The 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.
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Some of the prominent key players are:
· Toray Industries Inc. (Japan)
· SGL Carbon (Germany)
· Teijin Limited (Japan)
· Mitsubishi Chemical Holding Corporation (Japan)
· Hexcel Corporation (US)
Opportunities: Penetration of carbon fiber composites in various automotive applications
Carbon fiber reinforced plastic (CFRPs) are finding new applications in the automotive industry as it demands materials with ever-higher strength to weight ratio, flexibility, and corrosion resistance. Various grades of carbon fiber composites with a certain range of modulus and strength are now available for specific uses. The demand for body panels, propeller shafts, hoods, spoilers, and other automotive components is expected to grow. Considering the growth potential of carbon fiber composites and potential new applications in the future, the majority of leading companies have increased the production capacity of composites over the last five years. Manufacturers are also exploring newer methods and materials to speed up CFRP production and bring down high prices. For instance, Kordsa has particularly focused its attention on reducing labor cost for both molding processes and the preparation of interior/exterior CFRP parts with the launch of the CM11 fast curing resin system. The system is parallel to the 3-to-5-minute press cycle, offering a great class A-surface finish without pinholes and carbon fiber print through marking. This has generated lucrative opportunities for market players in the automotive composite market.
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.
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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.
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