Automotive Composite Market - Global Industry Analysis

Automotive Composite Market Overview     

The global Automotive Composites market accounted for USD 5.9 Billion in 2020 and is expected to reach USD 11.3 Billion by 2028, growing at a CAGR of around 8.3% between 2021 and 2028.    

The global automotive composites market is majorly used for reducing the weight of components. These composites include materials that are manufactured from a combination of two or more materials. It offers various unique characteristics to the part such as high tensile strength, lightness, stiffness, and material strength, therefore, considering this parameter the automotive composites market has wide scope in the near future in various applications including automotive, aerospace, electronics, defense, and marine amongst others.  

Increasing environmental concerns, with rising fuel prices among emerging nations, are resorting manufacturers to incorporate lightweight materials in vehicles. This factor is likely to increase the demand for the automotive composite market.  

COVID-19 Impact Analysis

The global automotive composites market has witnessed a slight decline in sales for the short term to the lockdown enforcement placed by governments in order to contain COVID spreading. Retail sales of vehicles across the region are also likely to suffer due to subdued consumer sentiment because of the rising infections and curbs. The automotive industry in the U.S remains fragile, vehicles sales decline by 5-10%, whereas China's vehicle sales continue their fast recovery. Europe automotive shows a decline of 8- 12% Y-o-Y.

The restrictions imposed by various nations to contain COVID had stopped production resulting in disruption across the whole supply chain. However, the global markets are slowly opening to their full potential, and theirs a surge in demand for auto parts for vehicles. The market would remain bullish in the upcoming year.  The significant decrease in the global automotive composites market size in 2020 is estimated on the basis of the COVID-19 outbreak and its negative impact on economies and industries across the globe. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation.

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Growth Factors

Increasing demand for automotive composites in the automotive and aerospace industries is one of the major driving factors for the growth of the automotive composites market. Moreover, stringent norms and regulations specific to CO2 emission especially in regions such as North America and Europe are anticipated to spur the market size in the region during the forecast period.

However, the high cost of composites can lead to limit the growth of the market. In addition, the growing demand for lightweight vehicles in the Asia Pacific region due to the growing prices of fuel is likely to set new opportunities for the major players in the automotive composites market over the coming years.   

Report Scope:  

Types Segment Analysis Preview

The polymer matrix composite segment held the major share of more than 40% in the automotive composite market and is likely to remain dominant throughout the forecast period. Increasing use of polymer matrix composite in an array of industries such as aerospace, automotive, and electronics is likely to spur the market size with a growing CAGR of 8.1% from 2021-2028.  Moreover, the metal matrix is also predicted to witness moderate growth in the coming years owing to growing usage in the aerospace industry.

Applications Segment Analysis Preview

The exterior applications segment dominated the global automotive composites market in 2020. It accounted for more than 30% share of the total market in 2020 and it is likely to witness major growth in the coming years. Owing to high investment in R&D, the exterior application is likely to spur the growth of the automotive composite market.   

Key Market Players & Competitive Landscape

Some of the major players in the global automotive composites market include E.I. du Pont de Nemours and Company, SAERTEX GmbH & Co. KG, Owens Corning, Teijin Limited, SGL Group, Nippon Sheet Glass Co., Ltd., Cytec Industries Inc., Toray Industries Inc., Johns Manville and amongst others.

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The global Automotive Composites Market is segmented as follows:

By Types

• Metal matrix composite
• Polymer matrix composite
• Ceramic matrix composite

By Applications

• Interior
• Exterior
• Chassis & power train components
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa