Automotive Composite Market - Global Industry Analysis

Automotive Composite Market

Automotive Composite Market By Type (Metal matrix composite, Polymer matrix composite And Ceramic matrix composite) By Application (Interior, Exterior, Chassis & power train components, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028

Published Date: 31-May-2021 Category: Chemical & Materials Report Format : PDF Pages: 130 Report Code: ZMR-512 Status : Published

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.

Description

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:  

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

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

Table Of Content

Methodology

Free Analysis

Composite is a mix of two different components revealing different chemical and physical properties together come with excellent outcomes. Different composites are used in the automotive industry to functions the vehicle with great fuel efficiency. The composites help in manufacturing lightweight vehicles which increase the fuel efficiency of the vehicles.  Thus, the growing trend of utilization of different composites in the automotive industry is likely to drive the composite market in the near future. The global automotive composites market is primarily driven by growing penetration of lightweight automobile across the globe. The stringent rules and regulations of CO2 emission imposed by the regulatory bodies across the globe are expected to influence positively for the automotive industry. This, in turn, is likely to propel the demand for automotive composite during the years to come. However, the high cost of composites and the growing concern about the recyclability may likely to hamper the growth of the automotive composite market. Nevertheless, growing preference for higher fuel efficiency in passenger cars, especially in Asia Pacific region, is likely to open new doors for the major players of automotive composites market in the next few years.

Based on the different types of composites, the global automotive composites market is bifurcated into metal matrix composite, polymer matrix composite, and ceramic matrix composite. Among these, polymer matrix composite was the largest product segment of the global automotive composites market in 2015. Moreover, it is also expected to be one of the fastest growing segments in the future. This growth is attributed to the shifting preference among consumer for carbon fiber composites which is bifurcated into the polymer matrix composite segment. Furthermore, ceramic matrix composite and metal matrix composite is projected to experience moderate growth over the next few years.

Global Automotive Composites Market

Interior, exterior, chassis & power train components and others are some major applications for automotive composites market. Exterior was the leading applications of the global automotive composites market in 2015. The surging inclination of consumers towards the lightweight vehicles due to the growing prices of fuel over the few decades is expected to fuel the demand for lightweight vehicles. This, in turn, is projected to have the positive influence on the global automotive composites market over the years to come. Furthermore, interior and chassis & power train components are important outlets for automotive composites market that are expected to witness significant growth in the coming years.

Asia Pacific held as the dominating market for automotive composites market and accounted for largest share of the overall market in 2015. Furthermore, this trend is likely to continue in the coming years due to the growing urban population in China and India because of rising industrialization. Additionally, stringent regulations for carbon emissions, especially in North America and Europe, is expected to boost the noteworthy growth in the lightweight automobile market. This, in turn, is expected to witness the mounting growth for automotive composites market in the near future.

Some of the major players of 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.

FrequentlyAsked Questions

The global Automotive Composites Market was valued at USD 5.9 billion in 2020.

The global Automotive Composites Market is expected to reach USD 11.3 billion by 2028, growing at a CAGR of 8.3% between 2021 to 2028.

Some of the key factors driving the global Automotive Composites Market growth Weight reduction trends in vehicles,  Presence of major vehicle manufacturers, and Increasing adoption of high-end and luxury vehicles.

Asia Pacific region held a substantial share of the Automotive Composites Market in 2020. This is attributable to the owing to the growing demand for passenger vehicles because of emerging industrialization.

Some of the major players of global automotive composites market includes 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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