Automotive composites are lightweight materials that are used to make vehicles fuel efficient and impact resistant. These composites offer better properties as compared to traditional materials such as aluminum and steel. They result in a significant weight reduction of cars, thereby leading to their increased fuel efficiency. The automotive composites are used in both, electric as well as non-electric vehicles for manufacturing their exteriors, interiors, chassis, and powertrains. In terms of value, the automotive composites market is projected to reach USD 13.14 Billion by 2022, at a CAGR of 12.26% from 2017 to 2022.

The key players operating in the automotive composites market are increasingly adopting inorganic and organic growth strategies to strengthen their positions in the automotive composites market. These companies have adopted agreements, expansions & investments, mergers & acquisitions, and new product developments as key growth strategies between January 2013 and August 2017 to enhance their positions in the market.

For instance, SGL Group (Germany), which is one of the world’s leading manufacturers of carbon-based products and materials, is focusing on strategic approaches, namely, expansions, new product developments, and agreements to enhance its position in the automotive composites market. In October 2015, the company launched unidirectional tapes and long-fiber-reinforced thermoplastics based on glass and carbon fibers for several applications in the automotive industry. Moreover, through SGL Automotive Carbon Fibers (Germany), which is a joint venture of SGL Group (Germany) and BMW Group (Germany), the company has tripled the capacity of its carbon fiber plant in Moses Lake, WA (U.S.). This joint venture has enabled BMW Group to use carbon fiber materials in its car models at competitive costs and in large quantities.

The major players operating in the automotive composites market are Toray Industries, Inc. (Japan), SGL Group (Germany), Mitsubishi Chemical Corporation (Japan), Plasan Carbon Composites (U.S.), Solvay S.A. (Belgium), UFP Technologies, Inc. (U.S.), Toho Tenax Co., Ltd. (Japan), Koninklijke Ten Cate B.V. (Netherlands), Continental Structural Plastics Inc. (U.S.), Gurit (Switzerland), and Owens Corning (U.S.), among others. These companies have an established presence in the automotive composites market and are continuously making efforts to improve their business strategies and their product portfolios. The various key parameters such as geographic footprints, inorganic and organic growth strategies, business revenues, and product offerings, among others are taken into consideration by these players to remain competitive in the automotive composites market.

For instance, in March 2017, Mitsubishi Chemical Corporation (Japan) acquired Gemini Composites (U.S.), which specializes in designing, engineering, and prototyping products using forged composite technology. This acquisition is expected to not only help the company in enhancing its product development capabilities for automotive sheet molding compounds (SMC) components but also enable development of innovative products based on the component design-driven approach. In March 2017, the company developed a carbon fiber sheet molding compound for Toyota Motor Corporation (Japan). This compound is used in the rear door frame of the new Toyota Prius PHV car model. The focus of the company on new product developments has further helped it to supply innovative products to its customers and broaden its carbon fiber materials product portfolio.

Solvay S.A. (Belgium), which is a key manufacturer and provider of automotive composites, has adopted the strategies of partnerships and new product developments to enhance its position in the automotive composites market. For instance, in April 2017, the company entered into a partnership with Bentley and Penso Consulting Ltd. (U.K.) for the development of flexible and lightweight architecture for high-volume applications in automotive. This partnership is expected to enable Solvay S.A. to develop composite solutions to meet the requirements of automotive original equipment manufacturers (OEMs).

Related Reports:

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 2022

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