Automotive Composites Market Opportunities and Challenges (2024-2032) | SGL Carbon, Teijin Limited, Hexcel Corporation, Solvay

Global Automotive Composites Market presents a variety of new trends that have a significant impact on market growth dynamics as well as the most recent industry knowledge. According to the most recent projection, global growth will reach its lowest point this year at 2.8% before edging up to 3.0% in 2024. Although more slowly than expected, the rate of global inflation will drop from 8.7% in 2022 to 7.0% this year and 4.9% by 2024. Notably, growth rates for emerging markets and developing economies have increased significantly in many cases, from 2.8 percent in 2022 to 4.5% this year.

The global automotive composites market size was US$ 23.1 billion in 2021. The global automotive composites market is forecast to grow to US$ 39.9 billion by 2030 by registering a compound annual growth rate (CAGR) of 7.1% during the forecast period from 2022 to 2030. 

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Lightweight materials called composites for autos are frequently utilized in cars, trucks, and other vehicles. These materials are mostly recommended for lightening the weight of automobiles. Automotive interior, exterior, structural, and other applications all use composite materials.

Factors Influencing the Market
The growing demand for lightweight and fuel-efficient vehicles will primarily drive the growth of the global automotive composites market during the forecast period. The beneficial properties of automotive composites, such as low coefficients of thermal expansion, shape retention, resistance to corrosion, and ease of production, will also fuel the growth of the automotive composites market during the analysis period.
Growing fuel prices will also offer growth opportunities for the automotive composites market. In addition, manufacturers are constantly focusing on integrating safety and comfort into their vehicles. Thus, it will accelerate the growth of the automotive composites market.
Growing consumer disposable income and rising innovations in the automotive industry are forecast to be opportunistic for the market. Apart from that, governments are also imposing strict regulations to curb vehicular pollution. As a result, it will drive the demand for lightweight vehicles, thereby boosting the growth of the overall automotive composites market.
On the flip side, high manufacturing and processing cost may limit the market growth during the study period.

COVID-19 Impact Analysis
The entire automotive sector went through an abrupt fall due to the COVID-19 disease outbreak. During the initial phase of the pandemic, manufacturing units closed operations. Moreover, it also affected consumer purchasing power, which ultimately hampered the growth of the automotive composites market.

Regional Analysis
The Asia-Pacific automotive composites market is forecast to record the highest growth of all the regions. Developing countries, including India, China, Japan, etc., are maintaining a strong foothold in the automotive sector. As a result of the presence of a large number of automotive manufacturers, the demand for automotive composites is expected to rise in the forthcoming years. Apart from that, other factors like the growing population and increasing living standards will significantly benefit the automotive composites market during the analysis period.
Governments in the region have also imposed strict regulations on the fuel efficiency of vehicles. Therefore, it will drive the demand for lightweight vehicles. In addition, the easy availability of raw materials such as engineering plastics and rubber will be opportunistic for the key players in the region.

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Competitors in the Market
• SGL Carbon
• Teijin Limited
• Hexcel Corporation
• Solvay
• Toray Industries, Inc.
• Mitsubishi Chemical Carbon Fiber and Composites, Inc.
• Johns Manville
• Gurit
• Plasan Carbon Composites
• TPI Composites
• GMS Composites
• IDI Composites International
• Revchem Composites
• Formaplex
• Other prominent players

The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.

As of the end of 2022, the Automotive Composites industry experienced notable growth in its workforce. Starting in January, employment within the Automotive Composites sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Automotive Composites output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.

Forecasts indicate that the global Automotive Composites output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Automotive Composites market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Automotive Composites market.

Market Segmentation
The global automotive composites market segmentation focuses on Fiber, resin, Manufacturing Process, Application, and Region.
By Fiber:
• Glass-reinforced plastic (GRP)
• Carbon fiber reinforced plastic (CFRP)
• Natural fiber (NF)
By Resin:
• Thermoset
• Thermoplastic

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By Manufacturing Process:
• Compression molding
• Injection molding
• RTM
• Other
By Application:
• Interior
• Exterior
• Structural
• Others
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
 Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
 Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America

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Table of Contents:

Chapter 1: Introduction to the Global Automotive Composites Industry

Chapter 3: Dynamics of the Market

Chapter 4: Profiles of Leading Companies

Chapter 5: Competition in the Global Automotive Composites Market among Players

Chapter 6: Market Size across Global Regions

Chapter 7: Application Segments in the Global Market

Chapter 8: Segment Analysis of the Global Automotive Composites Industry

Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers

Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders

Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors

Chapter 12: Evaluation of Market Impact Factors

Chapter 13: Forecasted Global Automotive Composites Market Size (2024-2032)

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Key Questions Market Research and Analysis Report

• What is the current market size, both in terms of value and volume?
• What is the historical growth rate of the market, and what are the projected growth rates for the future?
• Who are the major players in the market, and what is their market share?
• What are the market trends and dynamics influencing the industry?
• What are the key drivers of market growth?
• What are the challenges and barriers faced by market participants?
• What are the emerging opportunities in the market?
• What is the competitive landscape of the market?
• What are the consumer preferences, behaviors, and buying patterns within the market?
• What is the market segmentation, and how are different market segments performing?
• What are the pricing trends and strategies in the market?
• What are the distribution channels and their effectiveness in reaching the target audience?
• What are the regulatory and legal factors impacting the market?

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