(EMAILWIRE.COM, May 03, 2024 ) The report "Automotive Composites Market by Fiber Type (Glass, Carbon), Resin Type (Thermoset, Thermoplastic), Manufacturing Process (Compression Molding, Injection Molding, Rtm), Application, Vehicle Type, Region - Global Forecast to 2028" The global automotive composites market size is expected to reach USD 14.3 billion till 2028 projecting a CAGR of 12.1%.

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333 - Market Data Tables

59 - Figures

281 - Pages

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Based on fiber type, the market for automotive composites is segmented into glass fiber, carbon fiber and other fibers. Glass fiber based automotive composites dominates the overall automotive composites market in 2022, in terms of volume and value. The demand for this glass fiber segment is projected to dominate the market in the forecasted period as well due to its cost effectiveness, strength, stiffness, ease of processing, and impact resistance.

The automotive composites market is divided into four major applications namely exterior, interior, powertrain & chassis, and battery enclosures. The exterior application segment lead the automotive composites market in terms of value. Exterior applications of automotive composites include body panels (hoods, fenders, roofs, and doors), bumpers, grilles and spoilers. With high growth of electric vehicles, battery enclosures expected to witness the highest CAGR in the forecasted period.

The automotive composites are divided into two segments on the basis of resin type used, namely thermoset and thermoplastic. The thermoplastic resin is to witness the highest growth rate in the forecasted period. Excellent properties and advantage of being recyclable is expected to boost the demand for thermoplastic resin in automotive composite market. Thermoset resins hold the maximum share in the market due to their ease in fabrication..

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Asia Pacific is dominating the automotive composites market and is projected to dominate the market in forecasted period as well. Demand for the lightweight and high weight to strength ration in automotive industry is driving the automotive composites market in the region. China accounted for a significant share of the global automotive composites market and is expected to register the maximum growth between 2023 to 2028. The Chinese market is responsible for the highest growth rate of the Asia Pacific region. China is the largest manufacturer of passenger cars in 2021, and has the maximum sale of electric vehicles in 2021. The players in the region’s have adopted various methodologies to sustain the growing demand and competition.

Automotive Composites Market Key Players
Major market players in automotive composites market are Toray Industries Inc. (Japan), SGL Carbon (Germany), Teijin Limited (Japan), Mitsubishi Chemical Holding Corporation (Japan), Hexcel Corporation (US), Owens Corning (US), Solvay SA (Belgium), Gurit (Switzerland), UFP Technologies Ltd. (US), Huntsman Corporation (US), and Hexion (US). These companies have adopted various growth strategies, such as acquisitions, mergers, partnerships, expansions and joint ventures, to expand their presence in the market further.

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