Automotive Composites Market Size to Reach USD 12.32 Billion in 2028, according to Emergen Research

VANCOUVER, B.C., Oct. 28, 2021 /PRNewswire/ -- The global automotive composites market size reached USD 5.33 Billion in 2020 and is expected to register a significantly steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasingly stringent pollution control standards, particularly in developed countries, along with rising demand for lightweight materials from the automotive industry are key factors expected to boost global automotive composites market revenue growth. 

Drivers:

Rising demand for more fuel-efficient and lightweight vehicles and increasing demand for high-end and premium vehicles are other factors expected to drive revenue growth of the market between 2021 and 2028. Fuel price hikes have been leading to rising demand for more fuel-efficient vehicles. As a result of superior strength-to-weight ratio, composites are most widely used to substitute steel and other heavy materials in automotive manufacturing. A significant number of vehicles currently are powered by traditional fuels including diesel and petrol, and the weight of a vehicle has significant impact on fuel efficiency and carbon emissions. Increasing focus on manufacturing more lightweight vehicles to enhance fuel-efficiency is driving  revenue growth of the market.

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Restraints:

However, high automotive composites manufacturing and processing costs as well as complexities in recycling of composites are factors expected to negatively impact revenue growth of the global automotive composites market to some extent during the forecast period. Raw materials such as carbon fibers and thermoplastic resins are expensive, and use in the automotive industry is restrained despite various benefits over traditional materials such as steel and aluminum as a result. In addition, high manufacturing costs for composites is hampering market growth.

Growth Projections:

Global automotive composites market  revenue is expected to expand at a CAGR of 11.2% over the forecast period and increase from USD 5.33 Billion in 2020 to USD 12.32 Billion in 2028. Global automotive composites market revenue growth is expected to be boosted by need for Original Equipment Manufacturers (OEMs) to comply with increasingly stringent government pollution control standards.

COVID-19 Impact Analysis:

 COVID-19 had a significantly negative influence on the automotive composites market in 2020. Vehicle manufacturers have been affected due to lockdowns enforced by governments of various countries, which has contributed significantly to a decline in revenue in the automotive composites market. Growth of the automotive composites market in 2020 was also been hampered by factory closures, manufacturing halts, and disruptions across the supply chain. 

Current Trends and Innovations:

Rise in demand for customized vehicles in which composites have been used to achieve desired specifications and performance is augmenting market growth. OEMs are focusing on reducing CO₂ emissions in vehicles  being manufactured as per standards and regulations in Europe and globally. In April 2019 for instance, the European Union approved regulation 2019/631, which specifies a target of 95 g/km of average emissions of carbon dioxide for new passenger vehicles.

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Geographical Outlook:

North America automotive composites market revenue is expected to expand at a significantly rapid CAGR over the forecast period. Market revenue growth is expected to be boosted by increasing demand for lightweight and more technologically advanced vehicles due to increasing disposable income among consumers. Additionally, advancements in automotive technology and rising demand for luxurious vehicles are factors expected to continue to support growth of the market in this region.

Strategic Initiatives:

Some major companies operating in the market include SGL Carbon SE, Toray Industries, Inc., Mitsubishi Chemical Holdings Corporation, Teijin Limited, Hexcel Corporation, UFP Technologies, Inc., Solvay S.A., Hexion Inc., Huntsman Corporation, and Gurit Holding

In October 2020, Teijin Group announced that it had joined the AZL Partner Network for Lightweight Production Technology, which is a cross-industry network for joint business development and technology development organized by service and engineering provider AZL Aachen GmbH and involving nine institutes and around 80 companies in the field of lightweight production. One of the network's many joint projects was initiated on 22 October, with an eight-month objective to develop and manufacture multi-material battery enclosures for Electrical Vehicles (EVs).

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Emergen Research has segmented  global automotive composites on the basis of fiber type, product, resin type, manufacturing process, application, and region:

• Fiber Type Outlook (Volume Tons, Revenue, USD Billion; 2018?2028)
• Carbon Fiber Reinforced Plastic (CFRP)
• Glass Fiber Reinforced Plastic (GFRP)
• Natural Fiber (NF)
• Product Outlook (Volume Tons, Revenue, USD Billion; 2018?2028)
• Metal Matrix Composites
• Polymer Matrix Composites
• Ceramic Matrix Composites
• Resin Type Outlook (Volume Tons, Revenue, USD Billion; 2018?2028)
• Thermoset
• Thermoplastic
• Manufacturing Process Outlook (Volume Tons, Revenue, USD Billion; 2018?2028)
• Injection Molding
• Compression Molding
• Resin Transfer Molding (RTM)
• Others
• Application Outlook (Volume Tons, Revenue, USD Billion; 2018?2028)
• Structural & Powertrain
• Interior
• Exterior
• Others

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• Regional Outlook (Volume Tons, Revenue, USD Billion; 2018?2028)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• BENELUX
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Turkey
• Rest of MEA

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About Emergen Research 

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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SOURCE Emergen Research