Automotive Composites Market Size to reach US$ 15.6 billion in 2024
Automotive Composites Market: Trends, Analysis & Forecast upto 2024. Discover associated growth opportunities, market dynamics, success factors and more.
(IINews) - Automotive composites market is projected to reach an estimated value of US$ 15.6 billion in 2024. In the coming five years, the growth rate of composites in automotive is likely to outpace the growth rate of the automotive industry, catching the significant attention of the industry stakeholders. Organic growth in the automobile production; strict government regulations regarding carbon emission reductions and fuel efficiency enhancements such as CAFÉ Standards; an excellent weight reduction offered by composite materials, a shift towards all-composites parts, a significant reduction in number of parts, and excellent chemical as well as corrosion resistance are some of the factors that are driving the demand for composite materials in the automotive industry.
Automotive Composites Market Insights:
By Vehicle Type:
The automotive composites market is broadly segmented based on vehicle type as Passenger Car, LCV, and M&HCV. Passenger car is expected to remain the growth engine of the automotive composites market during the forecast period. The high production of cars coupled with good composites penetration is the prime factor behind the dominance of the passenger car segment in the automotive composites market.
By Application Type:
Composites are used in all major application areas in the automotive industry, such as interiors, exteriors, and under the hood. Composites have the highest level of penetration in under-the-hood application areas, such as air intake manifold, radiator end tanks, engine oil pan, engine cover, aero ducts, and charge-air-cooler end caps. Temperature and heat resistance are the major requirements of the materials used in under-the-hood applications. Amongst resins, polyamide resin is the perennial choice as it can withstand temperature about 260o C and is lightweight, resistant to road salt and engine fluids, and offers excellent mechanical properties.
Exterior applications of composites generally include large-sized components and are relying more on LFRT and SMC compounds, unlike the under-the-hood segment that predominantly uses SFRT compounds. Front-end module, fender, bumper, liftgate, door module, and hood are key applications of composites in exteriors. Apart from interior, exterior, and under the hood, composite materials are also gaining sheet interest in various other applications such as leaf springs, pressure vessels, underbody shield, and driveshaft.
By Reinforcement Type:
Based on the reinforcement type, the automotive composites market is segmented as glass fiber composites and carbon fiber composites. Glass fiber composite is expected to remain the dominant segment of the market during the forecast period, whereas carbon fiber composite is likely to grow at a faster rate during the same period. Glass fiber offers unmatched price-performance ratio and competes well with steel and aluminum in most of the automotive applications. The reinforcement type offers many advantages, such as low cost, moderate mechanical performance, and good chemical and corrosion resistance.
By Resin Type:
The report also deeply studies the different resin types in the market. Polyester, polyamide (PA), polypropylene (PP), and epoxy are the major resin types considered in the report. Different resin materials are preferred choices for different applications and are used in different product forms. For instance, polyamide is the material of choice in under-the-hood components, such as air intake manifolds, radiator end tanks, engine covers, charge-air-cooler end caps, and engine oil pans.
Polyamide composites are generally used in the form of SFTs and LFRTs, primarily through the injection molding process. On the other hand, polyester composites are predominantly used resin types for exterior composite applications such as fender, hood, bumper, and pick-up box. Polyester composites are primarily used in the form of SMCs and BMCs through either compression or injection molding process.
By Region:
In terms of regions, Europe and North America capture a large chunk of the global automotive composites market. The average composite content per vehicle is higher in Europe and North America as compared to the Asia-Pacific region, which led to a low share of Asia-Pacific despite being the largest vehicle producer across the globe. The USA, Canada, Mexico, Germany, France, China, and Japan are some key countries across the globe, accounting for a significant share in the market.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
•Market structure: Overview, industry life cycle analysis, supply chain analysis
•Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
•Market trend and forecast analysis
•Market segment trend and forecast
•Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
•Attractive market segments and associated growth opportunities
•Emerging trends
•Strategic growth opportunities for the existing and new players
•Key success factors
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