Press release
Automotive composites market size is likely to exceed USD 7 billion by 2023 at a CAGR of over 8.5%
Increasing preference towards passenger vehicle fuel efficiency coupled with product differentiation for vehicle aesthetics is likely to drive automotive composites market share. Increasing awareness towards lightweight material manufacturing for applications in interior and exterior vehicle components is components thereby reducing overall fuel consumption are likely to drive demand.
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Automotive composites offer impact & heat resistance and lower the overall automobile weight, particularly in hybrid and electrical cars. Properties such as high tensile strength, ease in manufacturing, surface tension and corrosion resistance are ideal for manufacturing fuel-efficient and lightweight vehicles.
Vehicle weight reduction is seen as priority by automobile manufacturers as it curbs carbon emissions. Reducing vehicle weight by 450 kg enables approximate 40 gram reduction in CO2 and helps in increasing the fuel efficiency by 8% to 12%.
Major automotive composite product segment include MMC (metal matrix composites), CMC (ceramic matrix composites) and polymer matrix composites (PMC). PMC is further segmented into carbon (CRPF) and glass (GRPF) based fiber reinforcement polymer composites. CRPF is likely to witness highest gains of over 20% up to 2023 owing to growing application scope in new vehicle models to increase the fuel efficiency.
Automotive composites application segment includes engine & powertrain components, exterior and interior components. Exterior components was the largest application segment over the past few years owing to increasing demand for aesthetic & attractiveness appeal of passenger vehicles.
Automobile composites market is also segmented on the basis of technology namely manual, continuous, injection and compression.
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Europe is likely to witness moderate growth over the forecast period. Stringent environmental regulations are likely to favor growth in this region. UK, France and Germany automotive composites market is likely to witness steady gains owing to presence of automobile manufacturers such as BMW and Renault.
The global automotive composites market share is highly consolidated with top four manufacturers catering to more than 70% of the total demand. Key companies operating in this market include Toho Co. Ltd, Toray Industries, SGL and Mitsubishi. Other prominent companies include SAERTEX GmbH, Cytec Industries, Koninklijke Ten Cate N.V, Johnson Controls, Johns Manville, Teijin Limited, UFP Technologies, DuPont and Scott Bader.
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