Automotive Composite Market Growth, Size and Industry Analysis

The automotive composite market is expected to grow from US$ 22 billion in 2022 to US$ 34 billion by 2028 at a CAGR of 7% between 2022 and 2028.

Composites are composed of two or more diverse phases and insoluble substances. They are made from super-performance fiber and offer enhanced properties against other materials. Composites are often used in motorsports and high-end luxury vehicles. Carbon-fiber composites, which are stronger and lighter than metal alternatives, have been used for several decades in low-volume industries such as military, commercial aviation, and race cars.

MARKET DYNAMICS

Rising demand for sports and racing cars drives the automotive composite market growth. Composites are used in manufacturing external parts of vehicles due to their high stiffness resulting in minimum damages during accidents. The growing demand for fuel-efficient and lightweight electric vehicles is expected to create lucrative opportunities for the automotive composites market during the forecast period. Moreover, the high demand for lightweight materials would become a major trend in the market in the coming years.

MARKET SCOPE

The "Global Automotive Composite Market Forecast to 2028" report provides an overview of the automotive composite market with detailed market segmentation based on fiber type, resin type, application, and vehicle type. The report provides key statistics based on the performance of the leading market players. It also focuses on key trends and opportunities in the automotive composite market.

MARKET SEGMENTATION

The global automotive composite market is segmented on the basis of fiber type, resin type, application, and vehicle type. Based on fiber type the market is segmented into carbon fiber composites, glass fiber composites, and others. Based on resin type, the market is bifurcated into thermoset composites and thermoplastic composites. By application, the global automotive composite market is segmented into exterior, interior, powertrain, and chassis. Based on vehicle type, the market is segmented into passenger cars, heavy commercial vehicles, light commercial vehicles, and others.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It also provides market size and forecast estimates from 2020 to 2028 with respect to five major regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South America. The report covers an analysis and forecast of 18 countries across the world, along with future trends and opportunities in the region.

From the regional perspective, Asia Pacific accounts for the largest share of the automotive composite market. The Asia Pacific automotive composite market is majorly driven by the presence of a large number of automotive manufacturers and the high adoption rate of composite.

 Following figure showcases the revenue growth trend in the automotive composite market

Get more information on this report : Request Free Sample PDF

The report analyzes factors such as drivers, restraints, opportunities, and future trends, which impact the automotive composite market. The report also provides exhaustive Porter's five forces analysis of the factors influencing the market in these regions.

IMPACT OF COVID-19 PANDEMIC

Due to the COVID-19 pandemic,  chemical & materials, automotive, and many industries faced unprecedented challenges due to disruptions in the global supply chain that adversely affected manufacturing activities, delivery schedules, and various goods sales. The automotive composite market size decreased due to a decline in the growth of the automotive sector. Many production sites were partially or fully closed to combat the spread of SARS-CoV-2. COVID-19 pandemic also caused fluctuations in the raw materials prices of automotive composite due to huge gap in supply and demand.

Since 2021, the automotive industry has been strongly growing, and the growth trend is foreseen to continue in the coming years. The growing automotive industry would propel the consumption of automotive composites, which is likely to bolster the automotive composite market growth during the forecast period.

MARKET PLAYERS

The report covers key developments in the automotive composite market. Various companies in the market are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Acquisitions and partnerships & collaborations are among the inorganic growth strategic activities witnessed in the market. These activities have paved the way for the expansion of business and customer base of market players. Players from the automotive composite market are anticipated to experience lucrative opportunities in the future due to the rising demand for automotive composites. 

The report includes the profiles of key automotive composite market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players’ information such as company profiles, components and services offered, financial information of the last three years, and key developments in the past five years. Below mentioned is the list of a few companies engaged in the automotive composite market.

• Toray Industries Inc.
• SGL Carbon
• TEIJIN LIMITED
• Mitsubishi Chemical Corporation.
• Hexcel Corporation
• John Manville Corporation
• Owens Corning
• Zoltek Carbon Fiber
• Cytec Solvay Group
• Gurit

The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.