Automotive Composites Market Boosting the Strong Growth Worldwide to 2026

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Jan 25, 2021 (Market Insight Reports) —
Growing consumer inclination towards fuel efficient hybrid and electric vehicles will drive global automotive composites market outlook. Automotive composites are light weight structures that are utilized in place of traditional manufacturing materials for several interior, exterior and other auxiliary parts in vehicle in order to reduce overall vehicle weight.

Favorable governmental initiatives to support light weighting of vehicles to reduce the environmental impact quality will fuel the adoption of automotive composites by vehicle manufacturers. It is estimated that every 10% reduction in vehicle weight results in 7% increase in fuel economy, and with add-on compounded weight savings, there can be 9.5% improvement in the fuel economy.

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Rising demand for composites material for interior, exterior, structural and powertrain applications may favor product penetration in the coming years. Estimates suggests that global automotive composites market size will cross the USD 5.5 billion mark by 2026.

Growth in composites manufacturing

On the basis of resin, composites are categorized as thermoset and thermoplastics. Manufacturing of these composites is carried out generally through compression injection and resin transfer molding. In 2019, injection manufacturing process held over 15% share of the market is estimated to witness substantial growth through 2026.

Compression injection process is deployed for producing high performance composite parts by injecting molten material into a mold. Injection molding process is widely used to produce composites as it a cost-effective solution for large-scale molding projects. In addition, lesser energy consumption and less floor spacing requirement are the key factors propelling the technology’s adoption.

Demand for glass fiber composites

In 2019, glass fiber segment dominated the global Automotive Composites Market share and is estimated to showcase growth rate of 6% through 2026 on account of high stiffness, and relative tensile strength over other fibers. Moreover, cost effective nature, high heat resistance and low dielectric constant of these fibers will positively impact their sales over the coming years.

Strict emission regulations in Europe

Europe automotive composites market will grow at 7% CAGR up to 2026 on account of strict emission regulations, resulting in high product demand from countries including Germany, France, Spain and the UK. EU has laws binding emission targets for new van fleets and vehicles to help reduce the CO2 emissions of vehicles.

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The commission mandated that as of 1 September 2017, all new car models are supposed to pass new, more reliable and rigorous emissions tests in real driving conditions as well as a high-level laboratory test before they are allowed to be driven on roads across Europe. Vehicle emission regulations in the region may contribute towards growth of Automotive Composites Market size.

Light weight vehicles are no longer optional. All across the globe, the goal of material & design engineers is to build and design multi-material lightweight automotive vehicles in high volume while providing equivalent or even greater levels durability and safety. Original equipment manufacturers are exploring materials such as plastics, anodized aluminum, carbon fibers and others for reducing vehicle weight, expanding their design possibilities and supplementing automotive composites market forecast.

Table of Contents (ToC) of the report:

Chapter 1Methodology & Scope

1.1 Market definitions

1.2 Base estimaion & working

1.2.1 North America

1.2.3 Europe

1.2.3 APAC

1.2.4 LATAM

1.2.4 MEA

1.3 Forecast calculations

1.2.1 COVID-19 impact calculations on industry forecast

1.4 Data sources

1.4.1 Primary

1.4.2 Secondary Paid sources Public sources

Chapter 2Executive Summary

2.1 Automotive composites industry 3600 synopsis, 2016 – 2026

2.1.1 Business trends

2.1.2 Fiber trends

2.1.3 Resin trends

2.1.4 Manufacturing process trends

2.1.5 Application trends

2.1.6 Regional trends

Chapter 3Automotive Composites Industry Insights

3.1 Industry segmentation

3.2 Industry landscape, 2016 – 2026

3.3 Industry ecosystem analysis

3.3.1 Raw material suppliers

3.3.2 Manufacturers

3.3.3 Profit margin analysis

3.3.4 Distribution channel analysis End-users E-commerce

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The MarketWatch News Department was not involved in the creation of this content.