The Global Automotive Composites Market Size was over US$ 10.21 billion in 2017, and will grow at a CAGR of over 7.2% throughout the forecast period. Composites are used popularly in internal and external range of automotive parts to provide diverse weight and structural advantages. Many original equipment manufacturers (OEM’s) and third-party manufacturers across the world are increasingly consuming these composites, with their chief objective to decrease the overall vehicle weight and reduce the carbon emissions. Many small-scale companies and big automobile manufacturers are vigorously considering to integrate the carbon fiber composites in various automobiles in the coming years. Moreover, the acceptance of advanced automotive composites has improved the safety level and decreased the fuel consumption. In further, the adoption of composites for automobiles helped the automotive manufacturers to add additional functional hardware, such as digital gadgets.

Global Automotive Composites Market Share By Region (2018)

Global Automotive Composites Market Insights

The composites are considered as best substitutes available for traditional materials like aluminium and stainless steel. All these materials are getting consumed in various types of automobiles, both non-electric and electric vehicles. Currently, the global electric vehicles market is in its nascent phase, as the manufacture of electric cars is very low when compared to non-electric vehicles. The non-electric vehicles segment is expected to consume the major volume of the automotive composites market size during the forecast period. The composites for the non-electric vehicles, reduce the automobile’s weight and also offer greater strength-to-weight ratio, thus resulting in fuel efficiency improvement.

Global Automotive Composites Market Analysis

Over the coming years, the global automotive composites market size will witness some significant innovations, with untapped growth areas. Recent advances in the automotive composites market will provide original equipment manufacturers a better opportunity regarding design and functionalities. Across the globe, the demand for innovative design for automobiles will further open interesting opportunities for the automotive composites market share to grow over the forecast period from 2018 – 2025.

The growing need for decreasing the automobile’s weight through structural changes, coupled with the rising demand for improving the fuel consumption are the key factors accelerating the demand for automotive composites across the globe. The rising focus on innovations regarding automotive designs to improve the vehicle’s functionalities is boosting the demand for different engineering composites made from fiber and aluminum. This is further attributed to an increasing consumer demand for stylish cars. Many governments developed various legislations on decreasing the carbon emissions in both developed and developing countries. This acts as a notable factor for the growth of automotive composites’ demand. For instance, compulsory emission decrease targets in the EU region, calls for decreasing the carbon dioxide emissions from various passenger cars by the end of 2021. Additionally, the rising focus on enhancing the fuel efficiency of vehicles by automotive manufacturers is further expected to provide a thrust to the market growth.

Regional Analysis

The European and North America are the largest markets for automotive composites in terms of share and size. The Europe automotive composites market growth is mainly due to demand for light-weight passenger vehicles, thus preferring composites instead of metals.

Global Automotive Composites Market Detailed Segmentation:

This report segments the global automotive composites market on the basis of fiber, resin, and application. On the basis of fiber, the global market has been segmented into glass, carbon, and natural fibers. Glass fiber will hold the major volume share owing to its cost-effective properties compared to carbon fibers. Additionally, low manufacturing costs coupled with wide range of applications outlook in exterior, and structural applications will positively enhance the product demand.

Global Automotive Composites Market, By Application:

By application, the automotive composites market is segmented into interior, exterior, and others, which include structural, powertrain, etc. The exterior segment will lead the global automotive composite market throughout the forecast period. Tightening government regulations with emphasis on decreasing carbon emissions and overall weight of automobile will additionally fuel the demand for automotive composites over the forecast period.

Global Automotive Composites Market, By Resin:

Based on resin, the global automotive composites market has been divided into thermoset and thermoplastic resins. Thermoset will significantly dominate the global automotive composites market in the entire forecast period. It offers exceptional properties such as superior resistance to various chemicals and as well as moisture, and higher shelf life. Moreover, it offers outstanding finish, thus enhancing the automotive composites market growth.

Competitive Overview

Key companies covered as a part of this study include SGL Group, ACP Composites, DowAksa, Cytec Industries, Toho Tenax, Owens Corning, and SGL Carbon SE Hexcel Corporation, Jushi Group Co., Ltd., Cytec Solvay Group, Mitsubishi Rayon Co., Ltd., Polar Manufacturing, Rock West Composites, and SGL Group, among several others.