The global automotive composites market, which was valued at US$ 6.35 billion in 2021, is expected to approach US$ 20 billion by 2032, exhibiting an impressive 11% compound annual growth rate (CAGR) over the next decade.
The automotive industry has witnessed a transformative shift in recent years with the increasing adoption of composite materials in vehicle manufacturing. This article provides valuable insights into the Automotive Composites Market, covering aspects such as market growth, opportunities, demand and supply trends, notable developments, and the value chain that is reshaping the automotive industry.
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Automotive Composites Market Growth
The growth of the Automotive Composites Market is nothing short of remarkable. Composite materials, known for their high strength-to-weight ratio and durability, have become integral in modern vehicle design. As automakers strive to meet stringent fuel efficiency and emissions standards, composites have played a pivotal role in making vehicles lighter and more fuel-efficient. This growth can also be attributed to consumer demand for safer and more eco-friendly vehicles, encouraging automakers to invest in composite technologies.
Automotive Composites Market Opportunities
The Automotive Composites Market is ripe with opportunities for companies seeking to make a mark in the industry. As governments worldwide implement stricter regulations on emissions and fuel efficiency, automakers are increasingly turning to lightweight composite materials to meet these standards. This opens the door for innovative startups and established manufacturers to develop cutting-edge composite solutions. The market presents significant potential for growth, not only in traditional vehicles but also in the electric and autonomous vehicle sectors.
Key Companies Profiled In This Report
- Toray Industries Inc
- SGL Carbon
- Teijin Limited
- Mitsubishi Chemical Holding Corporation
- Hexcel Corporation
- Solvay SA
- Gurit
- UFP Technologies Ltd.
- Huntsman Corporation
- Hexion
Automotive Composites Market Demand & Supply Trends
Demand for automotive composites is surging, driven by the need for lighter, more efficient, and environmentally friendly vehicles. Consumer preferences are shifting towards vehicles that offer superior fuel efficiency without compromising on safety or performance. On the supply side, there has been an increase in the production and supply of composite materials. Manufacturers are continually developing new composite formulations and manufacturing processes to meet the growing demand. This has led to a competitive landscape with various composite options for automakers to choose from.
Automotive Composites Market Notable Developments
The Automotive Composites Market has witnessed notable developments in recent years. Major automakers are investing heavily in research and development to advance the use of composites in their vehicles. Carbon fiber, in particular, has become a star material in the automotive world, with advancements in its production techniques reducing costs and making it more accessible. Notably, electric vehicle manufacturers are relying on composites to offset the weight of heavy batteries, enhancing the overall efficiency and range of electric vehicles.
Automotive Composites Market Value Chain
Understanding the value chain of the Automotive Composites Market is essential to comprehend the dynamics of this industry. The value chain encompasses various stages, from the research and development of composite materials to their manufacturing, supply, and integration into vehicles. Research institutions and innovators are at the forefront, continually improving composite materials and developing new formulations. Manufacturers play a critical role in producing high-quality composite materials that meet the stringent requirements of the automotive sector. Distributors and suppliers ensure the seamless availability of composites to automakers, while automakers, in turn, integrate these materials into their vehicle designs, reshaping the automotive industry as a whole.
Competitive Landscape
Competition in the automotive composites market has spurred manufacturers to form strategic collaborations and partnerships with OEMs. Automakers are increasingly integrating composite materials into their product lines as a means of gaining a competitive advantage. Established companies are also taking steps to solidify their market position through the acquisition of smaller players.
Additionally, many industry players are dedicated to advancing structural automotive composites to secure a stronger foothold in the market. Notable developments in this competitive landscape include:
- In October 2020, the Teijin Group entered a strategic partnership with AZL Partner New York, with a focus on lightweight production technology. This initiative aims to reshape their business model, with a clear emphasis on creating multifunctional and lighter next-generation vehicles.
- In August 2020, SGL Carbon, in collaboration with a consortium coordinator, achieved a significant 120% improvement in the thermal insulation properties of new composite materials. These enhanced carbon materials have been made available for commercial use.
- In July 2019, Teijin inked a joint agreement with Australian venture AEV Robotics for co-development of lightweight automotive components and solutions. This collaboration is geared towards shaping the future of transportation by redefining the forms of next-generation vehicles.
Key Segments Profiled in Industry Survey
- By Fiber:
- Glass Fiber
- Carbon Fiber
- By Resin:
- Thermoset
- Thermoplastic
- By Manufacturing Process:
- Compression Moulding
- Injection Moulding
- Resin Transfer Moulding (RTM)
- By Application:
- Exterior
- Interior
- Powertrain
- Chassis
- By Vehicle Type:
- Non-electric Vehicles
- Electric Vehicles
- By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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The Automotive Composites Market is experiencing rapid growth, fueled by the need for lightweight, fuel-efficient, and eco-friendly vehicles. Opportunities abound for companies looking to capitalize on the growing demand for composite materials. The industry’s trends reflect a shift toward lighter vehicles and increasing adoption of composites, especially in electric and autonomous vehicles. Notable developments in composite technology are reshaping the automotive landscape, with the value chain involving a multitude of stakeholders who play a crucial role in this transformative journey.
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