The China automotive composites market size is expected to expand at a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed rapidly growing automotive industry and increasing demand for light weight vehicles.
A composite is made up of a high-performance fiber and a matrix material that when combined, gives better qualities than the individual components. Translucent concrete, mud bricks, absorbent concrete, wood, fiberglass, Kevlar, carbon fiber, and pykrete are examples of composite materials. Composites in Cars makes vehicles lighter, safer and more fuel-efficient.
China is the world leader in electric car production, which may be ascribed to its well-versed industrial base for making automobiles, as well as simple access to labor and raw materials. In comparison to established markets, the nation offers open foreign direct investment regulations, which has piqued the interest of OEMs of car firms in recent years.
It is the world's largest automobile market in terms of both yearly sales and manufacturing output, with domestic output estimated to exceed 35 million vehicles by 2025. According to Ministry of Industry and Information Technology figures, nearly 25 million automobiles were sold in 2019, with 21.44 million passenger vehicles sold, a 9.6 percent decrease from 2018, and 4.32 million commercial vehicles sold, a 1.1 percent decrease from 2018.
Chinese automakers are not just growing into emerging countries such as Asia, Africa, and South America, where they are already challenging established players in conventional internal combustion engine (ICE) categories such as Japanese and South Korean manufacturers. They have also increased their attempts to expand in developed countries, notably in Europe, with a focus on the fast-growing electric vehicle (EV) category, which is emerging as a crucial strength for Chinese manufacturers.
In China, Phase I and Phase II fuel consumption rules were implemented in 2005, requiring each vehicle model to satisfy particular fuel consumption limits. In 2011, Phase III requirements incorporated corporate average fuel consumption (CAFC) objectives, which added fleet average targets to the existing per-model norms. In 2016, Phase IV went into effect, establishing a new sales fleet average fuel economy target of 5.0 L/100 km for 2020. China now implements Phase V standards, with fleet average aims of 4.0 L/100 km (NEDC) by 2025 and 3.2 L/100 km (NEDC) by 2030.
The Chinese government currently mandates NEV (new energy vehicles/electric) sales to account for 8% of total vehicle sales by 2019, with a goal of selling two million such vehicles per year by 2020 and 20% by 2025.
Market Trends, Drivers, Restraints, and Opportunities
- Rapid growth of the auto industries is major factors driving the market growth in the coming years.
- Growing trend high strength also high demand for advance technology with maximum safety features are estimated to fuel the market expansion during the forecast period.
- Rising stringent government regulations to install advanced safety feature is expected to boost the market growth in the coming years.
- Increasing adoption of advanced and energy efficient technology is projected to push the market expansion.
- Roadway and vehicle design advancements have gradually is projected to propel the market.
- high costs associated with carbon fiber composites, and glass fiber composites is expected to restrict the market growth.
- Low recyclability of composites acts as key challenges that can hamper the market growth during the forecast period.
Scope of Automotive Composites Market Report
The report on the China automotive composites market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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China Automotive Composites Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Material Types (Thermoplastic Polymer, Carbon Fiber, Thermoset Polymer, Glass Fiber and Others) Production Types (Resin Transfer Molding, Vacuum Infusion Processing, Hand Layup, Injection Molding and Compression Molding), Applications (Power train Component, Structural Assembly, Interior, Exterior and Others)
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Country Scope
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China
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Toray Group; BASF SE; Hexcel Corporation; 3B-Fiberglass; SGL Carbon
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China Automotive Composites Market Segment Insights
The glass fiber segment is projected to account for a large market share
Based on Material Types, the China automotive composites market is divided into thermoplastic polymer, carbon fiber, thermoset polymer, glass fiber and others. The glass fiber segment is expected to represent a key share of the market during the forecast period due to lightweight, has a high tensile strength, and is simple to work with and manufacture. technical advancements in the fiberglass production process
The resin transfer molding segment is expected to expand at a rapid pace
In terms of production types, the China automotive composites market is segmented into resin transfer molding, vacuum infusion processing, hand layup, injection molding and compression molding. The resin transfer molding segment is expected to hold a key share of the market in the coming years due to widely used to make a huge number of intricately formed pieces and offers a dimensionally accurate and high quality of surface finish of composite.
The structural assembly segment is expected to register a rapid growth
On the basis of applications, the China automotive composites market is segmented structural assembly, into power train component, interior, exterior and others. The structural assembly segment is expected to account for a key share of the market in the coming years owing to helps to manufacture customized products.
Segments
The China automotive composites market has been segmented on the basis of
Material Types
- Thermoplastic Polymer
- Carbon Fiber
- Thermoset Polymer
- Glass Fiber
- Others
Production Types
- Resin Transfer Molding
- Vacuum Infusion Processing
- Hand Layup
- Injection Molding
- Compression Molding
Applications
- Power train Component
- Structural Assembly
- Interior
- Exterior
- Others
Country
Key Players
Competitive Landscape
Key players competing in the China automotive composites market include Toray Group; BASF SE; Hexcel Corporation; 3B-Fiberglass; SGL Carbon.
Some of these players are coming up with several market such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase/enhance their market shares.
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