Advancement in Automotive Manufacturing, Opens Enormous Opportunities for Automotive Composite Materials Market Growth / BASF Corporation, DowDupont, Gurit Holding AG, Magna International Inc.

Global Automotive Composite Materials Market was valued US$ 4,681.6 million in 2018 and is expected to reach a market size of US$ 9,037.4 million by 2025, growing at a CAGR of 9.97% during the forecast period 2019-2025. Lightweight materials are an important technology that can improve the fuel efficiency of passenger vehicles by 6-8% for every 10% weight reduction while making electric and alternative vehicles more competitive as well. The new generation of vehicles, therefore, has to be lighter, less polluting, and more fuel-efficient. Thus, vehicle design should be developed aiming for individual mobility while maintaining safety, eco-friendliness, and affordability. These issues can be overcome by the use of composite materials in automotive manufacturing.

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The growing trend towards replacing conventional steel and casting irons for lightweight purposes in vehicles leads to the development of automotive components with lighter materials. In the engine block, cylinder heads as well as in transmission, cases, valve bodies, and channel plates, conventional materials such as aluminium or magnesium alloy and ultra-high-strength steel are used. Other categories include fiber-reinforced polymer composites (including carbon and glass fibres) and advanced polymers (without fibre reinforcement) in addition to these materials. Other materials such as the MMC (metal matrix composites) are also considered with low-cost processing development. MMC covers a range of non-metallic parts/fibres based metallic matrix with a significant improvement in tensile strength, yield and fatigue over the entire temperature range. According to Oak Ridge National Laboratory (ORNL), high-performance materials such as carbon fiber can reduce weight by around 60%, increases vehicle fuel economy and offer superior environmental damage resistance.

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Today, composite materials have big advantages over steel in automobile manufacturing. Composites are being considered to make lighter, safer, and more fuel-efficient vehicles. Carbon-fibre composites weigh about one-fifth as much as steel but are as good or better in terms of stiffness and strength. The trend in using composite materials is accelerating to meet light-weighting requirements to meet the next generation of fuel economy standards. According to the Global EV Outlook 2019, the global electric car fleet exceeded 5.1 million in 2018. That means a 2 million increase from 2017, nearly doubling EV sales in just one year. A 10% weight reduction for an electric vehicle can improve electric range by 13.7% while a 5.1% improvement in fuel economy for a 10% weight reduction in a hybrid electric vehicle.

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Based on the materials, the global automotive composites market has been categorized into Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC), Ceramic Matrix Composite (CMC) and Hybrid Composite. Of these, polymer matrix composites dominated the market and is expected to hold the larger market share by the year 2025. Polymer Matrix Composite (PMC) led the global automotive composite materials market in 2018 and is expected to reach a market size of US$ 4.23 billion by 2020, followed by composites of metal matrix and ceramic matrix composites. Besides, based on manufacturing type, the market has been segmented as thermoplastic and thermoset. Of the two, thermoplastic and thermoset. Thermoset emerged as the dominant segment in 2018 and expected to remain till the end of forecast year while thermoplastic manufacturing type is anticipated to witness the highest CAGR growth over the analysed period due to its recyclable potential and ability of the material to be melted and reformed.

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Further, among the manufacturing process, the automotive composite materials market has been segmented into Hand Lay Up, Compression Moulding, Injection Moulding, and Resin Transfer Moulding (RTM). Currently, Injection Moulding dominated the market and has generated a revenue of US$ 2,154 million in 2018. Based on the application, the automotive composite materials market has been segregated into the interior, exterior, chassis, and powertrain & under the hood and structural parts. Of these, exterior applications dominated the market with a market size of US$ 3,176.4 million in 2018 and will keep dominating over the forecast period. Furthermore, among vehicle type, the market is segmented as performance cars, passenger cars, and others. The passenger cars segment accounted for largest market share in the automotive composite materials market and is expected to lead the segment over the analysed period due to increasing passenger vehicle production & demand and government regulations to produce eco-friendly vehicles.

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Additionally, for better investigation and penetration of Automotive Composite Materials Market, the report provides an in-detailed analysis of automotive composite materials adoption across the world. The market is classified into distinct regions that are North America (the U.S., Canada, Mexico and Rest of North America), Europe (Germany, France, the U.K., Russia, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Australia and rest of Asia-Pacific), Middle East and Africa (the UAE, Saudi Arabia, Algeria, Kuwait, Egypt, Qatar and rest of the Middle East and Africa) and Latin America (Brazil, Argentina, Chile and Rest of Latin America). Asia-Pacific is the largest revenue contributor in the automotive composite materials market. In 2018, Asia-Pacific generated a revenue of US$ 2,355.9 million as the region has several key players such as and Toray Industries, Teijin Limited, and Mitsubishi Rayon Co. Ltd., which offers for both the production facilities as well as strong demand.

The report also covers in-detailed competitive landscape including company profiles of key players operating in the global automotive radar market. Some of the key players include BASF Corporation, DowDupont, Gurit Holding AG, Magna International Inc., Mitsubishi Chemicals Holding Corporation, Owens Corning, SGL Group, Solvay S.A., Teijin Limited and Toray Industries Inc. The in-detailed view of the competitive landscape includes key mergers & acquisitions, future capacities, financial overview, new product launches, new product developments, partnerships, collaborations, and other developments with company key facts.
Global Automotive Composite Materials Market Segmentation

Market Insight, by Material Type
• Polymer Matrix Composite (PMC)
• Metal Matrix Composite (MMC)
• Ceramic Matrix Composite (CMC)
• Others (Hybrid Composites)

Market Insight, by Manufacturing Process Type
• Hand Lay Up
• Compression Molding
• Injection Molding
• Resin Transfer Molding

Market Insight, by Application Type
• Interior
• Exterior
• Chassis, Powertrain and Under the Hood
• Structural

Market Insight, by Vehicle Type
• Performance Cars
• Passenger Cars
• Others

Market Insights, by Region
• North America
• Europe
• Asia-Pacific
• MENA
• Latin America

Top Companies Profiled
• BASF SE
• DowDupont
• Gurit Holding AG
• Magna International Inc.
• Mitsubishi Chemicals Holding Corporation
• Owens corning
• SGL Group
• Solvay S.A.
• Teijin Limited
• Toray Industries Inc.

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