Global Automotive Polymer Composites Market to Reach US$ 13.52 Billion by 2028, Stimulated by Rising Demand for Fuel-Efficient Vehicles

July 13, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled “Automotive Polymer Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global automotive polymer composites market size reached US$ 8.78 Billion in 2022. Automotive polymer composites refer to composite materials used in the automotive industry that combine polymers with reinforcing fibers or fillers to create lightweight, strong, and durable components for vehicles. These composites offer several advantages over traditional materials in terms of weight reduction, design flexibility, and performance. The composites can be tailored to specific requirements, allowing for complex shapes, improved aerodynamics, and enhanced fuel efficiency. They offer high strength-to-weight ratios, corrosion resistance, and the ability to dampen vibrations and noise. The automotive industry utilizes polymer composites in various applications, including body panels, bumpers, interior trim, engine components, and structural parts.

Global Automotive Polymer Composites Market Trends:

The market is majorly driven by the increasing demand for lightweight and fuel-efficient vehicles across the globe. Moreover, the growing government regulations and emission standards for the use of lightweight materials, such as polymer composites, are contributing to the growth of the market. Apart from this, the increasing focus on enhanced safety and crashworthiness is supporting the market as automotive polymer composites exhibit excellent energy absorption capabilities and impact resistance. Besides, ongoing advancements in polymer composite manufacturing techniques have led to cost reductions, increased production efficiency, and shorter manufacturing cycles, this is creating a positive market outlook. Also, with the rising demand for electric and hybrid vehicles, lightweight materials, such as polymer composites, are in high demand to optimize the vehicle's range and battery performance. Furthermore, the growing urban population and the rise of shared mobility services are impelling the demand for lightweight, fuel-efficient vehicles, as polymer composites play a crucial role in meeting the needs of compact, energy-efficient urban vehicles. Looking forward, the market value is projected to reach US$ 13.52 Billion by 2028, expanding at a CAGR of 7.20% during 2023-2028.

Market Summary:

  • Based on the resin type, the market has been segmented into epoxy, polyurethane, polyamide, polypropylene, polyethylene, polyester, vinyl ester, and others. Currently, epoxy represents the largest market segment.
  • On the basis of the product, the market has been divided into glass fiber, natural fiber, and carbon fiber composites.
  • Based on the manufacturing process, the market has been bifurcated into compression, injection, resin transfer, and sheet moldings.
  • On the basis of the application, the market has been divided into interior, exterior, structural, and powertrain components. Among these, exterior components exhibit a clear dominance in the market.
  • Based on the end use, the market has been segmented into conventional vehicles, electric vehicles, trucks and buses.
  • Region-wise, the market has been segmented into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. Among these, Asia Pacific holds the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being BASF SE, Covestro AG, DuPont de Nemours Inc., SGL Carbon SE, Teijin Carbon Europe GmbH (Teijin Limited), and Toray Advanced Composites.

Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Resin Types Covered Epoxy, Polyurethane, Polyamide, Polypropylene, Polyethylene, Polyester, Vinyl Ester, Others
Products Covered Glass Fiber Composites, Natural Fiber Composites, Carbon Fiber Composites
Manufacturing Processes Covered Compression Molding, Injection Molding, Resin Transfer Molding, Sheet Molding
Applications Covered Interior Components, Exterior Components, Structural Components, Powertrain Components
End Uses Covered Conventional Vehicles, Electric Vehicles, Trucks and Buses
Regions 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 BASF SE, Covestro AG, DuPont de Nemours Inc., SGL Carbon SE, Teijin Carbon Europe GmbH (Teijin Limited), Toray Advanced Composites, etc.
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Global Automotive Polymer Composites Market to Reach US$ 13.52 Billion by 2028, Stimulated by Rising Demand for Fuel-Efficient Vehicles
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