Global Automotive Composites Market to Grow at a CAGR of 11% to Reach USD 20 Billion by 2032

Automotive Composites Market

According to Fact.MR’s analysis of the automotive composites market, the global market had a substantial valuation of approximately US$ 6.35 Billion in 2021. Projections indicate that this market is on a robust growth trajectory and is expected to surpass US$ 20 Billion by the year 2032. This growth represents an impressive compound annual growth rate (CAGR) of 11% over the coming decade.

In this dynamic market landscape, the demand for glass fiber composites is anticipated to witness a significant surge, reaching an estimated valuation of around US$ 11 Billion. Meanwhile, carbon composites are poised for remarkable expansion, with their market expected to grow at a rate of approximately 12%.

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The automotive industry has always been at the forefront of innovation, constantly pushing the boundaries of technology and design. One of the most significant advancements in recent years has been the adoption of automotive composites. These lightweight, high-strength materials are reshaping the future of automobiles, making them more fuel-efficient, environmentally friendly, and safer.

Key Drivers of the Automotive Composites Market:

Several factors are driving the growth of the automotive composites market:

  1. Fuel Efficiency: Stricter emissions regulations and a growing awareness of environmental concerns have forced automakers to seek ways to improve fuel efficiency. Lightweight composites reduce a vehicle’s weight, leading to better fuel economy.
  2. Safety: Composites offer excellent crash resistance due to their high strength and energy-absorbing properties. This makes them an ideal choice for vehicle safety components.
  3. Design Freedom: Composites provide designers with more freedom to create unique and aerodynamic vehicle shapes, improving both aesthetics and performance.
  4. Electric Vehicles (EVs): As the electric vehicle market expands, automakers are turning to composites to offset the weight of heavy batteries, extending the vehicle’s range.

Competitive Analysis

Manufacturers of automotive composites are actively engaging in collaborative efforts and partnerships with original equipment manufacturers (OEMs). Automakers are integrating composites into their product portfolios as part of their strategy to gain a competitive advantage in the market. Additionally, several prominent companies are pursuing acquisitions of smaller entities to further solidify their market presence.

Moreover, a significant focus is being placed on the development of advanced structural automotive composites to establish a stronger foothold in the industry.

Here are some noteworthy developments:

  1. In October 2020, the Teijin Group strategically joined forces with AZL Partner New York to leverage lightweight production technology. This technology is aimed at reshaping their business model to align closely with the multifunctional and lighter next-generation vehicles of the future.
  2. In August 2020, SGL Carbon, in collaboration with a coordinated consortium, achieved a remarkable enhancement of approximately 120% in the thermal insulation properties of new composite materials. These materials have now been made commercially available, opening up new possibilities in the realm of carbon materials.
  3. In July 2019, Teijin signed a joint agreement with an Australian venture, AEV Robotics, to co-develop lightweight automotive components and solutions. This partnership is set to drive innovation in next-generation transportation, redefining the landscape of aging transportation systems.

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 Future of Automotive Composites:

As technology advances and environmental concerns grow, the automotive composites market is set to expand further. Innovations in material science and manufacturing processes will continue to drive down costs, making composites more accessible to automakers of all sizes. Additionally, with the rise of autonomous vehicles, lightweight composites may play a crucial role in the development of safe and efficient self-driving cars.

The automotive composites market is a shining example of how innovation can transform an entire industry. With their impressive strength-to-weight ratios, durability, and environmental benefits, composites are poised to revolutionize the way we design and build automobiles. As consumer demand for more sustainable and efficient vehicles continues to rise, automotive composites will undoubtedly play a pivotal role in shaping the future of transportation. Keep an eye on this dynamic market as it continues to drive positive change in the automotive industry.

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