Automotive Composites Market Size Share, Growth & Forecast [2031]
Automotive Composites Market Size Share, Growth & Forecast [2031]
Segments - Automotive Composites Market by Application Types (Structural Assembly, Powertrain Component, Interior, and Exterior), Material Types (Thermoset Polymer, Thermoplastic Polymer, Carbon Fiber, and Glass Fiber), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023-2031
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| Report ID :AL-3124
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| 212 Pages
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Report Description
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 |
Details |
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Report Title |
Automotive Composites Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
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 |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
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 |
Toho Tenex (Teijin Ltd); Toray Industries Inc; Mitsubishi Chemical Carbon Fiber and Composites, Inc.; and SGL Carbon |
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
- Toho Tenex (Teijin Ltd)
- Toray Industries Inc
- Mitsubishi Chemical Carbon Fiber and Composites, Inc.
- SGL Carbon.
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.
Frequently Asked Questions
Major trends include increased use of composites for lightweighting, rising demand for electric vehicles, and strict government regulations creating new opportunities.
The pandemic caused production halts and supply chain disruptions, but relaxation of restrictions is expected to positively influence market growth.
Major players include Toho Tenex (Teijin Ltd), Toray Industries Inc, Mitsubishi Chemical Carbon Fiber and Composites, Inc., and SGL Carbon.
Challenges include recycling difficulties, high processing and manufacturing costs, and the expensive nature of carbon fiber and glass fiber composites.
The Asia Pacific region is anticipated to expand at a rapid pace due to increasing demand for fuel-efficient passenger cars.
Automotive composites are used in structural assembly, powertrain components, interiors, and exteriors of vehicles.
Common materials used in automotive composites include thermoset polymers, thermoplastic polymers, carbon fiber, and glass fiber.
Key growth drivers include increasing demand for lightweight materials, a growing focus on fuel economy, rising industrialization, and the surge in electric vehicle production.
The automotive composites market is expected to grow at a CAGR of 12.1% during the forecast period 2023–2031.
The global automotive composites market is anticipated to reach USD 20.13 Billion by 2031.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Automotive Composites Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Automotive Composites Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Automotive Composites Market - Supply Chain
4.5. Global Automotive Composites Market Forecast
4.5.1. Automotive Composites Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Automotive Composites Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Automotive Composites Market Absolute $ Opportunity
5. Global Automotive Composites Market Analysis and Forecast by Region
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Region
5.2.2. Y-o-Y Growth Projections by Region
5.3. Automotive Composites Market Size and Volume Forecast by Region
5.3.1. North America
5.3.2. Latin America
5.3.3. Europe
5.3.4. Asia Pacific
5.3.5. Middle East and Africa (MEA)
5.4. Absolute $ Opportunity Assessment by Region
5.5. Market Attractiveness/Growth Potential Analysis by Region
5.6. Global Automotive Composites Demand Share Forecast, 2019-2026
6. North America Automotive Composites Market Analysis and Forecast
6.1. Introduction
6.1.1. Basis Point Share (BPS) Analysis by Country
6.1.2. Y-o-Y Growth Projections by Country
6.2. North America Automotive Composites Market Size and Volume Forecast by Country
6.2.1. U.S.
6.2.2. Canada
6.3. Absolute $ Opportunity Assessment by Country
6.4. Market Attractiveness/Growth Potential Analysis
6.4.1. By Country
6.4.2. By Product Type
6.4.3. By Application
6.5. North America Automotive Composites Demand Share Forecast, 2019-2026
7. Latin America Automotive Composites Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.1.3. Latin America Average Pricing Analysis
7.2. Latin America Automotive Composites Market Size and Volume Forecast by Country
7.2.1. Brazil
7.2.2. Mexico
7.2.3. Rest of Latin America
7.3. Absolute $ Opportunity Assessment by Country
7.4. Market Attractiveness/Growth Potential Analysis
7.4.1. By Country
7.4.2. By Product Type
7.4.3. By Application
7.5. Latin America Automotive Composites Demand Share Forecast, 2019-2026
8. Europe Automotive Composites Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Europe Average Pricing Analysis
8.2. Europe Automotive Composites Market Size and Volume Forecast by Country
8.2.1. Germany
8.2.2. France
8.2.3. Italy
8.2.4. U.K.
8.2.5. Spain
8.2.6. Russia
8.2.7. Rest of Europe
8.3. Absolute $ Opportunity Assessment by Country
8.4. Market Attractiveness/Growth Potential Analysis
8.4.1. By Country
8.4.2. By Product Type
8.4.3. By Application
8.5. Europe Automotive Composites Demand Share Forecast, 2019-2026
9. Asia Pacific Automotive Composites Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Asia Pacific Average Pricing Analysis
9.2. Asia Pacific Automotive Composites Market Size and Volume Forecast by Country
9.2.1. China
9.2.2. Japan
9.2.3. South Korea
9.2.4. India
9.2.5. Australia
9.2.6. Rest of Asia Pacific (APAC)
9.3. Absolute $ Opportunity Assessment by Country
9.4. Market Attractiveness/Growth Potential Analysis
9.4.1. By Country
9.4.2. By Product Type
9.4.3. By Application
9.5. Asia Pacific Automotive Composites Demand Share Forecast, 2019-2026
10. Middle East & Africa Automotive Composites Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Middle East & Africa Average Pricing Analysis
10.2. Middle East & Africa Automotive Composites Market Size and Volume Forecast by Country
10.2.1. Saudi Arabia
10.2.2. South Africa
10.2.3. UAE
10.2.4. Rest of Middle East & Africa (MEA)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Market Attractiveness/Growth Potential Analysis
10.4.1. By Country
10.4.2. By Product Type
10.4.3. By Application
10.5. Middle East & Africa Automotive Composites Demand Share Forecast, 2019-2026
11. Competition Landscape
11.1. Global Automotive Composites Market: Market Share Analysis
11.2. Automotive Composites Distributors and Customers
11.3. Automotive Composites Market: Competitive Dashboard
11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
11.4.1. Toho Tenex (Teijin Ltd)
11.4.2. Toray Industries Inc
11.4.3. Mitsubishi Chemical Carbon Fiber and Composites, Inc.
11.4.4. SGL Carbon.
Methodology
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