The automotive composites market is gearing up for impressive growth, projected to hit a substantial USD 26.1 Billion by 2033. This surge is driven by a robust CAGR of 12.1%, reflecting the increasing demand for lightweight, durable materials in vehicle manufacturing.
As automakers strive to enhance fuel efficiency and meet stringent environmental regulations, the adoption of composites—known for their strength and reduced weight—continues to rise. This trend underscores the significant role of automotive composites in shaping the future of the automotive industry, promoting innovation, and delivering vehicles that are both efficient and sustainable.
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Launching advanced products provides various practical benefits, and at the same time affirms existing emission norms and other regulations in the market, which is going to thus help the market players in strengthening their presence in the global automotive composites market.
Key Takeaways from the Automotive Composites Market Report:
- Sales of the automotive composites market expanded at a CAGR of 11.3% from 2018 to 2022.
- The automotive composites market reached a valuation of USD 6.2 billion.
- Overall sales of automotive composites across the globe are projected to increase by 1.5x, registering year-on-year (YoY) growth of 5.10% in 2022.
- The automotive industry in Asia Pacific is said to hold a market share of 7.8%.
- Australia is said to be expanding at a CAGR of 4.5%.
- The automotive industry in India has witnessed significant expansion over the past half-decade contributing a market share of 6.89%.
- North America is expected to be the second most dominant automotive composites market holding a market share of 38.6%.
- The United States is estimated to hold a significant portion of North America’s market with a value share of 23.8%.
- China is estimated to witness strong growth in the automotive composites market, accounting for more than 19% of the market share.
- Glass fiber composites are estimated to hold a significant position in the market.
- The glass fiber composites segment is expected to account for a dominant market share of 49.8%.
- Passenger car contributes to an increase in sales in the automotive composites market.
- The passenger car segment is anticipated to witness significant growth with a market share of 62.8%.
- The exterior application holds a leading position in the market.
- An exterior segment is anticipated to witness dominant growth with a market share of 44.3%.
- Sales of thermoplastic resins lead to growth in the market.
- Thermoplastic resins are expected to raise the sales of the market with a value share of 36.1%.
Recent Developments:
- In February 2023, Belgian chemicals group Solvay (SOLB.BR) forecasted lower earnings this year due to weaker demand from chemicals, coatings, and consumer markets, sending its shares down more than 3% even as it reported record profits for 2022.
- In May 2023, Belgian chemicals group Solvay reported higher-than-expected first-quarter results and lifted its full-year profit and cash outlooks, but lower volumes hit its shares.
Leading Key Players:
- Toray Industries Inc.
- Gurit Holding AG
- Solvay Group
- SGL Carbon SE
- Teijen Limited
- Mitsubishi Chemical Holding
- Owen Corning
- E.I. du Pont de Nemours & Co.
- UFP Technologies Inc.
- Quantum Composites
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Automotive Composites Market Segmentation:
By Material:
- Glass Fiber Composites
- Natural Fiber Composites
- Carbon Fiber Composites
- Aramid Fiber Composites
- Others
By Application:
- Interior
- Exterior
- Underbody
- Chassis
- Power Train
- Engine Components
By Resin:
- Thermoplastic
- Thermoset
By Vehicle Type:
- Passenger Cars
- Compact
- Luxury
- Mid-Size
- SUVs
- LCVs
- HCVs
- Straight Trucks
- Dump Trucks/Garbage Trucks
- Semi-Trailers
- Fire Trucks
- Others
- Agricultural
- Tractors
- Tillers
- Rotavators
- Harvesters
- Threshers
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia & Pacific
- India
- China
- Japan
- The Middle East and Africa