Automotive Composite Market Report

Automotive Composite Market Analysis By Product (Polymer, Metal, Ceramic) By Application (Interior, Exterior, Structural & Powertrain Components), By Region, And Segment Forecasts, 2014 - 2025

Published: August 2017  |  127 Pages  |  Format: PDF  |  Report ID: GVR-1-68038-991-3

Industry Insights

The global automotive composite market size was estimated at USD 3,577.4 million in 2016. The automotive composite market is influenced by high production and stringent regulations implemented in the automobile section. According to the International Organization of Motor Vehicle Manufacturers, 95 million cars and commercial vehicles were manufactured in 2016. 

Manufacturers inclination towards increment in fuel efficiency and weight reduction is a major driver in the industry. Some of the strategic initiatives taken up by companies involve partnerships and product innovations to cater to diversified and customized requirement of producers.

U.S. automotive composites market revenue by product, 2014 - 2025 (USD Million)

U.S. automotive composites market

The growing carbon emission levels on account of increasing vehicular activity over the past years has provoked governments across the world to refurbish numerous guidelines concerning emissions by the automobiles.

Countries such as China, Japan, Vietnam, and Indonesia have implemented various policies with regard to emission control which is in line with the Euro emission control standards. Automotive as well as composite manufacturers are well aware of the regulations imposed in various countries and are manufacturing products that meet the prescribed regulations.

With Corporate Average Fuel Economy (CAFE) requirements intensifying in the U.S. toward 50 mpg by 2025, and vehicle emissions requirements getting more restrictive in Europe, automakers consider reducing vehicle weight as one of the most effective solutions to ensure compliance. Every 100 lb/45 kg of mass reduction in a vehicle increases fuel efficiency 2 to 3%, thus resulting in low emissions. 

Product Insights

The automotive industry uses polymer, metal, and ceramic matrix composites. Metal composites (MC) are projected to grow at the highest CAGR on account of their extensive use in powertrain and chassis components. Some of the features of MC include high transverse stiffness & strength, fire resistance, no moisture absorption, radiation resistance, etc. 

PMC is popular among automotive industries due to its low cost and easy fabrication. It is utilized in exterior auto body components. Polymer composite matrix includes glass, natural and carbon fiber reinforced polymer composites as subtypes which are used in seat backs, package trays, door panels, dashboards, headliners and interior parts.

Polymer composite matrix is second fastest growing product segment owing to its mechanical properties such as strength to weight ratio, high abrasion resistance, high tensile strength and high chemical resistance.

CMC possess properties such as high stiffness, chemical inertness, and thermal stability which increases its application scope in locomotive industries. CMC is used extensively in the development of engine components on account of properties such as particle impact damage, creep resistance, and reliability against thermal shock.

Application Insights

Application in structural & powertrain components is expected to grow at the rate as composites act as an excellent replacement for metallic under hood parts. Increasing importance given to vehicle weight reduction to improve fuel saving is anticipated to augment demand over the coming years.

Global automotive composites market by application, 2016 (%) 

Global automotive composites market

Increasing research & development activities to increase application in the structural & powertrain components is expected to foster market growth. The growing preference for composites in exterior and powertrain components of luxury vehicles and sports cars is anticipated to influence market demand positively.

Exterior components are the largest application segment on account of properties such as high tensile strength, impact resistance, abrasion resistance, chemical resistance, etc. which are mandatory according to vehicle manufacturing standards.

Regional Insights

Asia Pacific is one of the largest automotive manufacturers, holding a share of approximately 53% in 2016. Stringent emission regulations implemented in China, Japan, and India is expected to reduce vehicle weight, which will, in turn, enable fuel saving. Vehicle weight can be reduced by replacing heavy metal components by composites. 

In February 2016, Toray Carbon Magic Co., Ltd., a subsidiary of Toray Industries, Inc., inaugurated a new plant in Thailand for manufacturing carbon fiber reinforced plastic parts. In August 2016, Owens Corning announced its plans to invest USD 110 million in expanding composite operations in India by installing a state-of-the-art 80,000-ton glass melter at Taloja, India.

Europe occupied the second largest share and is projected to grow at the second highest CAGR over the coming years. Some of the major vehicle producing countries in Europe include Germany, Spain, France, UK, and Turkey. Stringent emission control regulations implemented in Europe is projected to drive demand for light-weight passenger vehicles, thus preferring composites instead of metals.

In 2016, North America and Central & South America produced 2,07,95,002 cars and commercial vehicles. Corporate Average Fuel Efficiency (CAFE) guidelines implemented by the U.S. is projected to augment consumption in the region. Mexico accounted for more than 20% of the North American vehicle production in 2016.

Competitive Insights

Toray Industries and Teijin Limited have integrated operations from raw material manufacturing to composite fabrication. Self-procurement of raw materials along with undertaking production helps manufacturers cut down logistics cost and cater to end-use product manufacturers directly to increase profitability. 

Mergers and acquisitions are prevalent in the market as seek to capture maximum market share. Joint ventures for new product development and technological collaborations are held critical to the product development cycle in the automotive industry.

Companies are investing huge amounts in research & development activities, building innovation centers, and acquiring certifications to gain a competitive edge in the market. In April 2017, Solvay entered into a consortium partnership with Bentley and Penso for developing high-volume composite technologies.

In May 2017, SGL Group lead a consortium of eight UK companies in a project aimed at the production of lightweight carbon fiber composite components for the automotive industry. In March 2016, Toho Tenax developed an integrated production system for CFRP, which enables the optimization of manufactured composite parts as per the shapes and properties required.

Report Scope 

Attribute

Details

Base year for estimation

2016

Actual estimates/Historical data

2014 - 2016

Forecast period

2017 - 2025

Market representation

Volume in Kilo Tons, revenue in USD Million and CAGR from 2017 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

U.S., Canada, Mexico, Germany, UK, Spain, France, China, Japan, India

Report coverage

Volume & revenue forecast, company share, competitive landscape, growth factors and trends

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Segments covered in the report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global automotive composites market on the basis of product, application, and region:

  • Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

    • Polymer Matrix Composites

      • Glass Fiber Reinforced Polymer Composite 

      • Natural Fiber Reinforced Polymer Composite

      • Carbon Fiber Reinforced Polymer Composite

    • Metal Matrix Composites

    • Ceramic Matrix Composites

  • Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

    • Interior Components

    • Exterior Components

    • Structural & Powertrain Components

    • Others

  • Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • UK

      • France

      • Spain

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

    • Middle East & Africa

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