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Automotive Composite Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A3837
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Market Overview:
The global automotive composite market is expected to exhibit a growth rate (CAGR) of 9.75% during 2023-2028.
Automotive composites are materials made using a combination of high-performance fibers, such as carbon or glass, and adhesive binders like epoxy polymer. They are applied on different automotive parts, ranging from forward-facing headlamps through beneath-the-hood electrical and heat-shielding to the exterior body and interior structures. As these composites offer ease in manufacturing, high stiffness and strength, and excellent energy-absorbing and dimensional stability, original equipment manufacturers (OEMs) across the globe are replacing steel with automotive composites to improve the safety, durability, and fuel efficiency of vehicles.
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Due to severe air pollution, environmental agencies of numerous countries are implementing strict regulations for minimizing carbon dioxide (CO2) emissions from automobiles. This represents one of the key factors encouraging OEMs around the world to adopt new technologies, such as automotive composites, to reduce the weight of vehicles and maintain their strength and structural integrity. This is also being supported by the rising digitalization, the increasing adoption of electric vehicles (EVs), and the growing focus on redesigning existing vehicles with increased safety and performance. Apart from this, the leading players are developing low-cost manufacturing methods for automotive composites, which is contributing to the market growth. Furthermore, governing agencies of several countries are encouraging the utilization of automotive composites, which is anticipated to influence the market positively. For instance, the National Composites Center (NCC) of Japan has pursued a technology development project to improve the function of carbon fiber reinforced thermoplastic (CFRTP) composites for automotive structures.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global automotive composite market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on material type, manufacturing process and application.
Breakup by Material Type:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- Glass Fiber
- Carbon Fiber
- Thermoset
- Thermoplastic
- Others
Breakup by Manufacturing Process:
- Compression Molding
- Injection Molding
- Resin Transfer Molding (RTM)
- Others
Breakup by Application:
- Exterior
- Interior
- Powertrain
- Chassis
- Others
Breakup by Region:
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- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Gurit Holding AG, Hexcel Corporation, Hexion, Huntsman Corporation, Johns Manville (Berkshire Hathaway), Mitsubishi Chemical Carbon Fiber and Composites Inc. (Mitsubishi Chemical Holdings Corporation), Scott Bader Company Ltd, SGL Carbon, Solvay, Teijin Limited, Toray Industries Inc. and UFP Technologies Inc.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Material Type, Manufacturing Process, Application, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | Gurit Holding AG, Hexcel Corporation, Hexion, Huntsman Corporation, Johns Manville (Berkshire Hathaway), Mitsubishi Chemical Carbon Fiber and Composites Inc. (Mitsubishi Chemical Holdings Corporation), Scott Bader Company Ltd, SGL Carbon, Solvay, Teijin Limited, Toray Industries Inc. and UFP Technologies Inc. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
We expect the global automotive composite market to exhibit a CAGR of 9.75% during 2023-2028.
The rising popularity of automotive composites among various Original Equipment Manufacturers (OEMs), as they offer safety and fuel efficiency over steel, is primarily driving the global automotive composite market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous production activities for automotive composites.
Based on the material type, the global automotive composite market can be categorized into glass fiber, carbon fiber, thermoset, thermoplastic, and others. Currently, glass fiber accounts for the majority of the global market share.
Based on the manufacturing process, the global automotive composite market has been segregated into compression molding, injection molding, Resin Transfer Molding (RTM), and others. Among these, injection molding currently exhibits a clear dominance in the market.
Based on the application, the global automotive composite market can be bifurcated into exterior, interior, powertrain, chassis, and others. Currently, exterior holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global automotive composite market include Gurit Holding AG, Hexcel Corporation, Hexion, Huntsman Corporation, Johns Manville (Berkshire Hathaway), Mitsubishi Chemical Carbon Fiber and Composites Inc. (Mitsubishi Chemical Holdings Corporation), Scott Bader Company Ltd, SGL Carbon, Solvay, Teijin Limited, Toray Industries Inc., and UFP Technologies Inc.
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