Recently, Allied Market Research published a report on Automotive Composites Market Analysis and Forecast to 2032. The report estimates the automotive composites market to reach $16.4 billion by 2032, growing at a CAGR of 8.3%.
The global automotive composites market has been significantly boosted by technological advancements. For example, Resin Transfer Molding (RTM) and Automated Fiber Placement (AFP) have made them more cost-effective and suitable for mass production. In addition, the rise of electric vehicles (EV) has created new opportunities for composites.
However, one of the major restraints affecting the automotive composites market is the higher cost of composites as compared to traditional metals such as steel and aluminum; the manufacturing processes (including molding, curing, and finishing) to produce composites tend to be more complex and costly; and the cost of raw materials for composites, such as carbon fibers and resins, remains relatively high. As a result, automotive OEMs face challenges because it is difficult to justify the higher upfront investment required to produce composite automotive components.
Carbon Fiber Field
On the basis of fiber type, carbon fiber composites account for more than two-thirds of the global automotive composites market revenue. Light weighting in carbon fiber improves the fuel efficiency and overall performance of vehicles, especially in acceleration, handling, and braking. Moreover, stricter emission standards and fuel efficiency are driving automotive OEMs to develop carbon fiber light weighting technologies to reduce weight and meet regulatory requirements.
Thermoset Resin Segment
By resin type, thermoset resin-based composites account for more than half of the global automotive composites market revenue. Thermoset resins are characterized by high strength, stiffness, and dimensional stability, which are essential for automotive applications. These resins are durable, heat resistant, chemically resistant, and fatigue resistant and are suitable for various components in vehicles. In addition, thermoset composites can be molded into complex shapes, allowing for novel designs and the integration of multiple functions into a single component. This flexibility allows automakers to optimize the design of automotive components to improve performance, aesthetics and functionality.
Exterior Trim Segment
By application, composite automotive exterior trim contributes nearly half of the global automotive composites market revenue. The light weight of composites makes them particularly attractive for exterior trim parts. In addition, composites can be molded into more complex shapes, providing automotive OEMs with unique exterior design opportunities that not only enhance vehicle aesthetics, but also improve aerodynamic performance.
Asia-Pacific to Remain Dominant by 2032
Regionally, Asia Pacific accounted for one-third of the global automotive composites market and is expected to grow at a highest CAGR of 9.0% during the forecast period. Asia Pacific is a major region for automotive manufacturing with countries such as China, Japan, South Korea, and India leading in production.
Shanghai Orisen New Material Technology Co., Ltd
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Post time: Jul-11-2024