Global Automotive Composite Materials Market Share Is Likely To Reach At A CAGR Value Of Around 12.2% By 2026

05-Mar-2020 | Facts and Factors

Findings from Facts and Factors report “Automotive Composite Materials Market By Manufacturing Process (Lay-up Process, Compression Molding Process, Resin Transfer Molding (RTM) Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Vacuum Infusion, and Other Processes), By Material(Polymer Matrix Composite(PMC), Metal Matrix Composite (MMC) and Ceramic Matrix Composite (CMC)), By Resin Type (Thermoplastic and Thermoset), By Fiber Type (Carbon, Glass, and Others)  and By Application (Interior, Exterior, Powertrain, Structural and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global automotive composite materials market in 2019 was approximately USD 8,000 million. The market is expected to grow at a CAGR of 12.2% and is anticipated to reach around USD 17,651 million by 2026.

A composite material, for instance, carbon or glass in the epoxy polymer, is a composition of high-performance fiber with a matrix material. The above composition enhances the material's physical and chemical properties. Composite automotive materials such as carbon fiber composites are considered fuel-efficient, lighter, and safer for vehicles because they weigh one-fifth of steel but perform better in terms of strength and rigidity.

Browse the full “Automotive Composite Materials Market By Manufacturing Process (Lay-up Process, Compression Molding Process, Resin Transfer Molding (RTM) Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Vacuum Infusion, and Other Processes), By Material(Polymer Matrix Composite(PMC), Metal Matrix Composite (MMC) and Ceramic Matrix Composite (CMC)), By Resin Type (Thermoplastic and Thermoset), By Fiber Type (Carbon, Glass, and Others)  and By Application (Interior, Exterior, Powertrain, Structural, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" report at https://www.fnfresearch.com/automotive-composite-materials-market-by-manufacturing-process-lay-633

Composite materials possess various favorable properties such as high tensile strength and greater design flexibility which makes it a preferred solution for automotive parts manufacturers. Trends towards achieving environmental sustainability through the reduction of carbon dioxide (CO2) emission from the vehicle is encouraged by various governmental and non-governmental organizations globally and is estimated to further fuel the market growth.

However, presently composite materials have a higher cost as compared to other substitutes which may restrain the growth of the market. Conversely, recent technological development in the automotive industry and the rise in demand for luxury cars in recent years are anticipated to bring many lucrative opportunities for the global automotive composite material industry. 

Segmental Overview:

By the manufacturing process, the compression molding process constituted a majority share of 24.21% in the global automotive composite materials market in 2019 and is expected to record a CAGR of 12.3% over the forecasted period. This growth is attributable to the wide adoption of a compression molding process for the development of high-strength sheet molding compounds in automotive and appliance applications. Following the compression molding process, the lay-up process accounted for an 18.00% share in the global automotive composite materials market in 2019 and is anticipated to grow at a CAGR of 11.50% over the forecasted period.

By Material type Polymer Matrix Composite(PMC)  segment was accounted for the largest share of approximately 75% in 2019 and expected to reach a value of USD 13,509 million by 2026, owing to the growing demand for polymer matrix composites from the automotive industry for various end-use applications.

By Resin Type, the thermoset resin segment is expected to dominate the global automotive composite materials market followed by thermoplastic resin, and accounted for the largest share of 60.38% in 2019 with a value of USD 4,830.4 Million. Stringent government regulations associated with the reduction of greenhouse gas emissions, the introduction of bio-based thermosets, the development of rapid cure resin systems, and growth in the use of Fire, Smoke, and Toxic (FST) resins are some of the factors bolstering the market growth of this segment.

By fiber type, glass dominated the global automotive composite materials market in 2019. This segment held a 68.52% share in 2019.  The rising adoption of glass-based fiber composites has been a key factor in driving the global glass automotive composite materials market. Moreover, carbon fiber composites have had limited adoption in the commercial automotive sector.

By application, the exterior application is currently the largest application segment in the automotive composites market and accounts for around 36% of the total market. The exterior application is projected to grow at a CAGR of 11.8% owing to the suiting characteristics such as excellent surface finish, excellent abrasion and corrosion resistance, higher strength-to-weight, and durability of composite parts.

Regional Overview:

By region, Asia Pacific dominated the global automotive composite materials market in 2019, accounting for a 45.75% share. The growth in the Asia Pacific region is attributable to the rising automotive industry in emerging markets such as India, China, South Korea, etc.

Europe and North America held a significant share of the global automotive composite materials market in 2019. Technological advancements in Europe and North American automotive industries have played a key role in fueling the market growth in developed countries of these regions. 

Report Scope

Competitive Landscape:

Some of the essential players operating in the automotive composite materials market, but not restricted to include Toray Industries, Inc., SGL Carbon SE, Solvay S.A., UFP Technologies, Inc, Koninklijke Ten Cate bv, Gurit, Toho Tenax Co., Ltd., Mitsubishi Chemical Corporation, Plasan Carbon Composites, Inc., Continental Structural Plastics Inc, Owens Corning, BrajBinani Group, Hexcel Corporation, MubeaCarbo Tech GmbH, MubeaCarboTech GmbH, GMS Composites, TPI Composites Inc, Hanwha Azdel, Inc., Magna International Inc., Mahindra CIE Automotive Ltd., Hyosung Advanced Materials Corp, DowAksa Advanced Composites, SABIC, Diab Group, Huntsman Corporation, and other key players.

This report segments the automotive composite material market as follows:

Global Automotive Composite Materials Market: By Manufacturing Process Analysis (Customizable)

• Lay-up Process
• Compression Molding Process
• Resin Transfer Molding(RTM) Process
• Filament Winding Process
• Injection Molding Process
• Pultrusion Process
• Vacuum Infusion
• Other Processes

Global Automotive Composite Materials Market: By Material Segmentation Analysis (Customizable)

• Polymer Matrix Composite(PMC)
• Metal Matrix Composite (MMC)
• Ceramic Matrix Composite (CMC)

Global Automotive Composite Materials Market: By Resin Segmentation Analysis (Customizable)

• Thermoplastic
• Thermoset

Global Automotive Composite Materials Market: By Fiber Segmentation Analysis (Customizable)

• Carbon
• Glass
• Others

Global Automotive Composite Materials Market: By Application Segmentation Analysis (Customizable)

• Application
• Interior
• Exterior
• Powertrain
• Structural
• Others

Global Automotive Composite Materials Market: Regional Segmentation Analysis (Customizable)

• North America
  • The U.S.
  • Canada
• Europe
  • Germany
  • The UK
  • France
  • Spain
  • 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 the Middle East & Africa

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