Automotive Composites Market to Reach $16.4 billion, Globally, by 2032 at 8.3% CAGR: Allied Market Research

News provided by

Apr 11, 2024, 04:12 ET

Increase in demand for lightweight vehicles, stringent regulations in automotive sector, and rise in adoption of electric vehicles are the factors that drive the growth of the automotive composites market

WILMINGTON, Del., April 11, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Composites Market by Fiber Type (Glass Fiber, Carbon Fiber, and Others), Resin Type (Thermoset and Thermoplastic), and Application (Exterior, Interior, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "automotive composites market" was valued at $7.4 billion in 2022, and is estimated to reach $16.4 billion by 2032, growing at a CAGR of 8.3% from 2023 to 2032.

Prime determinants of growth

The global automotive composites market is driven by rapid technological advancements. Advances in composite manufacturing technologies are making them more cost-effective and suitable for mass production. Processes like automated fiber placement and resin transfer molding are improving efficiency and reducing production costs. Furthermore, the rise of electric vehicles is creating new opportunities for composites. EV manufacturers are particularly interested in lightweight materials to extend battery range and improve performance. However, one of the primary restraints impacting the automotive composite market is the high cost associated with composite materials as compared to traditional metals such as steel and aluminum. The manufacturing processes involved in producing composite materials, including molding, curing, and finishing, are often complex and capital-intensive. In addition, the cost of raw materials used in composites, such as carbon fibers and resins, remains relatively high. As a result, automakers face challenges in justifying the higher upfront investment required for integrating composites into vehicle structures.

Download Sample Pages of Research Overview: https://www.alliedmarketresearch.com/request-sample/A09125

Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size In 2022

$7.4 Billion

Market Size In 2032

$16.4 Billion

CAGR

8.3 %

No. Of Pages In Report

710

Segments Covered

Fiber Type, Resin Type, Application, And Region.

Drivers

Increase In Demand For Lightweight Vehicles

Stringent Regulations In Automotive Sector

Surge In Adoption Of Electric Vehicles

Opportunities

Advancements In Composite Manufacturing

Composites Recycling And Sustainability

Restraint

High Costs Of Composite Materials

The carbon fiber segment to maintain its lead position during the forecast period.

By fiber type, the carbon fiber segment accounted for the largest share in 2022, contributing to more than two-thirds of the global automotive composites market revenue. Carbon fiber composites are much lighter than traditional materials like steel or aluminum. This reduction in weight can improve fuel efficiency and overall performance of vehicles, especially in terms of acceleration, handling, and braking. Furthermore, stricter emissions standards such as Bharat stage (BS-V and BS-VI) and fuel efficiency requirements are pushing automakers to explore lightweight materials like carbon fiber to reduce vehicle weight and meet regulatory standards. Lighter vehicles generally produce fewer emissions and consume less fuel.

The thermoplastic segment to maintain its lead position during the forecast period.

By resin type, the thermoset segment accounted for the largest share in 2022, contributing to more than half of the global automotive composites market revenue. Thermoset resins offer excellent mechanical properties such as high strength, stiffness, and dimensional stability, which are crucial for automotive applications. These resins provide durability and resistance to heat, chemicals, and fatigue, making them suitable for various components in vehicles. Moreover, thermoset composites can be molded into complex shapes, allowing for innovative designs and integration of multiple functionalities into a single component. This flexibility enables automakers to optimize the design of automotive parts for performance, aesthetics, and functionality.

Procure Complete Report (710 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3Jak0w1

The exterior segment to maintain its lead position in 2032.

By application, the exterior segment accounted for the largest share in 2022, contributing to nearly half of the global automotive composites market revenue. Composites offer a significant weight reduction compared to traditional materials like steel or aluminum. This weight reduction improves fuel efficiency, handling, and overall performance of vehicles, making composites particularly attractive for exterior components where reducing weight is crucial. Additionally, composites can be molded into complex shapes with ease, allowing for innovative and aerodynamic designs. This flexibility enables automakers to create distinctive exterior designs that not only enhance the vehicle's aesthetics but also improve aerodynamics, contributing to better fuel efficiency and performance.

Asia-Pacific to maintain its dominance by 2032

By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for one-third of the global automotive composites market and is projected to register the highest CAGR of 9.0% during the forecast period. The Asia-Pacific region is a major hub for automotive manufacturing, with countries like China, Japan, South Korea, and India leading the production. As the automotive industry in these countries continues to expand, there is a growing demand for lightweight materials like composites to improve fuel efficiency, meet regulatory standards, and enhance vehicle performance. Furthermore, with the growing emphasis on reducing greenhouse gas emissions and transitioning towards electric and hybrid vehicles, there is an increasing demand for lightweight materials that can help extend the range and improve the efficiency of these vehicles. Composites are well-suited for use in electric and hybrid vehicles due to their lightweight properties and design flexibility.

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/automotive-composites-market/purchase-options

Leading Market Players: -

Toray Industries, Inc.
SGL Carbon SE
Teijin Limited
Hexcel Corporation,
Owens Corning
Mitsubishi Chemical Holdings Corporation
Gurit Holding AG
Solvay S.A.
TenCate Advanced Composites
Huntsman Corporation.

The report provides a detailed analysis of these key players in the globalautomotive composites market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Similar Reports:

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
[email protected]
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Blog: https://www.newsguards.com/
Follow Us on | Facebook | LinkedIn | YouTube |