According to a research report "Automotive Composites Market by Fiber Type (Glass, Carbon, Natural), Resin Type (Thermoset, Thermoplastics), Manufacturing Process (Compression, Injection, RTM), Applications (Exterior, Interior), Vehicle Type, and Region - Global Forecast to 2025" published by MarketsandMarkets, the global automotive composites market is expected to grow from USD 7.0 billion in 2019 to USD 9.3 billion by 2025, at a CAGR of 11.5% during the forecast period. Government initiatives emphasizing on reduction of carbon emission and shift towards eletrcic vehicles are expected to drive the growth of the automotive composites market.
Browse 100 market data Tables and 50 Figures spread through 217 Pages and in-depth TOC on "Automotive Composites Market by Fiber Type (Glass, Carbon, Natural), Resin Type (Thermoset, Thermoplastics), Manufacturing Process (Compression, Injection, RTM), Applications (Exterior, Interior), Vehicle Type, and Region - Global Forecast to 2025" Increasing government initiatives focusing on the reduction of carbon emission and increasing shift towards electric vehicles across the world are expected to drive the growth of the automotive composites market during forecasted years.
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Thermoset Composites dominated the automotive composites market in2021
Thermoset composites dominated the overall composites market. Thermoset composites have a larger market share than thermoplastic composites as they are low cost and high performance. Thermoset has high heat resistance and, thus, has a number of applications in the automotive industry. Thermoset composites do not expand under high-heat and moist conditions, making them suitable for highly corrosive and high-temperature applications such as fuel vapor canister brackets, heat shields, radiator brackets, and many other automotive applications.
Glass fiber composites comprises a major share in terms of both value and volume.
Glass fiber reinforced composites, commonly abbreviated as GFRP, is composed of a huge number of tiny glass fibers that are compiled together and held rigidly in place by plastic polymer resin. It is used as reinforcing element in composites. Owing to its properties such as strength, durability, flexibility, stability, lightweight, and resistance to heat, temperature, and moisture, glass fiber is the choice of material for automotive composite manufacturers. Glass fiber is used in different applications such as underbody systems, front end modules, deck lids, bumper beams, engine cover instrument panels, and air ducts in automobiles.
Compression Molding manufacturing process accounted the largest market share in 2021
The compression molding process dominated the global automotive composites market in 2019. The leading players in the automotive composites market preferred the use of compression molding process for the manufacturing of various composite structural parts of cars, predominantly door systems, load-bearing chassis, pillars, and structural interior parts, among others. This process offers consistency in the quality of parts manufactured.
Electric vehicle type is expected to grow with highest CAGR during forecasted years
The automotive composites market for electric vehicles is projected to witness huge demand during the forecast period as there are wide applications of composites in the fabrication of electric car body. The electric vehicles market is at its nascent stage as the production of electric cars is still very less in comparison to non-electric vehicles. Nevertheless, growing concerns about greenhouse gas emissions and shrinking fossil fuel sources have resulted in the increased demand for electric vehicles
Exterior application accounted for the largest market share in the global automotive composites market in 2021
The exterior application dominates the overall automotive composites market. Composite parts of a car body that are placed on the outer surface of the monocoque are termed as the exterior parts of the car body. Exterior parts include bumper, fender, beam, door panels, front end module, and hood. The use of composites in the automotive industry is an emerging trend as these composites help in achieving high-performance properties such as high stiffness, lightweight, and high strength to weight to ratio. The exterior parts manufactured with the use of composites impart rigidity, thereby offering minimum risk against damage in the event of accident. Composites also help reduce the weight of the exterior parts, enabling weight reduction of the complete car body and make it more fuel-efficient. Exterior parts are located on the outer surface of the car body and are more prone to wear and tear owing to exposure to harsh elements and extreme weather. The use of composites in the exterior parts enhance the durability of cars and lowers maintenance cost.
APAC is expected to grow with the highest CAGR during the forecast period.
APAC is expected to grow significantly in the automotive composites market. The use of automotive composites in the region’s automotive industry is driven by the high-growth EV market in China and Japan. OEMs in APAC are obligated to follow emission-related mandates and are thus emphasizing producing green vehicles or electric cars to curb emission as well as to conserve non-renewable natural sources such as fossil fuel.
Toray Industries Inc. (Japan), SGL Carbon (Germany), Teijin Limited (Japan), Mitsubishi Chemical Holding Corporation (Japan), Hexcel Corporation (US), Solvay SA (Belgium), Gurit (Switzerland), UFP Technologies Ltd. (US), Huntsman Corporation (US), and Hexion (US), are some of the key players in the automotive composites market. These players have taken different organic and inorganic developmental strategies over the past five years.
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