economically viable. Furthermore, there is
increasing attention given to the recycling of automotive composites, aiming to
establish sustainable practices and reduce waste in the industry. These advancements
in production and recycling hold great potential for overcoming the challenges
and fostering growth in the market for automotive composites.
Looking ahead,
the global automotive composites market is set to continue its upward
trajectory, propelled by technological advancements, increasing environmental
awareness, and a shift towards electric and high-performance vehicles.
Furthermore, the emergence of new applications of composites in the automotive
industry will offer additional opportunities for market expansion.
In conclusion,
the automotive composites market is a dynamic and rapidly evolving field with a
multitude of opportunities for growth and development. It will continue to be a
critical component of the automotive industry, playing a vital role in the evolution
of vehicles to meet the evolving needs and expectations of consumers.
Major companies
operating in Global Automotive Composites Market are:
- Hexcel Corporation
- Mitsubishi Chemical Carbon Fiber and
Composites, Inc.
- mouldCAM Pty Ltd.
- SGL Carbon
- Toho Tenex (Teijin Ltd)
- Toray Industries Inc
- Nippon Sheet Glass Company, Limited
- Sigmatex
- Nippon Carbon Co., Ltd.
- Solvay
Download Free Sample Report
Customers can
also request for 10% free customization on this report.
“The
Global Automotive Composites Market is primarily driven by stringent emission
norms promoting the use of lightweight materials and the increasing demand for
high-performance vehicles. Rapid advancements in manufacturing processes and
the growing adoption of composites in electric vehicles also act as significant
growth catalysts. Finally, the trend towards sustainability and the continuous
development of hybrid composites play a critical role in market expansion.”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Global
Automotive Composites Market By Application Type (Structural Assembly,
Powertrain Component, Interior, Exterior), By Material Type (Thermoset Polymer,
Thermoplastic Polymer, Carbon Fiber, and Glass Fiber), By Regional, By
Competition, Forecast &
Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Automotive Composites Market
and provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Automotive Composites Market.
Contact
Mr. Ken Mathews
708 Third
Avenue,
Manhattan, NY,
New York 10017
Tel:
+1-646-360-1656
Email: [email protected]
Website: www.techsciresearch.com