Automotive Composites Market Projected to Grow at a Steady Pace
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According to a research report by Stratview Research, Automotive composites market size is projected to reach an estimated value of US$ 15.6 billion in 2024. In the coming five years, the growth rate of composites in automotive is likely to outpace the growth rate of the automotive industry, catching the significant attention of the industry stakeholders.
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Research Methodology
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
Segments' Analysis
Stratview Research has segmented the Automotive Composites Market by Vehicle Type (Passenger Car, Light Commercial Vehicle, and Medium- and Heavy-Duty Commercial Vehicle), by Application Type (Interior, Exterior, Under the Hood, and Others), by Reinforcement Type (Glass Fiber Composites and Carbon Fiber Composites), by Matrix Type (Polyester Composites, Polyamide Composites, Polypropylene Composites, Epoxy Composites, and Others), by Process Type (Resin Infusion, Compression Molding, Injection Molding, Filament Winding, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
The report also deeply studies the different resin types in the market. Polyester, polyamide (PA), polypropylene (PP), and epoxy are the major resin types considered in the report. Different resin materials are preferred choices for different applications and are used in different product forms. For instance, polyamide is the material of choice in under-the-hood components, such as air intake manifolds, radiator end tanks, engine covers, charge-air-cooler end caps, and engine oil pans.
Polyamide composites are generally used in the form of SFTs and LFRTs, primarily through the injection molding process. On the other hand, polyester composites are predominantly used resin types for exterior composite applications such as fender, hood, bumper, and pick-up box. Polyester composites are primarily used in the form of SMCs and BMCs through either compression or injection molding process.
In terms of regions, Europe and North America capture a large chunk of the global automotive composites market. The average composite content per vehicle is higher in Europe and North America as compared to the Asia-Pacific region, which led to a low share of Asia-Pacific despite being the largest vehicle producer across the globe. The USA, Canada, Mexico, Germany, France, China, and Japan are some key countries across the globe, accounting for a significant share in the market.
The following are the key players in the Automotive Composites Market -
· Ashland Global Holdings Inc.
· AOC, LLC
· BASF SE
· Continental Structural Plastics Inc. (CSP)
· Solvay S.A.
· Koninklijke DSM N.V.
· E. I. du Pont de Nemours and Company
· Hexion Inc.
· Huntsman Corporation
· Lanxess GmbH
· SABIC (Saudi Basic Industries Corporation)
· Toray Industries, Inc.
· Owens Corning Corporation.
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