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Overview
Market Research Future (MRFR) believes that the global Automotive Composite market can clinch a significant CAGR of 10.6% during the forecast period (2017-2023).
Market Boosters and Top Challenges
For a long time, but mostly in recent years, fuel efficiency as well as low carbon emission regulations has picked up pace across various regions all over the world. This factor is accelerating the demand for incorporation of lightweight composites, which are used for replacing metal parts in automotive components. Also, prominent Western countries are now noting high consumer spending, predominantly in the luxury and super-luxury car segments. Most of these vehicles make use of carbon composite components, which can be counted as an important factor in market growth.
To knock down the overall cost of the system of automotive components, a number of automotive carbon-fiber-reinforced plastics (CFRP) suppliers are now utilizing new fabrication methods for CFRP parts including resin transfer molding (RTM). This helps in reducing the cycle times. Also, these are high-performance plastics and are lightweight, they are integrated into the interiors as well as under-the-hood parts, reducing the vehicle weight to a great extent.
The overall market is expected to surge considerably in the near future, given the use of technologically advanced manufacturing techniques and the declining prices of CFRPs owing to high-volume production. Another growth-inducing factor in the market can be the rising frequency of high-value joint development agreements between original equipment manufacturers (OEMS) and carbon fiber manufacturers.
Market Segmentation
Production type and application are the primary segments as per which MRFR has analyzed the worldwide Automotive Composite market.
The production types segment can be split into hand layup, resin transfer molding, vacuum infusion processing, injection molding, compression molding, and others.
The application-based segments covered in the report include structural assembly, power train components, interior, exterior, and others.
Regional Analysis
North America, Europe, Asia Pacific (APAC) and the rest of the world (RoW) are the main markets for Automotive Composite.
Extensive researches state that APAC will achieve the fastest growth rate and is also estimated to account of the largest share in the global market in the coming years. Countries like India and China are exhibiting phenomenal growth, given the demand for features like enhanced fuel efficiency and lightweight vehicles. Large-scale production capacity with respect to volume along with surge in new facilities with technological advancements can boost demand for the Automotive Composite market in the region.
North America is expected to be a lucrative market for Automotive Composite during the review period. High demand for carbon fiber-reinforced plastics in race cars, leisure cars, as well as other high-performance cars, can stimulate market growth in the region. Development of advanced technologies as well as physical systems to create carbon fiber parts to be fitted in mass-volume vehicles are the latest trends that inundate the automotive composites carbon fiber market in the region.
Europe will quite possibly achieve a significant position in the global Automotive Composite market during the evaluation period. The region makes extensive use of composites, which is further complemented by the stringent regulations that aim at curbing carbon emissions from vehicles. In addition to that, surge in research and development (R&D) investment paired with the highly thriving automobile industry in the region can add to the market strength in the following years.
Leading Vendors
Some of the leading players shaping the global Automotive Composite market are Toray Industries, Inc. (Japan), Cytec Industries (U.S.), Owens Corning (U.S.), SGL Carbon SE (Germany), HITCO Carbon Composites Inc (U.S.), Polar Manufacturing Limited (U.K.), Clearwater Composites, LLC (U.S.), ACP Composites, Inc (U.S.), Rock West Composites (U.S.), Mitsubishi Rayon Carbon Fiber and Composites Inc. (U.S.), to mention a few.
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