PUBLISHER: The Business Research Company | PRODUCT CODE: 1546404
PUBLISHER: The Business Research Company | PRODUCT CODE: 1546404
Automotive composites refer to materials made from two or more distinct components combined to enhance vehicle performance, efficiency, and durability. These materials typically consist of a reinforcing phase, such as fibers or particles, embedded within a matrix material. They are widely used in automotive manufacturing to reduce weight, improve fuel efficiency, and enhance structural integrity across various vehicle components.
The main types of automotive composites include glass fiber composites, natural fiber composites, carbon fiber composites, aramid fiber composites, and others. Glass fiber composites consist of glass fibers embedded within a resin matrix and are known for their strength, lightweight properties, and versatility in various industrial applications. These composites utilize resins such as thermoplastics and thermosets and are manufactured through processes such as compression molding, injection molding, and resin transfer molding (RTM), among others. They are used in applications such as exterior and interior components, structural elements, powertrains, and more.
The automotive composites market research report is one of a series of new reports from The Business Research Company that provides automotive composites market statistics, including the automotive composites industry's global market size, regional shares, competitors with an automotive composites market share, detailed automotive composites market segments, market trends and opportunities, and any further data you may need to thrive in the automotive composites industry. This automotive composites market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The automotive composites market size has grown rapidly in recent years. It will grow from $7.33 billion in 2023 to $8.14 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to the increased demand for lightweight vehicles, the expansion of the electric vehicle (EV) market, government enforcement of stricter emission norms, growth in global vehicle production, and heightened consumer preference for high-performance vehicles with improved fuel efficiency and safety features.
The automotive composites market size is expected to see rapid growth in the next few years. It will grow to $12.44 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to the continued expansion of the electric vehicle (EV) market, increased emphasis on recycling and reuse of materials driving innovation in sustainable composite solutions, rapid industrialization, increased investments in research and development, and the expansion of charging infrastructure. Major trends in this period include 3D printing and additive manufacturing, incorporation of nanoparticles, increased use of renewable and bio-based materials, advanced software tools for optimizing the structure of composite components, and the development of advanced coatings.
The growing demand for lightweight and fuel-efficient vehicles is anticipated to drive the expansion of the automotive composites market in the future. Lightweight and fuel-efficient vehicles are designed to reduce overall weight using materials such as composites and alloys, thereby decreasing fuel consumption and emissions while enhancing performance. This trend is driven by regulatory mandates for lower emissions, consumer demand for better fuel economy, and advancements in materials technology that enable the creation of lighter yet stronger vehicle components. Automotive composites replace traditional materials such as steel, offering benefits such as a high strength-to-weight ratio and design flexibility, which contribute to reduced vehicle weight and improved fuel efficiency. For example, the Bureau of Economic Analysis, a US-based government agency, reported that sales of lightweight vehicles, including automobiles and light trucks, increased from 13.5 million units in December 2022 to 16.1 million units by December 2023 in the USA. Thus, the rising demand for lightweight and fuel-efficient vehicles is set to propel the automotive composites market.
Leading companies in the automotive composites market are concentrating on innovations such as glass fiber composite technology to enhance vehicle strength and reduce weight. Glass fiber composite technology involves embedding glass fibers in a resin matrix to create materials that are both strong and lightweight, suitable for various automotive applications. For instance, in June 2024, Navrattan Group, an India-based technology company, launched the E-Bus, constructed using composite fiber materials. By integrating high-quality glass fiber composite technology with advanced manufacturing processes, this E-Bus represents a significant advancement in electric vehicle design. The use of these advanced materials results in a lighter body and a lower gross vehicle weight, thereby greatly improving the bus's overall efficiency.
In September 2023, Michelin, a France-based tire manufacturing company, acquired Flex Composite Group for $754.22 million (€700 million). This acquisition combines the expertise of both companies in polymer composite solutions, with Michelin contributing its renowned innovation and R&D capabilities and Flex Composite Group bringing its advanced customer engagement and industrial process expertise. Flex Composite Group is a France-based manufacturer of advanced automotive composite materials.
Major companies operating in the automotive composites market are BASF SE, General Electric Company, Compagnie de Saint-Gobain S.A, Toray Industries Inc., DuPont de Nemours Inc., Owens Corning Corporation, Lanxess AG, Teijin Ltd., Solvay S.A., Nippon Sheet Glass Co. Ltd., Avient Corporation, Johns Manville Corp., Hexcel Corporation, SGL Carbon India Private Limited, Gurit (Tianjin) Composite Material Co. Ltd., Momentive Performance Materials Inc., UFP Technologies Inc., Exel Composites plc, Mitsubishi Chemical Carbon Fiber and Composites Inc., Sigmatex Limited, Composites Evolution Ltd., Innegra Technologies LLC
Asia-Pacific was the largest region in the automotive composites market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive composites market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive composites market consists of sales of metal matrix composites, polymer matrix composites, and carbon nanotube composites. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Automotive Composites Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive composites market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive composites ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive composites market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.