The automotive composites market share refers to the market for composite materials used in the manufacturing of automotive parts and components. These composites offer several benefits over traditional materials such as reduced weight, improved durability and resistance to corrosion, which leads to improved fuel efficiency, better performance, and longer lifespan of vehicles. The use of composites in the automotive industry is expected to grow due to increasing consumer demand for fuel-efficient vehicles, stricter emission regulations, and the need to reduce the weight of vehicles to meet fuel efficiency standards. The market is segmented based on material type, application, and region, with key players including Teijin Limited, Toray Industries, Solvay, SGL Group, and Owens Corning.
The global automotive composites market Size was valued at USD 7.67 billion in 2018 and is projected to reach USD 13.5 billion by 2026, exhibiting a CAGR of 7.56 % during the forecast period.
The future of the automotive composites market is expected to be positive due to increasing demand for lightweight and fuel-efficient vehicles. The adoption of electric vehicles, which require lighter components to improve their range, is also expected to drive the growth of the market. The implementation of stricter emission regulations and fuel efficiency standards is also expected to boost the demand for composite materials in the automotive industry.
Additionally, the development of advanced composite materials, such as carbon fiber reinforced plastics (CFRP), is expected to provide new opportunities for the market. The increasing use of composites in the manufacturing of exterior and interior parts, as well as under-the-hood components, is also expected to contribute to the growth of the market.
However, the high cost of composite materials compared to traditional materials, and the limited recycling capabilities of composites, may pose challenges to the growth of the market. The COVID-19 pandemic has also affected the market, leading to a slowdown in production and supply chain disruptions.
Overall, the future of the automotive composites market is expected to be driven by the increasing demand for lightweight and fuel-efficient vehicles, along with advancements in composite materials and manufacturing processes.
The automotive composites market can be segmented into several categories based on material type, application, and region. Here’s a look at the future of each segment:
- Material type: The use of advanced composite materials, such as carbon fiber reinforced plastics (CFRP), is expected to increase in the future. The development of new composite materials, such as bio-based composites, is also expected to drive the growth of the market.
- Application: The use of composites in the manufacturing of exterior and interior parts, as well as under-the-hood components, is expected to increase in the future. The increasing adoption of electric vehicles is also expected to drive the demand for composites in the automotive industry.
- Region: The Asia-Pacific region is expected to be the largest market for automotive composites in the future, due to the presence of major automotive manufacturers and suppliers in the region. The increasing demand for fuel-efficient vehicles in regions such as Europe and North America is also expected to drive the growth of the market.
- Overall, the future of the automotive composites market is expected to be driven by the increasing demand for lightweight and fuel-efficient vehicles, along with advancements in composite materials and manufacturing processes.
The automotive composites industry is characterized by the use of composite materials in the manufacturing of automotive parts and components. The industry is driven by several factors, including the need to reduce the weight of vehicles to improve fuel efficiency, the implementation of stricter emission regulations, and the increasing demand for fuel-efficient vehicles.
SWOT Analysis:
Strengths:
- Reduced weight: Composites offer a significant reduction in weight compared to traditional materials, leading to improved fuel efficiency and better performance.
- Improved durability: Composites are known for their resistance to corrosion, which leads to a longer lifespan of vehicles.
- Advanced materials: The development of advanced composite materials, such as carbon fiber reinforced plastics (CFRP), provides new opportunities for the industry.
Weaknesses:
- High cost: The cost of composite materials is still higher compared to traditional materials, which can be a barrier to widespread adoption.
- Limited recycling capabilities: The limited recycling capabilities of composites can pose a challenge to the industry.
Opportunities:
- Adoption of electric vehicles: The increasing adoption of electric vehicles, which require lighter components to improve their range, is expected to drive the growth of the industry.
- Stricter emision regulations: The implementation of stricter emission regulations and fuel efficiency standards is expected to boost the demand for composite materials in the automotive industry.
Threats:
- Economic slowdown: Economic slowdowns can lead to a decrease in consumer demand for vehicles, affecting the growth of the industry.
- Competition from traditional materials: Traditional materials, such as steel and aluminum, still dominate the automotive industry, which can pose a challenge to the growth of the composites industry.
- Overall, the automotive composites industry is expected to grow in the future, driven by the increasing demand for lightweight and fuel-efficient vehicles, along with advancements in composite materials and manufacturing processes.