CHICAGO, April 20, 2023 /PRNewswire/ — The report “Automotive Composites Market by Fiber Type (Glass, Carbon), Resin Type (Thermoset, Thermoplastic), Manufacturing Process (Compression Molding, Injection Molding, Rtm), Application, Vehicle Type, Region – Global Forecast to 2028″, is projected to grow from USD 7.2 billion in 2022 to USD 14.3 billion by 2028, at a CAGR of 12.1% during the forecast period. A significant growth observed in the market is because of the government initiatives for the reduction of carbon emission and shift towards electric vehicles. The demand for lightweight material due to increase in the demand for fuel efficient and electric vehicles are expected to drive the growth of the automotive composites market.
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Glass fiber segment is projected to dominate the global automotive composite market during the forecast period.
Glass fiber composites comprise a major share in terms of both value and volume. Glass fiber based automotive composites are primarily used in interior, and exterior applications. Properties like ease of processing and lightweight of this category along with cost effectiveness have contributed to its intensive usage in automotive industry. Government regulations such as Corporate Average Fuel Economy (CAFÉ) standards in the U.S. carbon emission targets in U.S. have put pressure on OEMs to incorporate lightweight materials to reduce the overall vehicle weight, which has led to increased use of GFRP in the automotive industry.
Battery enclosures application to grow at a highest CAGR in forecasted period.
With the growth in the sale and production of electric vehicles the demand of battery enclosures is expected to witness the highest CAGR. There is a reduction of about 40% in the weight of the battery enclosure which is made of composites if compared to aluminum.
The exterior applications have the largest market share in the global automotive composites in terms of value. The exterior parts include bumper, fender, door panels, front end module, and hood, among others. Due to the properties like high stiffness, lightweight, and high strength to weight to ratio, the demand of composites in the automotive industry is booming.
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Asia Pacific is expected to be the largest market for automotive composites during the forecast period
Asia Pacific is the largest and the fastest growing market for automotive composites. The country is a hub of some major automakers. China is the largest vehicle manufacturer in the world. Demand for automotive composites is increasing with the growing need for fuel-efficient, lightweight, and eco-friendly vehicles. The automakers are focused on producing lightweight car bodies due to emission norms imposed by the governments. The market in this region has in-house presence of well-established raw material suppliers, composite product & components manufacturers, and OEMs in itself consuming these composite solutions in automotive applications.
Market Players :
Major market players in automotive composites market are Toray Industries Inc. (Japan), SGL Carbon (Germany), Teijin Limited (Japan), Mitsubishi Chemical Holding Corporation (Japan), Hexcel Corporation (US), Owens Corning (US), Solvay SA (Belgium), Gurit (Switzerland), UFP Technologies Ltd. (US), Huntsman Corporation (US), and Hexion (US).
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