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AUTOMOTIVE & TRANSPORTATION

Automotive Composites Market Analysis by Fiber (Glass, Carbon, and Natural); by Resin (Thermostat, and Thermoplastic); by Application Area (Exterior, Interior, Structural & Powertrain, and Others); by Manufacturing Process (Compression Molding, Injection Molding, Resin Transfer Molding, and Others); and by Vehicle Type (Passenger Cars, HCVs, LCVs, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Teijin Group along with Fujitsu Limited launched a joint project to realize a blockchain-based commercial platform for enhancing the environmental value of recycled materials for manufacturers.

  • SGL CARBON SE is all set to enhance its operations in Arkadelphia, Arkansas, by introducing new production processes for fiber-based composites in order to ramp up its production.

Global Automotive Composites Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Base Year

2022

Forecast Year

2023-2035

CAGR

~6%

Base Year Market Size (2022)

~ USD 12 Billion

Forecast Year Market Size (2035)

~ USD 20 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)

 

The global automotive composites market is estimated to garner a revenue of ~USD 20 Billion by the end of 2035 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 12 Billion in the year 2022. The growth of the automotive composites market is primarily attributed to the expansion of the automotive industry in recent industry, rising fuel costs, and need for more fuel, and an increasing number of vehicles on conventional technology. Further, the global automotive industry is expected to reach approximately USD 9 trillion by 2030.

Automotive-Composites-Market-AnalysisGet more information on this report:Download Sample PDF

Composites are being heavily utilized in the automotive industry for reducing the weight of automobiles. These automotive composites are the preferred material in applications of exterior and interior. Thus, the high employment rate in the automotive industry is forecasted to increase the utilization of car composites owing to their excellent dimensional stability, highly resistant, high tensile strength, chemical, and abrasion resistance are estimated to propel the growth of the automotive carbon fiber composites market. In the fiscal year 2018, the Indian automotive industry employed approximately 2 million people.

Global Automotive Composites Market: Growth Drivers and Challenges

Growth Drivers

  • High Number of Vehicles on the Road Owing Increasing Purchases - With the recent urbanization, people are propelled to own a vehicle to fulfill their needs and requirements. This trend has led to a high number of vehicles on the roads. The increased number of vehicles is anticipated to bring lucrative growth opportunities in the automotive composites market in the assessment period. By the end of the first quarter of 2022, it was estimated that approximately 2 billion vehicles were on roads across the globe. Out of these, around 1 billion were estimated to be passenger cars.

  • Burgeoning Population with Increasing Middle Income – A growing population with middle income is projected to raise the adoption of vehicles, which, in turn, is expected to raise the sales of automotive composites in the upcoming years. According to World Bank, the total population with middle income in the world rose from 5.51 billion in 2015 to 5.86 Billion in 2021.

  • High Sales and Demand of Luxury Cars with Increasing Spending Capacity – The global sales of luxury cars are estimated to rise to 200K vehicles in 2026, a rise from 190K vehicles in 2022.

  • Rapid Production of Vehicles with Rising Demand for More Vehicles – As per the International Organization of Motor Vehicle Manufacturers (OICA), the global sales of vehicles augmented to 56,398,471 units in 2021 from 53,917,153 units in 2020. Whereas, the global production of vehicles was calculated to be 57,054,295 units in 2021, an increase from 55,908,989 units in 2020.

  • Rising Fuel Use with Growing Vehicle Count Across the World – As per the 2021 data of the Energy Information Administration, the total consumed motor gasoline in the United States was 134.83 billion gallons which is 369 million gallons for one day.

Challenges

  • Growth in Recycling Challenges

  • High Processing and Manufacturing Costs of Composites

  • Development of Low-Cost Technologies

The use of high price composites has a significant place in the automotive which is replaced by low-cost composites. The rising advancements in low-cost technologies will hamper market growth. The increasing commercialization of cheap composites has a negative impact on the market.

The automotive composites market is segmented and analyzed for demand and supply by vehicle type into passenger cars, HCVs, LCVs, and others. Out of these, the passenger cars segment is attributed to garner the highest market share by 2035, owing to its high demand by the swelling population, increasing R7D activities to improve the scope of automotive composites, and growing preference for composites in the exterior of cars and vehicles. International Organization of Motor Vehicle Manufacturers (OICA) stated that global passenger vehicles sales rose from 53,917,153 units in 2020 to 56,398,471 units in 2021, whereas, the production rose from 55,908,989 in 2020 to 57,054,295 in 2021.

Global Automotive Composites Market Regional Synopsis

The Asia Pacific region automotive composites market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035 on the back of increased demand for vehicles among the population. The total production of vehicles in the region was 46,732,785 units in 2021, a rise from 44,276,549 units in 2020. Similarly, the total sales in the region were 42,663,736 units in 2021, a rise from 40,322,544 in 2020 as per statistics released by the International Organization of Motor Vehicles. In addition, the presence of major key players and leading exporters and importers of vehicles in the region is expected to offer growth opportunities for the market growth in the forecast period. In 2021, China exported around 402,000 commercial vehicles and 1.6 million passenger vehicles.

Market Segmentation

Our in-depth analysis of the global automotive composites market includes the following segments:

      By Fiber

  • Glass
  • Carbon
  • Natural

      By Resin

  • Thermostat
  • Thermoplastic

       By Application

  • Exterior
  • Interior
  • Structural & Powertrain
  • Others

     By Manufacturing Process

  • Compression Molding
  • Injection Molding
  • Resin Transfer Molding
  • Others

       By Vehicle Type

  • Passenger Cars
  • HCVs
  • LCVs
  • Others

Top Featured Companies Dominating the Global Automotive Composites Market

  • Teijin Group

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • SGL CARBON SE
  • Mitsubishi Chemical Corporation
  • Toray Industries, Inc.
  • RTP Company
  • Plasan Carbon Composites, Inc.
  • Owens Corning
  • Solvay SA
  • UFP Technologies, Inc.
  • BASF

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