Automotive Composites Market 2021 Competitive Insights, Trends and Demand Growth to 2027
Automotive composites are light-weight materials that are adopted in producing multiple automotive interior, exterior, as well as other auxiliary systems and components in vehicles. Increasing adoption of these composites for weight reduction in hybrid and electrically powered vehicles will assert a positive influence on global market expansion in the years ahead.
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For example, Covestro and Guangzhou Automobile Group Co. Ltd.'s Research and Development Center have partnered up to develop a new lightweight composite-based seat back for the auto company's new electric concept car, ENO.146. The composite seat back is part of GAC's aim to develop an aerodynamically efficient electric car, which includes various other lightweighting efforts and extensive use of sustainable materials for a majority of the car's components, including the seats.
Thus, mounting adoption, coupled with government initiatives to protect and improve environmental quality, as well as control and reduce pollutions is expected to primarily boost the market share over the estimated timeframe.
As per Global Market Insights, Inc. estimates, the global automotive composites market size is expected to exceed $5.5 billion by 2026.
In terms of segmentation by fiber, the global market is categorized into glass, carbon, & natural fiber. Of these, the glass segment is poised to hold a dominant position and record a CAGR of nearly 6% through 2026. This can be attributed to high product strength and stiffness over other fibers. Furthermore, myriad benefits displayed by these fibers, including low dielectric constant, high heat resistance, & cost-effective nature are anticipated to augment industry demand in the coming years.
With regards to the manufacturing process spectrum, the global automotive composites industry is categorized into compression, injection, & resin transfer molding (RTM), as well as other manufacturing processes such as pre-peg layup process.
The injection segment registered a market share of around 15% in 2019 and is projected to expand at a considerable rate through 2026, owing to the rising consumer preference for cost-effective solutions in conducting large-scale molding projects. Likewise, low energy usage alongside reduced floor spacing is anticipated to contribute heavily to revenue growth.
Based on application , the market is classified into powertrain, structural, exterior, and interior segments. Additionally, other applications include lift gate, tail gate, and fenders. Automotive composites application in the structural & powertrains segment accounts for nearly one-third of the business landscape. This is due to the accelerating implementation of carbon and glass fibers in structural components such as body and chassis panels. Introducing lightweight materials for these automotive components will be a major factor driving market dynamics in years ahead.
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On the regional front, the Europe automotive composites market is set to exhibit a growth rate of over 7% through 2026. The product witnesses high demand from European countries including the UK, France, Germany, and Spain. Burgeoning automobile industry and government regulations related to greenhouse gas emissions from vehicles are likely to generate considerable growth prospects for the regional automotive composites business landscape.
Key automotive composites industry participants include Owens Corning, Mitsubishi Rayon Co., Ltd., Teijin Ltd., Toray Industries, Johns Manville Corporation, Hexcel Corporation, and Cytec Solvay Group, among others. In order to sustain in the competitive landscape, the companies are focused on various growth strategies including technology advancement, M&A, and geographic expansion.
Table of Contents (ToC) of the report:
Chapter 4 Market, By Fiber
4.1 Automotive composites market share by fiber, 2019 & 2026
4.2 Glass fiber composites
4.2.1 Market estimates and forecast, 2016 – 2026
4.2.2 Market estimates and forecast by region, 2016 – 2026
4.3 Carbon fiber composites
4.3.1 Market estimates and forecast, 2016 – 2026
4.3.2 Market estimates and forecast by region, 2016 – 2026
4.4 Natural fiber composites
4.4.1 Market estimates and forecast, 2016 – 2026
4.4.2 Market estimates and forecast by region, 2016 – 2026
Chapter 5 Automotive Composites Market, By Resin
5.1 Automotive composites market share by resin, 2019 & 2026
5.2.1 Market estimates and forecast, 2016 – 2026
5.2.2 Market estimates and forecast by region, 2016 – 2026
5.3.1 Market estimates and forecast, 2016 – 2026
5.3.2 Market estimates and forecast by region, 2016 – 2026
Chapter 6 Automotive Composites Market, By Manufacturing Process
6.1 Automotive composites market share by manufacturing process, 2019 & 2026
6.2.1 Market estimates and forecast, 2016 – 2026
6.2.2 Market estimates and forecast by region, 2016 – 2026
6.3.1 Market estimates and forecast, 2016 – 2026
6.3.2 Market estimates and forecast by region, 2016 – 2026
6.4 RTM Resin
6.4.1 Market estimates and forecast, 2016 – 2026
6.4.2 Market estimates and forecast by region, 2016 – 2026
6.5.1 Market estimates and forecast, 2016 – 2026
6.5.2 Market estimates and forecast by region, 2016 – 2026
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/automotive-composites-market
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