Automotive Composites market size will shoot up to US$ 15.6 billion by 2025, as estimated by Stratview Research

Stratview Research in its recent report has offered an overlook of the current Automotive Composites market scenarios and has also estimated the Automotive Composites market size to reach US$ 15.6 billion by 2025. The insights highlighted in the report are based on data that is carefully collected from reliable sources and is then scrutinized to have a proper analysis.

Not only the report offers the market size but also details about the market segmentation with its share. Stratview Research also extends its research to offer a forecast of the market during the period of 2020 – 2025, to provide the clients with base knowledge of the market and make strategies to have beneficial results ahead.

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The global automotive composites market is projected to reach an estimated value of US$ 15.6 billion in 2024. In the coming five years, the growth rate of composites in automotive is likely to outpace the growth rate of the automotive industry, catching the significant attention of the industry stakeholders. Organic growth in the automobile production; strict government regulations regarding carbon emission reductions and fuel efficiency enhancements, such as CAFÉ Standards; an excellent weight reduction offered by composite materials, a shift towards all-composites parts, a significant reduction in number of parts, and excellent chemical as well as corrosion resistance are some of the factors that are escalating the demand for composite materials in the industry.
In recent years, the automotive composites market has witnessed fair consolidation as major players are acquiring other medium and small players with an aim to enhance their product portfolio and expand their geographical reach. Some of the foremost mergers & acquisitions that took place in the market include the announcement of an agreement on acquisition of Polyamide Business of Solvay by BASF and Domo Chemicals in which Domo Chemicals will acquire the European PA6.6 business of Solvay, whereas BASF will acquire the global polyamide business excluding European PA6.6 business. In 2019, the EU Commission approved the acquisition with deal expect to be closed by end of 2019. Similarly, in 2018, LyondellBasell acquired Ohio-based A. Schulman for an agreed price of US$ 2.25 billion. The acquisition is a strategic move of the company to double its existing compounding business and to broaden its products in the high-margin markets.

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The automotive composites market is broadly segmented based on vehicle type as Passenger Car, LCV, and M&HCV. Passenger car is expected to remain the growth engine of the automotive composites market during the forecast period. The high production of cars coupled with good composites penetration is the prime factor behind the dominance of the passenger car segment in the automotive composites market.

Composites are used in all major application areas in the automotive industry, such as interiors, exteriors, and under the hood. Composites have the highest level of penetration in under-the-hood application areas, such as air intake manifold, radiator end tanks, engine oil pan, engine cover, aero ducts, and charge-air-cooler end caps. Temperature and heat resistance are the major requirements of the materials used in under-the-hood applications. Amongst resins, polyamide resin is the perennial choice as it can withstand temperature about 260o C and is lightweight, resistant to road salt and engine fluids, and offers excellent mechanical properties.

Exterior applications of composites in the automotive industry generally include large-sized components and are relying more on LFRT and SMC compounds, unlike the under-the-hood segment that predominantly uses SFRT compounds. Front-end module, fender, bumper, liftgate, door module, and hood are key applications of composites in exteriors. Apart from interior, exterior, and under the hood, composite materials are also gaining sheet interest in various other applications such as leaf springs, pressure vessels, underbody shield, and driveshaft.

Based on the reinforcement type, the automotive composites market is segmented as glass fiber composites and carbon fiber composites. Glass fiber composite is expected to remain the dominant segment of the market during the forecast period, whereas carbon fiber composite is likely to grow at a faster rate during the same period. Glass fiber offers unmatched price-performance ratio and competes well with steel and aluminum in most of the automotive applications. The reinforcement type offers many advantages, such as low cost, moderate mechanical performance, and good chemical and corrosion resistance.

The report also deeply studies the different resin types in the market. Polyester, polyamide (PA), polypropylene (PP), and epoxy are the major resin types considered in the report. Different resin materials are preferred choices for different applications and are used in different product forms. For instance, polyamide is the material of choice in under-the-hood components, such as air intake manifolds, radiator end tanks, engine covers, charge-air-cooler end caps, and engine oil pans.
Polyamide composites are generally used in the form of SFTs and LFRTs, primarily through the injection molding process. On the other hand, polyester composites are predominantly used resin types for exterior composite applications such as fender, hood, bumper, and pick-up box. Polyester composites are primarily used in the form of SMCs and BMCs through either compression or injection molding process.

Check out the Table of Contents here:
https://www.stratviewresearch.com/toc/581/automotive-composites-market.html

Highlights of the Report:

As per Stratview Research, Europe and North America capture a large chunk of the global automotive composites market. The average composite content per vehicle is higher in Europe and North America as compared to the Asia-Pacific region, which led to a low share of Asia-Pacific despite being the largest vehicle producer across the globe. The USA, Canada, Mexico, Germany, France, China, and Japan are some key countries across the globe, accounting for a significant share in the market.

The report also throws light on the Automotive Composites market share percentage, captured by specific key players in the industry; along with important mergers and acquisitions which have taken place till date.

Some of the key players mentioned the Automotive Composites Market are Ashland Global Holdings Inc., AOC, LLC , BASF SE, Continental Structural Plastics Inc. (CSP), Solvay S.A., Koninklijke DSM N.V., E. I. du Pont de Nemours and Company, Hexion Inc., Huntsman Corporation, Lanxess GmbH, SABIC (Saudi Basic Industries Corporation) , Toray Industries, Inc., and Owens Corning Corporation.

Features of the Report

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The automotive composites market analysis report discusses the following heads in great detail:
• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Know more about us and our reports:
Stratview Research has been offering its insightful reports and custom researches to the interested clients in some of important industry sectors such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas. The data is collected for the reports is collected from reliable sources and is analysed carefully to come up with an end result that is resourceful and worthy for the interesting clients.

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