Global Automotive Polymer Composites Market Set to Reach US$ 13.52 Billion by 2028, Driven by 7.20% CAGR, Lightweight Vehicle Demand, and Technological Advancements
DUBLIN, Oct. 16, 2023 /PRNewswire/ -- The "Automotive Polymer Composites Market by Resin Type, Product, Manufacturing Process, Application, End Use, and Region 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global automotive polymer composites market, with a reported size of US$ 8.78 billion in 2022, is poised for substantial growth, projected to reach US$ 13.52 billion by 2028. This anticipated expansion reflects a Compound Annual Growth Rate (CAGR) of 7.20% during the period from 2023 to 2028.
Key drivers behind this growth include the increasing demand for lightweight and fuel-efficient vehicles, continuous technological advancements in manufacturing processes, and the implementation of stringent government regulations.
Automotive Polymer Composites: A Lightweight Solution
Automotive polymer composites are materials formed by combining a polymer matrix with reinforcing fibers or particles. The polymer matrix can be derived from various materials, including thermosetting or thermoplastic polymers, while the reinforcing fibers or particles are made from substances such as carbon fiber, glass fiber, or aramid. These composites exhibit enhanced mechanical properties, such as high strength-to-weight ratio, stiffness, toughness, fatigue resistance, corrosion resistance, and thermal stability compared to the polymer matrix alone.
Within the automotive industry, these composites are used to replace traditional materials like steel or aluminum in various applications, including body panels, structural components, and interior parts. This replacement leverages the lightweight and high-strength characteristics of composites, reducing vehicle weight, improving fuel efficiency, and meeting safety and performance standards. Consequently, automotive polymer composites are widely adopted across the global automotive sector.
Market Trends and Drivers
Several trends and drivers are propelling the growth of the automotive polymer composites market:
- Demand for Lightweight Vehicles: The automotive industry's focus on lightweight vehicles to enhance fuel efficiency and reduce emissions is driving the demand for polymer composites.
- Technological Advancements: Continuous advancements in manufacturing processes have lowered production costs, making polymer composites more cost-effective than traditional materials.
- Government Regulations: Governments worldwide are imposing stricter emissions and fuel efficiency regulations on automakers, spurring the adoption of lightweight materials like polymer composites.
- Eco-Friendly Materials: The increasing preference for eco-friendly materials in the automotive sector, which have lower energy consumption and greenhouse gas emissions during production, is boosting market growth.
- Consumer Shift to Electric Cars: Growing consumer interest in electric vehicles is supporting the adoption of polymer composites, which can contribute to longer driving ranges.
- Competitive Strategies: Key players are implementing strategies such as capacity expansion, partnerships, mergers, and acquisitions (M&As) to stay competitive.
Market Segmentation
The global automotive polymer composites market is segmented based on resin type, product, manufacturing process, application, and end use:
Resin Type Insights:
- Epoxy
- Polyurethane
- Polyamide
- Polypropylene
- Polyethylene
- Polyester
- Vinyl Ester
- Others
Among these resin types, epoxy currently represents the largest segment.
Product Insights:
- Glass Fiber Composites
- Natural Fiber Composites
- Carbon Fiber Composites
Glass fiber composites, natural fiber composites, and carbon fiber composites are the key product segments.
Manufacturing Process Insights:
- Compression Molding
- Injection Molding
- Resin Transfer Molding
- Sheet Molding
These manufacturing processes include compression, injection, resin transfer, and sheet molding.
Application Insights:
- Interior Components
- Exterior Components
- Structural Components
- Powertrain Components
Applications span interior components, exterior components, structural components, and powertrain components.
End Use Insights:
- Conventional Vehicles
- Electric Vehicles
- Trucks and Buses
The market caters to end uses such as conventional vehicles, electric vehicles, and trucks and buses.
Regional Insights
Asia Pacific leads the global automotive polymer composites market, driven by an expanding automotive industry, increasing electric vehicle sales, and a growing adoption of eco-friendly materials. North America, Europe, Latin America, and the Middle East and Africa also play significant roles in the market.
Competitive Landscape
Key players in the global automotive polymer composites market include BASF SE, Covestro AG, DuPont de Nemours Inc., SGL Carbon SE, Teijin Carbon Europe GmbH (Teijin Limited), Toray Advanced Composites, and others. These companies invest in research and development, expand their facilities, and engage in collaborations to offer innovative solutions and broaden their service portfolios.
For more information about this report visit https://www.researchandmarkets.com/r/qycgdk
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