Automotive Composites Market Outlook 2031
The global automotive composites market size was valued at USD 7.2 Billion in 2022 and is anticipated to reach USD 20.13 Billion by 2031, expanding at a CAGR of 12.1% during the forecast period, 2023 – 2031. The growth of the market is attributed to the increasing demand for lightweight materials from the automotive industry.
A composite is a material made from two or more physical and chemical properties. The combination of two properties can result into better characteristics. Automotive composites make vehicles lighter, safer, and more fuel-efficient. Composites are lightweight materials, which are majorly used in trucks, cars, and other vehicles. Carbon fiber and fiberglass composites are widely used in the automotive industry for making sports cars.
During COVID-19 pandemic, various restrictions by government state bodies halted production and disrupted supply chain in vital areas. However, the relaxation in restrictions is estimated to positively influence the market growth.
Automotive Composites Market Trends, Drivers, Restraints and Opportunities
- A growing focus on fuel economy is projected to drive the market growth.
- Increasing industrialization is expected to boost the market growth in the coming years.
- Rising demand for electric vehicles is expected to spur market growth during the forecast period.
- Recycling challenges are estimated to restrict the market growth in the coming years.
- High processing and manufacturing costs of composites can restrain the growth of the market.
- The high cost associated with carbon fiber composites and glass fiber composites is hindering the growth of the market.
- Strict government regulations can create lucrative opportunities during the forecast period.
Scope of Automotive Composites Market Report
The report on the global 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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Automotive Composites Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Application Types (Structural Assembly, Powertrain Component, Interior, and Exterior) and Material Types (Thermoset Polymer, Thermoplastic Polymer, Carbon Fiber, and Glass Fiber)
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Regions
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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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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Toho Tenex (Teijin Ltd); Toray Industries Inc; Mitsubishi Chemical Carbon Fiber and Composites, Inc.; and SGL Carbon
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Automotive Composites Market Segment Insights
Interior segment to hold a significant market share
Based on application types, the market is divided into structural assembly, powertrain component, interior, and exterior. The exterior assembly segment is anticipated to hold a key share of the market in the coming years due to usage in headlamps and heat shielding components. However, the interior segment is anticipated to expand at a rapid pace during the forecast period owing to rising demand for infotainment and focus on providing comfort and convenience in vehicles.
Thermoplastic polymer segment is expected to grow at a rapid pace
On the basis of material types, the market is segregated into thermoset polymer, thermoplastic polymer, carbon fiber, and glass fiber. The thermoset polymer segment is expected to represent a key share of the market in the upcoming years owing to low coefficient of thermal expansion, high impact strength, and excellent dimensional stability. On the other hand, the thermoplastic polymer segment is anticipated to expand at a rapid pace during the forecast period due to high toughness, recyclability, and ability to deliver a fast manufacturing process.
Regional Analysis
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period due to the rising income level of consumers. However, the market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to demand for better fuel efficiency in passenger cars.
Segments
The global automotive composites market has been segmented on the basis of
Application Types
- Structural Assembly
- Powertrain Component
- Interior
- Exterior
Material Types
- Thermoset Polymer
- Thermoplastic Polymer
- Carbon Fiber
- Glass Fiber
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the automotive composites market includes Toho Tenex (Teijin Ltd); Toray Industries Inc; Mitsubishi Chemical Carbon Fiber and Composites, Inc.; and SGL Carbon.
Some of these players are engaging in business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market share.
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