Automotive Composites Market to Reach US$14.01 Billion by 2029, Driven by Lightweight Material Adoption
Market Overview:
The global automotive composites market is expected to reach US$14.01 billion by 2029, growing at a compound annual growth rate (CAGR) of 12.45% from 2023 to 2029. This growth is driven by the increasing demand for lightweight materials to reduce carbon emissions and improve fuel efficiency in vehicles.
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Market Introduction:
Automotive composites are materials composed of two or more distinct phases with different physical and chemical properties. They offer several advantages over traditional materials like steel and aluminum, including:
- High strength-to-weight ratio: This allows for lighter vehicles, which translates to improved fuel efficiency and reduced emissions.
- Corrosion resistance: Composites are less susceptible to rust and other forms of corrosion, leading to longer lifespans.
- Design flexibility: Composites can be molded into complex shapes, enabling more innovative vehicle designs.
Market Dynamics:
Several factors are driving the growth of the automotive composites market:
- Stringent regulations on carbon emissions: Governments worldwide are implementing stricter regulations to reduce carbon emissions from vehicles. This is driving the adoption of lightweight materials like composites, which can help automakers meet these regulations.
- Shifting trends towards electric and hybrid vehicles: Electric and hybrid vehicles require lightweight materials to maximize their range and efficiency. This is creating a significant demand for automotive composites.
- Advancements in production technology: Advancements in production technologies like automated fiber placement (AFP) and resin transfer molding (RTM) are reducing the cost and complexity of manufacturing composite components.
Market Segmentation:
The market is segmented based on several factors, including:
- Fiber: Glass, carbon, and natural fibers. Glass fiber is expected to hold the largest market share due to its cost-effectiveness.
- Resin: Thermoset and thermoplastic resins.
- Manufacturing process: Compression molding, injection molding, and resin transfer molding.
- Application: Interior, exterior, and structural & powertrain components.
Market Players:
1. ACP
2. Cytec Solvay Group
3. Hexcel Corporation
4. Johns Manville Corporation
5. Koninklijke Ten Cate
6. Owens Corning Corp.
7. Protech
8. SGL Group
9. Teijin Limited
10.Toho Tenax America
11.Toray Industries
12.Zoltek Carbon Fiber
13.Mitsubishi Chemical Holding Corporation (Japan)
14.Solvay SA (Belgium)
15.Gurit (Switzerland)
16.UFP Technologies Ltd. (US
17.Huntsman Corporation (US)
18.Hexion (US)
19.TPI Composites
20.GMS Composites
21.IDI Composites International
22.Revchem Composites
23.Formaplex
24.Owens Corning
Regional Insights:
- North America is expected to be the largest market for automotive composites during the forecast period due to the strong presence of major automakers and stringent environmental regulations.
- Europe is projected to be the fastest-growing market due to rising demand for electric vehicles and increasing government support for sustainable transportation solutions.
- Asia Pacific is expected to witness significant growth due to the rapid expansion of the automotive industry in the region.
- Global Automotive Composites Market Market: Research Methodology
- Global Automotive Composites Market Market: Executive Summary
- Market Overview and Definitions
- Introduction to Global Automotive Composites Market Market
- Summary
- Key Findings
- Recommendations for Investors
- Recommendations for Market Leaders
- Recommendations for New Market Entry
- Global Automotive Composites Market Market: Competitive Analysis
- MMR Competition Matrix
- Market Structure by region
- Competitive Benchmarking of Key Players
- Consolidation in the Market
- M&A by region
- Key Developments by Companies
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Challenges
- Market Dynamics
- PORTERS Five Forces Analysis
- PESTLE
- Regulatory Landscape by region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
- COVID-19 Impact
- Global Automotive Composites Market Market Segmentation
- Global Automotive Composites Market Market, by Type (2023-2029)
- Global Automotive Composites Market Market, by Product (2023-2029)
- Global Automotive Composites Market Market, by Application (2023-2029)
- Global Automotive Composites Market Market, by End-User (2023-2029)
- Regional Automotive Composites Market Market(2023-2029)
- Regional Automotive Composites Market Market, by Type (2023-2029)
- Regional Automotive Composites Market Market, by Product (2023-2029)
- Regional Automotive Composites Market Market, by Application (2023-2029)
- Regional Automotive Composites Market Market, by End-User (2023-2029)
- Regional Automotive Composites Market Market, by Country (2023-2029)
- Company Profile: Key players
- Company Overview
- Financial Overview
- Global Presence
- Capacity Portfolio
- Business Strategy
- Recent Developments
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