The automotive composites global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Automotive Composites Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The automotive composites market size has grown rapidly in recent years. It will grow from $7.33 billion in 2023 to $8.14 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to increased demand for lightweight vehicles, expansion of the EV market, government enforcement of stricter emission norms, growth in global vehicle production, and increased consumer preference for high-performance vehicles with better fuel efficiency and safety features.
The automotive composites market size is expected to see rapid growth in the next few years. It will grow to $12.44 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to ongoing growth in the EV market, increased emphasis on recycling and reuse of materials will drive innovation in sustainable composite solutions, rapid industrialization, increased investments in research and development, and expansion of charging infrastructure. Major trends in the forecast period include 3D printing and additive manufacturing, incorporation of nanoparticles, increased use of renewable and bio-based materials, advanced software tools for optimizing the structure of composite components, and development of advanced coatings.
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Scope Of Automotive Composites Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Automotive Composites Market Overview
Market Drivers –
The increasing demand for lightweight and fuel-efficient vehicles is expected to propel the growth of the automotive composites market going forward. Lightweight and fuel-efficient vehicles refer to automobiles designed to minimize overall weight through materials such as composites and alloys, aiming to reduce fuel consumption and emissions while improving performance. The rising adoption of lightweight and fuel-efficient vehicles is driven by regulatory pressures for lower emissions, consumer demand for improved fuel economy, and advancements in materials technology enabling lighter yet stronger vehicle components. Automotive composites are used to replace traditional materials such as steel, reducing vehicle weight and improving fuel efficiency through their high strength-to-weight ratio and design flexibility. For instance, in June 2024, according to the Bureau of Economic Analysis, a US-based government agency, the sales of lightweight vehicles, encompassing automobiles and light trucks, surged from 13.5 million units in December 2022 to 16.1 million units by December 2023 in the USA. Therefore, the increasing demand for lightweight and fuel-efficient vehicles will drive the automotive composites market.
Market Trends –
Major companies operating in the automotive composites market are focused on developing innovations such as glass fiber composite technology to enhance strength and reduce weight in vehicle manufacturing. Glass fiber composite technology refers to the use of glass fibers embedded in a resin matrix to create strong and lightweight materials for various applications, including automotive components. For instance, in June 2024, Navrattan Group, an India-based technology company, launched the E-Bus, built using composite fiber materials. Employing high-quality glass fiber composite technology merged with integrated processes, this E-Bus represents a leap forward in electric vehicle design. The use of these advanced materials results in a reduced body weight and a lower gross vehicle weight, significantly enhancing the overall efficiency of the bus.
The automotive composites market covered in this report is segmented –
1) By Material: Glass Fiber Composites, Natural Fiber Composites, Carbon Fiber Composites, Aramid Fiber Composites, Other Materials
2) By Resin: Thermoplastic, Thermoset
3) By Manufacturing Process: Compression Molding, Injection Molding, Resin Transfer Molding (RTM), Other Manufacturing Processes
4) By Application : Exterior, Interior, Structural And Powertrain, Other Applications
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Regional Insights –
Asia-Pacific was the largest region in the automotive composites market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the automotive composites market are BASF SE, General Electric Company, Compagnie de Saint-Gobain S.A, Toray Industries Inc., DuPont de Nemours Inc., Owens Corning Corporation, Lanxess AG, Teijin Ltd., Solvay S.A., Nippon Sheet Glass Co. Ltd., Avient Corporation, Johns Manville Corp., Hexcel Corporation, SGL Carbon India Private Limited, Gurit (Tianjin) Composite Material Co. Ltd., Momentive Performance Materials Inc., UFP Technologies Inc., Exel Composites plc, Mitsubishi Chemical Carbon Fiber and Composites Inc., Sigmatex Limited, Composites Evolution Ltd., Innegra Technologies LLC
Table of Contents
1. Executive Summary
2. Automotive Composites Market Report Structure
3. Automotive Composites Market Trends And Strategies
4. Automotive Composites Market – Macro Economic Scenario
5. Global Automotive Composites Market Size and Growth
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32. Global Automotive Composites Market Competitive Benchmarking
33. Global Automotive Composites Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Composites Market
35. Automotive Composites Market Future Outlook and Potential Analysis
36. Appendix
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