Automotive Composites Market Projected to Witness a Double-Digit CAGR During 2019-2024

November 17, 2021

Stratview Research has recently published a report on Automotive Composites Market segmented by by Vehicle Type (Passenger Car, Light Commercial Vehicle, and Medium- and Heavy-Duty Commercial Vehicle), by Application Type (Interior, Exterior, Under the Hood, and Others), by Reinforcement Type (Glass Fiber Composites and Carbon Fiber Composites), by Matrix Type (Polyester Composites, Polyamide Composites, Polypropylene Composites, Epoxy Composites, and Others), by Process Type (Resin Infusion, Compression Molding, Injection Molding, Filament Winding, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World). The objective of the market experts at Stratview Research is to conduct a thorough analysis of the ‘Automotive Composites Market’ and put a detailed knowledge about the industry and business attractiveness, revenue, market size, segmentation, growth and restraining factors so that the user gets in depth information about the industry and the business from a past, current and a future perspective and can potentially invest capital for further growth.

Additionally, the report covers a variety of established and emerging start-ups and organisations operating in the industry. As a result, the report provides a comparative analysis by presenting the user with various aspects of the markets discussed in the report.

Covid-19 Analysis -

Nationwide lockdowns have impacted, and halted productions, supply of raw materials sourcing disruption has affected the balance in the supply of finished products. This report aims to cover all the aspects of how the pandemic has affected the business in the Automotive Composites Market and how has the subsequent lockdowns inflamed the industry scenario and what are the areas that needs urgent action and re-planning.

To get a sample copy of this report, click here: https://www.stratviewresearch.com/Request-Sample/581/automotive-composites-market.html#form

 

Segment-wise analysis

The report encompasses in-depth segmentations like regional segmentation, segmentation by product types, application-wise segmentation, geographical segmentation and thereby gives the user an overview of the effectiveness of the segmentation by various classes.

Automotive Composites Market: Share by Vehicle Type

"High production of passenger car coupled with good composites penetration makes the segment dominant." 

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.

Automotive Composites Market: Share by Application

"Composites are are increasingly being used in newer applications."

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 260°C and is lightweight, resistant to road salt and engine fluids, and offers excellent mechanical properties.

Exterior applications of composites 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 sheer interest in various other applications such as leaf springs, pressure vessels, underbody shield, and driveshaft.

Automotive Composites Market: Share by Reinforcement Type

"Glass fiber composites dominant owing to their impressive price-performance ratio"

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.

Automotive Composites Market: Share by Resin Type

"Polyamides for under-the-hood components & Polyesters for exterior applications are the materials of choice."

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.

Regional Insights                                            

"Europe & North America Dominate the Market."

In terms of regions, 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.

Market Insights

Automotive composites market size 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.

Key Players in the Automotive Composites Market:

The supply chain of this market is convoluted and comprises several nodes including raw material suppliers, composite material manufacturers, compounders, distributors, part fabricators, tier players, and OEMs.

The key automotive composite manufacturers 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.
• Owens Corning Corporation.

 

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Author : Harshad