Europe held the largest market share in the automotive composites market

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Europe held the largest market share in the automotive composites market

July 26
11:46 2022
Europe held the largest market share in the automotive composites market
Browse 154 market data Tables and 57 Figures spread through 217 Pages and in-depth TOC on “Automotive Composites Market”
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

The global automotive composites market is expected to grow from USD 7.0 billion in 2019 to USD 9.3 billion by 2025, at a CAGR of 11.5% during the forecast period. Government initiatives emphasizing on reduction of carbon emission and shift towards eletrcic vehicles are expected to drive the growth of the automotive composites market.

Europe dominated the global automotive composites market in 2019 and is projected to register a CAGR of 11.8% between 2020 and 2025. Europe is the largest automotive composites market due to the presence of established automotive manufacturers in Germany, France, the UK, and Italy. Major automotive industry players, such as BMW, Audi, and General Motors, are exploring new application areas of automotive composites in this industry. APAC is expected to grow significantly in the automotive composites market. The use of automotive composites in the region’s automotive industry is driven by the high-growth EV market in China and Japan.

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The demand for automotive composites is mainly attributed to the growing need for lightweight, fuel-efficient, and environment-friendly vehicles. The manufacturers are focusing on producing lightweight car bodies with emission control features since the government has set stringent regulatory norms for pollution control from vehicles. The market in this region has undergone significant transformation due to the in-house presence of well-established raw material suppliers, composite product and components manufacturers, and OEMs in itself consuming these composite solutions in the automotive applications. The eco-systems of these adjutant industries is more likely to act in favor of growth of the automotive composites market.

Due to the COVID-19 pandemic, the supply chain, manufacturing units, and distributors in these regions are unable to operate. The import and export of composites have also decreased. Thus, the automotive composites market is projected to decline in 2020. However, it is estimated that the market would start recovering gradually after 2020-2021.

Key Market Players

The key players in the global automotive composites market are:

  • Toray Industries Inc. (Japan)
  • SGL Carbon (Germany)
  • Teijin Limited (Japan)
  • Mitsubishi Chemical Holding Corporation (Japan)
  • Hexcel Corporation (US)

Recent Developments

  • In October 2020, Teijin Group strategically partnered with AZL Partner New York for their lightweight production technology. This technology is aimed at transforming their business model to closely realize multifunctional and more lightweight next generation vehicles.
  • In August 2020, SGL Carbonl SGL Carbon, along with joint coordinator Consortium, succeeded in improving the thermal insulation properties for the new composite materials by around 120 % and have made commercially available carbon materials.
  • In March 2020, Huntsman International Huntsman acquired CVC Thermoset Specialties, a North American specialty chemical manufacturer serving the industrial composites, adhesives, and coatings markets. The acquisition of CVC Thermoset Specialties has widened the breadth of Huntsman’s advanced materials portfolio, which in turn, will positively impact the company’s automotive composite business.

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