Automotive Composite Market Size, Share, Growth and Forecast 2021-2026

*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Automotive Composite Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The global automotive composite market exhibited strong growth during 2015-2020. 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.

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. Looking forward, IMARC Group expects the global automotive composite market to grow at a CAGR of around 9% during the forecast period (2021-2026).

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 for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, material type, manufacturing process and application.

Breakup by Material Type:

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:

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.

Key Questions Answered in This Report:

How has the global automotive composite market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global automotive composite market?
What are the key regional markets?
What is the breakup of the market based on the material type?
What is the breakup of the market based on the manufacturing process?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global automotive composite market and who are the key players?
What is the degree of competition in the industry?