The composite materials market size is projected to grow at a promising CAGR of 12.94% during the forecast period of 2015 to 2020, and will reach USD 11.26 Billion by 2020. Government regulations and mandates regarding fuel efficiency, rising demand for fuel efficient vehicles, and major OEMs partnering with composite material manufacturers are some of the drivers fueling growth in sales of automotive composite materials globally.
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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 2022", The automotive composites market was valued at USD 6.81 Billion in 2016 and is projected to reach USD 13.14 Billion by 2022, at a CAGR of 12.26% between 2017 and 2022.
Browse 65 Market Data Tables and 41 Figures spread through 148 Pages and in-depth TOC on "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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The automotive industry across the globe is increasingly focusing on the stringent implementation of various regulations such as the Corporate Average Fuel Efficiency (CAFE) standards and European Emission Standards (EES) formulated by the U.S. and European governments, respectively to reduce CO2 emissions.
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To comply with these government regulations, the manufacturers of vehicles are using new lightweight materials such as composites to fabricate bodies of their vehicles. The composites are being increasingly used to manufacture vehicles as they are considered as the best substitute for traditional heavy materials such as steel and aluminum.
The stringent implementation of various government regulations and increased demand for lightweight vehicles are the factors that have led to the growing adoption of composite materials in the automotive industry.
Based on fiber type, the carbon fiber segment of the automotive composites market is projected to grow at the highest CAGR during the forecast period in terms of value and volume.
Carbon fibers are usually used to manufacture high-end vehicles such as sports vehicles or luxury cars due to the high cost of these materials. However, due to the stringent implementation of various government regulations such as the Corporate Average Fuel Efficiency (CAFE) standards that aim to increase fuel efficiency of vehicles to 36.6 mpg by 2017 and 54.5 mpg by 2025 and the European Emission Standards that aim to reduce CO2 emissions to 130 g/km in 2015 and to 95 g/km by 2020, the automotive manufacturers are increasingly adopting high-performance carbon fibers to manufacture automotive components.
This has led to the increased demand for carbon-fiber-reinforced plastics (CFRP) from automotive manufacturers to fabricate roofs, floor panels, side panels, hood frames, chassis, and bumpers of their vehicles.
The exterior application segment is projected to lead the automotive composites market in terms of value and volume during the forecast period
The exterior application segment is projected to lead the automotive composites market between 2017 and 2022 in terms of both, value as well as volume. The exterior parts of vehicles that are manufactured from composites offer high stiffness, thereby resulting in minimum damages in case of accidents.
Composites also help reduce the weight of the exterior parts of vehicles. This, in turn, results in weight reduction of the whole body of a car, thus making it fuel efficient.
The exterior parts are located on the outer surface of the car body and are highly prone to wear and tear due to exposure to harsh conditions and elements. The use of composites in the exterior parts such as fenders, hoods, bumper beams, and deck lids of cars adds to their durability, thereby ensuring their long life cycle and low maintenance costs.
The European region is estimated to be the largest market for automotive composites in 2017 in terms of value.
The European region is estimated to be the largest market for automotive composites in 2017. The growth of the Europe automotive composites market can be attributed to the industrial expansion in the region, presence of well-established car manufacturers in the European region, and technological advancements regarding the development of high-end vehicles taking place in Germany.
The growth of the automotive sector in the European region is comparatively higher than any other region of the world, owing to the presence of various well-established automotive manufacturers in the region. Moreover, stringent implementation of various industry regulations in the region that include the European Union Automotive Fuel Economy standard to reduce harmful CO2 emissions poses a challenge for the automotive original equipment manufacturers (OEMs).
However, this challenge can be mitigated by reducing the weight of the automotive parts by using automotive composites.
Key players operational in the automotive composites market are Toray Industries, Inc., (Japan), Toho Tenax Co., Ltd., (Japan), SGL Group (Germany), Mitsubishi Chemical Company (Japan), Owens Corning (U.S.), Solvay S.A. (Belgium), and Plasan Carbon Composites (U.S.), among others.
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