Automotive Composite Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Automotive Composite Market Size and Forecasts (2021 - 2031), Global and Regional Growth Opportunity Analysis, and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Mar 2024

  • Report Code : TIPRE00002782
  • Category : Chemicals and Materials
  • Status : Upcoming
  • No. of Pages : 150
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MARKET OVERVIEW

Automotive composites are the homogenous blend of high- performance fiber, such as glass or carbon and epoxy polymer, prepared synthetically. If combined, it provides a composite with additional properties compared to the individual materials. Some of the major factors driving the automotive composite market growth include low-weight, high strength-to-weight ratio, and fuel efficiency. The increasing demand for lightweight vehicles and passenger cars across the globe contributes to the growing demand for automotive composites. Automotive manufacturers continue to focus on advancements in materials and manufacturing processes; thermoplastic composites and reinforced glass will likely play a significant role in the future of automotive design and production. Glass fiber is relatively inexpensive and helps in significant reduction in weight as compared to the traditional metal components used in automotive production.

MARKET DYNAMICS

Demand for fuel-efficient automobiles is increasing as a result of surging fuel prices. According to government regulations and planning, automobile manufacturers are now increasingly using lightweight materials for manufacturing their products. Automotive composite fiber is one of the best lightweight materials to replace steel and aluminum.

Further, one of the main sources of air pollution is considered to be transportation. Governments worldwide have designed strict guidelines for OEMs to adhere a set range concerning CO2 emission from vehicles. Any failure to do so may be penalized. These serve as a primary growth factor for OEMs worldwide to incorporate innovative technologies, such as use of automotive composite, to reduce the weight of vehicles while maintaining their strength and structural integrity and considering the CO2 emission guidelines.

However, the high cost of composite and complicated processing may hurdle the growth of automotive composite market.

MARKET SCOPE AND REPORT FEATURES

The "Global Automotive Composite Market Analysis to 2030" is a specialized and in-depth study with a major focus on the global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation by fiber type, resin type, application, and geography. The global automotive composite market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of automotive composite worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting automotive composite market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in automotive composite market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.

Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global automotive composite market, which helps understand the entire supply chain and various factors affecting the market growth.

SEGMENTAL ANALYSIS

The global automotive composite market is segmented on the basis of fiber type, resin type, manufacturing process and application. Based on fiber type, the automotive composite market is segmented as carbon fiber composites, glass fiber composites, and others. On the basis of resin type, automotive composite market is classified as polyester, epoxy, vinyl ester, polyurethane, polypropylene, polyethylene and others. Based on manufacturing process, the automotive composite market is segmented into compression molding, injection molding, resin transfer molding, and others. On the basis of application, automotive composite market is divided as battery enclosures, structural assembly, interior and exterior.

Based on the product type, carbon fiber composites is expected to register significant growth which can be attributed to its popularity in the automotive industries. Its high strength to weight ratio has increased its utility in automotive applications. Some other characteristics of carbon fiber composites include anti-corrosion properties, high stiffness, and high tensile strength. A remarkable growth has been seen in the demand for lightweight material to boost fuel-efficiency. Also, glass fiber composites are extensively utilized in the automotive sector since they are more cost-effective than carbon and natural fiber composites.

REGIONAL INSIGHTS

The report provides a detailed overview of the global automotive composite market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. Asia Pacific automotive composite market is projected to account for a large portion of the global automotive composite market share. The presence of leading automotive manufacturers in countries such as China, Japan, and India has aided the demand growth of automotive composites in the region. Further, a number of electric vehicle manufacturers are setting their plants in the region owing to availability of cheap labor and attractive government subsidies availability. High population base and increasing environmental concerns have fueled the demand for electrification in the automotive industry. This has increased the demand for lightweight components for manufacturing EV and vehicles with high fuel efficiency.

MARKET PLAYERS

Some of the key players operating in the automotive composite market include Toray Advanced Composites, SGL Carbon, Teijin Limited, Mitsubishi Chemical Corporation, Hexcel Corporation, Solvay, Gurit, UFP Technologies, inc., Huntsman International Llc., Hexion, and Jushi Group Co.Ltd  among others.

January, 2021: Jaguar Land Rover announced the Tucana Advanced Composites project. It is a 4 year project where the aimed to increase the usage of electric vehicles and reduce the total weight of automotive vehicles.

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.


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REGIONAL FRAMEWORK
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MARKET PLAYERS
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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

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to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

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to country scope.

The List of Companies

  • 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 Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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