Automotive Composites Market Size is estimated to grow by USD 33.59 billion from 2023 to 2029, rise in demand for electric vehicles propelling market growth

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Mar 23, 2023, 10:34 ET

The demand for lightweight components in automotive parts to improve fuel efficiency and reduce emissions to comply with EU legislation drives the market for automotive composites.

PUNE, India , March 23, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Automotive Composites Market

The global Automotive Composites Market is expected to grow at 11 % CAGR from 2023 to 2029. It is expected to reach above USD 33.59 billion by 2029 from USD 5.16 billion in 2022.

The automotive composites market anticipates an upsurge of innovation over the coming years, with automotive powertrains offering a sizable untapped area for development. Composite market developments will give OEMs more design flexibility and function integration. Customers around the world's demand for vehicle design innovation will further open up lucrative opportunities for market participants.

In the upcoming years, both small and large automakers are seriously evaluating using carbon fiber composites in trucks and electric vehicles.

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Growth Drivers

Demand for increasing manufacturing efficiency driving market growth

Over the following six years, there will be a strong increase in the market for automotive composites on a global scale. Improvements in the production of automobiles have revealed a number of market expansion prospects. Additionally, the automotive business favors composites over steel because they outperform their steel counterparts.

Automotive composites are now a necessity for vendors in the automotive sector to increase production productivity. As a result, in the coming years, the worldwide market for automotive composites is anticipated to reach new heights.

Demand for reducing vehicle weight shaping market landscape

Key factors influencing demand for automotive composites globally include the urgent need to improve fuel economy and the intensifying need to reduce vehicle weight through structural advancements.

The demand for automotive composites made of aluminum and fiber is increasing as designers increasingly concentrate on design innovations to improve vehicle functionality. Rising consumer demand for fashionable and faster vehicles is one reason for this.

One significant factor driving demand for automotive composites is a number of governmental regulations and laws on reducing carbon emissions in several developing and established countries. Additionally, it is anticipated that the market will grow as automakers concentrate on enhancing the fuel efficiency of their vehicles.

Opportunity

Government regulations that are very strict are opening up lucrative possibilities for automotive composites. The use of vehicle tail lights is progressing thanks to investments in research and development for integrating technology and sensors in tail lights.

Company Profiles

Quantum Composites
Textum Opco, LLC
Taiyuan Heavy Industry Co., Ltd
Structeam
Rtp Company
G. Angeloni S.R.L
Talon Technology Co., Ltd
Rock West Composites, Inc
Devold AMT *The Company List Is Indicative

Recent Developments in the Automotive Composites Industry

February14, 2022 —Teijin Automotive Technologies, the core company of the Teijin Group's automotive composites business, announced that it has begun commercial operation of a new composites manufacturing facility in the Wujin National Hi-Tech Industrial Zone based in Changzhou, Jiangsu province, China. The new facility boasts 39,000 square meters of work area. The company also announced today that it is constructing a third plant in China, based in the Technological Development Zone of the Tiexi District in Shenyang, Liaoning province, and will begin operating this plant, with 13,000 square meters of work floor in the summer of 2023.

With the second plant's startup and the third plant's construction, Teijin Automotive Technologies is actively strengthening its position as a worldwide leader in automotive composite applications. Concurrently, the company is developing applications for advanced composite materials and processes to support its automotive customers' challenges of achieving ambitious weight and CO2 reduction targets, and lower EV production costs. Teijin is targeting annual sales of USD 2.0 billion for its automotive composite products business by 2030.

In January 2021, Jaguar Land Rover declared the development of lightweight composites to enhance its vehicles' power train structure and efficiency. The company is producing light weight composites for high performance batteries and reduced carbon emission.

February 2021 – Teijin Ltd. announced installation of glass fiber sheet molding compound line at the company's automotive composites business named 'Benet Automotive s.r.o'. The investment was done to meet growing demand for Teijin's composite parts from European automotive manufacturers.

Browse the full "Automotive Composites Market by Fiber Type (Glass Fiber, Carbon Fiber, Others) Resin Type (Thermoset, Thermoplastic) Manufacturing Process (Compression Molding, Injection Molding, Resin Transfer Molding (RTM), others) Application (Exterior, Interior, Powertrain, Chassis) Vehicle Type (Non-electric, Electric) and Region, Global trends and forecast from 2023 to 2029" Report and TOC at https://exactitudeconsultancy.com/reports/13313/automotive-composites-market/

Segment Overview

The Automotive Composites Market is segmented By Fibre Type, and by Region.

By Fiber Type	By Resin Type
Glass Fiber Carbon Fiber Others	Thermoset Thermoplastic

Regional Insights

The global automotive composites market is expected to grow significantly in different regions. The following is a geographically forecast for the automotive composites market:

Asia Pacific (31% Largest Market): Asia Pacific automotive composites market is expected to account for a larger revenue share than other regional markets during the forecast period. Due to the rising demand for lightweight and fuel-efficient cars, the Asia-Pacific region is home to the automotive composites market that is expanding at the fastest rate. Some of the top automakers in the world, like Toyota, Honda, and Hyundai, are based in the area, and they are investing in lightweight composites to increase fuel economy and lower carbon pollution.

North America: Due to the presence of top automakers like General Motors, Ford, and Tesla, North America is one of the main markets for automotive composites. Automotive composites are expanding as a result of the region's high demand for lightweight and fuel-efficient cars.

Middle East & Africa: A second developing market for car composites is the Middle East and Africa because of the rising demand for lightweight and fuel-efficient vehicles in these regions. The region is making investments to grow its automotive sector, and composite usage is anticipated to increase significantly over the next few years.

What's New for 2023?

coverage of the danger of a recession, supply chain disruptions, global trade tensions, the Russia-Ukraine War, global inflation, recovery analysis from COVID-19, and global inflation
Positions of the main competitors and global competition
influence in the market across several geographic areas - Strong/Active/Niche/Trivial

Some Important Points Answered in Automotive Composites Market Report Are Given Below:

Outline of product portfolio including product development, planning and positioning
Details key operational strategies focusing on R&D strategies, corporate structures, localization strategies, manufacturing capabilities, and financial performance of various companies.
Detailed analysis of market returns over the forecast period.
Examine different market prospects using Porter's Five Forces Analysis, PEST and SWOT analysis.
Study of the segment expected to dominate the market.
A study on analysis of regions projected to register the highest growth during the forecast period

To know an additional revised 2023 list of market players, request a sample report: https://exactitudeconsultancy.com/reports/13313/automotive-composites-market/#request-a-sample

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