The global automotive composite market size is expected to reach USD 37.10 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.5% from 2020 to 2027. Favorable emission control regulations coupled with the growing demand for lightweight materials from the automotive industry are anticipated to positively impact market growth. Moreover, the adoption of electric powertrains, coupled with regional fuel economy standards, is also expected to play a crucial role in the adoption of composites in the automotive industry.
The applications of composites have been limited to high-performance cars that are costlier owing to the high cost of composites. However, key market participants are conducting extensive R&D activities for developing low-cost composite grades having comparable mechanical properties as that of the high-cost variants. This is anticipated to boost the demand for composites in the automotive industry over the forecast period.
COVID-19 Update: The automotive industry is one of the major industries contributing to the global economy. However, a decrease in demand and investment, coupled with supply chain disruptions and factory closures owing to the outbreak of the COVID-19 pandemic, is expected to hinder the growth of the automotive industry, thereby impacting the demand for automotive composites market in 2020.
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Automotive Composite Market Report Highlights
• Based on product, polymer matrix composites led the market and accounted for a 75.3% share of the global revenue in 2019 owing to their popularity in the automotive industry due to their low cost and easy fabrication method.
• The metal matrix composites segment, in terms of revenue, is likely to expand at the highest CAGR of 8.2% over the forecast period owing to its characteristics such as high strength and stiffness, higher operating temperatures, and enhanced wear resistance.
• Based on application, exterior components led the market and accounted for 38.6% share of the global revenue in 2019 on account of the properties possessed by automotive composites, such as high impact resistance, high tensile strength, high chemical and abrasion resistance, which are mandatory for exterior components according to automotive manufacturing standards.
• Based on region, Asia Pacific dominated the market and accounted for 46.8% share of the global revenue in 2019 on account of the region being one of the most lucrative destinations for the automotive industry owing to the presence of key manufacturers in the major economies, including China, India, and Japan.
• With the rising demand for lightweight components in the automotive industry, automobile manufacturers are collaborating with composite fabricators for developing new products that cater to specific client requirements.
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Automotive Composite Market Segmentation
Grand View Research has segmented the global automotive composite market on the basis of product, application, and region:
Automotive Composite Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2027)
• Polymer Matrix Composites
• Glass Fiber Reinforced Polymer Composite
• Natural Fiber Reinforced Polymer Composite
• Carbon Fiber Reinforced Polymer Composite
• Metal Matrix Composites
• Ceramic Matrix Composites
Automotive Composite Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2027)
• Interior Components
• Exterior Components
• Structural & Powertrain Components
Automotive Composite Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South Korea
• Central and South America
• Middle East & Africa
• South Africa
List of Key Players of Automotive Composite Market
• Toray Industries, Inc.
• SGL Carbon
• Teijin Limited
• Hexcel Corporation
• Mitsubishi Chemical Carbon Fiber and Composites, Inc.
• Johns Manville
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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