High Growth and Smooth Sailing of Automotive Exterior Composites Market

High Growth and Smooth Sailing of Automotive Exterior Composites Market

November 28, 2019

The Cutting-Edge Stratview Insights:

Stratview Research prognosticates the market to grow at a healthy CAGR over the next five years and expects the market to cross over of US$ 11,928.1 million mark by 2024.

The estimates are a result of market analysis over a period of 2013-18, Stratview Research goes to the depth of the issues shaping the market and estimates the most probable future growth rate for the Automotive Exterior Composites Market during the period 2019-24.

 

Identifying the Factors & Avenues of Growth

Tending to the most frequent questions and problems that consume the psyches of business visionaries and leaders, the new report of "Stratview Research" on the Automotive Exterior Composites Market responds to all the significant inquiries.

The automotive industry has fervently been ushering in a new era by targeting the five key areas: Lightweight Design, Digitization, Connectivity, Autonomous, and Alternative Powertrains. Stringent regulations regarding fuel efficiency enhancements and carbon emission reductions, such as CAFÉ Standards and EU Directives on Carbon Emissions Reduction Target, imposed by several governments, are set to upheaval in the current material mix in the automotive industry. All the major automakers are meticulously investing in those technologies which can address changing business requirements in the most cost-effective manner. Composite materials have earned an unheralded reputation in addressing most of the current and future business requirements.

The usage of composite materials in the automotive industry is broadly bifurcated into four areas: Under-the-Hood, Exterior, Interior, and Others. Automotive exterior is one of the hotbeds of the composites industry as it is gaining the sheer interest of many global players. Exterior currently is the second-largest application segment in the automotive composites market after the under-the-hood segment and accounts for more than one-fourth of the total market. However, the application segment is likely to witness a higher growth than the under-the-hood segment in the foreseen future.

The automotive exterior composites market is likely to grow at a healthy rate over the next five years to reach US$ 11,928.1 million in 2024. There are several factors that are bolstering the demand for composites in automotive exterior applications. Some of the major ones are a higher strength-to-weight ratio of composite parts, excellent surface finish, excellent corrosion and abrasion resistance, and durability.  The combined effects of the above-mentioned factors render multi-edge benefits to the automakers as these factors not only assist automakers to meet the stringent regulations regarding fuel efficiency enhancements and carbon emission reductions but also provides more durable parts with the benefit for low-maintenance cost. It is anticipated that there would be an incessant replacement of metallic parts with the composite ones, especially in exterior applications, in the foreseen future.

 

Unravelling the Critical Segments

The true picture of the market shall not emerge till the time the market is analyzed from various point of views. Each vantage point gives a better understanding of the market.

                It would mean a lot understand with clarity that the market has various parts and insights on them might be critical to many players.

                The market of Automotive Exterior Composites has been divided into categories such as by Vehicle Type, Application Type, Resin Type, Fiber Type, Process Type, By Region. Insights on each segment can be of critical importance to any player.

Each segmented view helps us answer a prominent question, and we bring out the best market intelligence which is of interest to each and every playerin the market, no matter where he lies in the value chain.

The answers to the prominent questions which are evinced out of above slicing of the market are:

  • Which are the best performing segments of the market?
  • Which is the most dominant region?
  • Which material is the most promising?
  • Who are the movers and shakers of the market?
  • What are the regional growth hotspots?
  • What are the segmental growth forecasts?

 

To get the feel of how our best in class, cutting-edge market research report feels, request a sample: https://www.stratviewresearch.com/Request-Sample/429/Automotive-Exterior-Composites-Market.html

 

Denso Corporation at the Helm

The top 3 players are Denso Corporation, Magna International Inc., Mahle Group.

Other important firms are Samvardhana Motherson Group, Plastic Omnium, Toyota Boshoku Corporation.

 

Emerging Trends:

Polyester composite & Glass Fiber Composite to remain dominant

Based on the resin type, the market is segmented as polyester composites, polyamide composites, polypropylene composites, epoxy composites, and others.Polyester composote is expected to remain the largest segment of the market over the next five years, whereas epoxy composite is expected to witness the highest growth during the same period. Polyester is considered the perennial choice of resin for making exterior composite parts as the resin offers the required properties including the class-a surface finish at a relatively low cost. Also, the resin system can be processed in high-volume processes like compression molding process.

Based on the fiber type, the market is segmented as carbon fiber composites and glass fiber composites. Glass fiber composite is expected to remain the most dominant segment of the market during the forecast period, whereas carbon fiber composite is expected to witness the highest growth during the same period. Glass fiber offers a series of advantages including lower cost, good mechanical properties, excellent corrosion resistance, excellent surface finish, and durability. Carbon fiber offers the additional advantage of higher strength and more lightweight but at a very high cost.

 

Passenger Cars to be the growth engine

The market is segmented based on the vehicle type as Passenger Car, LCV (Light Commercial Vehicle) and M&HCV (Medium- and Heavy-Duty Commercial Vehicle). Passenger car is expected to remain the growth engine of the global automotive exterior composites market during the forecast period from 2019 to 2024. Increasing production of passenger cars coupled with increasing penetration of composite parts in passenger car models is likely to elevate the demand for exterior composites in the passenger car segment.

 

Compression molding to remain the dominant process

Based on the process type, the market is segmented as compression molding, injection molding, resin infusion, and others. Compression molding is expected to remain the most dominant process in the market during the same period, whereas resin infusion is expected to witness the highest growth during the same period. Injection molding also holds a considerable share in the market, driven by applications, such as active grille shutter and headlamp reflector.

 

North America to be the Largest Market

Based on the regions, North America is expected to remain the largest automotive exterior composites market during the forecast period. High penetration of composites coupled with healthy automotive production, especially in the USA and Mexico is chiefly driving the regional market. The USA is likely to maintain its dominance in the region during the forecast period, whereas Mexico will continue to register healthy growth in the same period, driven by its good policies attracting automakers to invest in the region.

Asia-Pacific is forecasted to witness the highest growth during the forecast period, driven by China, Japan, South Korea, and India. Despite weakening economic growth of China, the country is projected to remain one of the most attractive markets in the world in the coming five years. India, a relatively small market, is projected to witness monstrous growth in the coming five years backed by several government initiatives with an aim to boost the manufacturing sector. 

Europe is expected to remain the second largest market in the coming five years, driven by Germany and France. Some Eastern countries are also likely to exhibit excellent growth in the coming years as these countries are drawing world’s interest by catching investment from global automakers.

 

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Author : Meha Prasad

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