Composites in the Global Automotive Market: Trends, Opportunities and Competitive Analysis [2024-2030]

Composites in the Global Automotive Market Trends and Forecast

•  Lucintel forecasts that SFT expected to witness the largest segment and CFT is expected to witness the highest growth over the forecast period.
• APAC and ROW is expected to remain the largest region by value and volume also due to higher penetration of composites in automotive in this region than other region. 

Country wise Outlook for the Composites in the Global Automotive Market

Emerging Trends in the Composites in the Global Automotive Market

1. Nanocomposites: Incorporating nanomaterials like graphene and carbon nanotubes into composites improves properties such as electrical conductivity, thermal stability, and mechanical strength. These composites are used in electronic parts, battery covers, and building blocks.
2. Multi-Material Integration: Developing techniques for seamlessly integrating composites with traditional materials (like metals and plastics) to create multi-material structures that leverage the best properties of each material
3. Increasing Demand of Electric Vehicles (EVs): Increased use of composites in battery enclosures, electric motor housings, and lightweight body panels to extend range and improve performance of electric vehicles.
4. Growth in Light weight Materials: Advanced composites such as carbon fiber reinforced polymers (CFRP) or glass fiber reinforced polymers (GFRP) are increasingly used for vehicle weight reduction purposes leading to improved fuel efficiency and reduced emissions.
5. Hybrid Composites: Combining different materials, for example metal-polymer hybrids or carbon-glass fiber hybrids for optimized properties in specific automotive applications that enhance performance and minimize cost.
6. Sustainable Composites: Development of bio-based and recycled composites including natural fiber composites such as flax or hemp; or recycled carbon fiber to meet sustainability goals while reducing environmental impact.
7. Structural Composites: Some of the major factors that have made structural composites suitable for use in chassis, frames, and crash structures are innovations and improvements made on these composites with regards to increasing their critical load-bearing capacity for better safety and performance.
8. High-Temperature Composites: By developing resin systems and fiber reinforcements which can operate at higher temperatures, high temperature heat resistant composites have been developed for application in under the hood area of vehicles as well as components for electric vehicles.
9. Automated Manufacturing Processes: Another approach has been integrating automation or digital manufacturing technologies such as 3D printing or robotic layup to improve production efficiency, uniformity and scalability of composite parts.

Recent Developments by the Composites in the Global Automotive Market

• Electric Vehicles (EVs): The need for lightweight yet strong materials to compensate for battery mass has resulted in an increase in electric vehicles. Battery enclosures, underbody shields are some of the areas where composites are used to improve vehicle performance and range. This involves integrating thermal management systems into composite structures.
• Crash Safety and Performance: Advanced composites are being developed to enhance crash safety without adding significant weight. Materials of this type possess better energy absorption properties as well as impact resistance than many other supplies available on the market. Hybrid composites are another innovation that helps optimize performance by combining different types of fiber with each other.
• Manufacturing Processes: More efficient and cost-effective production of composite components has been realized through new manufacturing techniques such as high-pressure resin transfer molding (HP-RTM) and automated fiber placement (AFP). These developments have facilitated the adoption of composites for use in automobiles at high volumes.
• Sustainability: Automotive industry is seeking environmentally friendly bio-based or recycled composites thus enhancing sustainability. These materials help reduce environmental impacts due to production and disposal processes associated with vehicle manufacturing. For instance, natural fiber composites are currently being incorporated into interior parts while body panels are made using recycled carbon fibers.
• Thermoplastic Composites: Thermoplastic composites have become popular in automotive applications because they can be recycled unlike thermoset ones which takes longer time during processing. Here, new thermoplastic resin systems have been created alongside hybrid composites that combine both thermoplastic and thermoset resins.
• Functional Integration: The new trend is to make multifunctional composites that can serve several purposes at once. For example, in place of adding separate electrical conduits or fluid channels, these can be incorporated when making structural composite parts.
• Cost Reduction: Attempts are being made to minimize the price of composite materials and production processes. During this time, cheaper carbon fiber is developed as well as better resins and automated manufacturing solutions that reduce labor costs.
• Customization and Design Flexibility: When compared with traditional materials, composites have more flexibility in design allowing for greater complexity and personalization. This is especially beneficial for high-performance and luxury vehicles where aesthetics matter most.

Strategic Growth Opportunities for Automotive Composites Market

• Advantage: The use of composites, for example carbon fiber and glass fiber, results in reduced weight of vehicles, thereby increasing fuel efficiency as well as minimizing emissions.
• Opportunity: Increased adoption both in conventional and electric vehicles to meet the stringent regulatory standards globally.

• Advantage: Composite materials have shown remarkable strength-to-weight ratios and impact resistance that has resulted in improved safety and durability of cars.
• Opportunity: Increased use in structural components like body panels, chassis and interiors designed with enhanced performance and flexibility.

• Advantage: Innovations related to lower production costs of composite materials arise from manufacturing processes or economies of scale.
• Opportunity: Competitive pricing strategies aimed at attracting mass-market vehicle manufacturers while upholding high quality standards.

• Advantage: Automation using robots improves composite part production efficiency, accuracy and precision.
• Opportunity: Leveraging Industry 4.0 technologies for flexible production systems that can customize products according to eye-catching automotive OEM specifications.

• Advantage: Development of recyclable composites made from biomass sources lessens their environmental footprint while promoting a circular economy model.
• Opportunity: Collaborative efforts spanning the entire supply chain should be used to create efficient recycling methods towards achieving sustainability goals.

• Advantage: Composites enable EV range extension and autonomous vehicle sensor integration because they are light weight as well as electromagnetic transparent.
• Opportunity: Increasing growth rates are being projected for EV battery enclosures, lightweight body structures, and sensor housings used in autonomous driving systems. Increasing customization levels

Composites in the Global Automotive Market Drivers and Challenges

1. Light weighting for Fuel Efficiency: The automobile industry today is all about the weight of a car. Hence, it has resulted in composite materials being used in this sector to reduce vehicle weight thus increasing fuel economy.
2. Emission Regulations: There are strict global emission standards that require companies to use advanced materials such as composites in order to be within the set legal limits.
3. Electric Vehicles (EVs): With the expanding electric vehicle market, there is an increased need for composites in constructing battery enclosures, structural components and interiors that improve performance and safety.
4. Performance Benefits: Composites provide high strength-to-weight ratio as well as design flexibility and corrosion resistance hence they are ideal for automotive applications which are highly performing.
5. Sustainability: In response to growing environmental awareness and burgeoning demand for sustainable materials, automakers have increased their demand for recycled or green-bio plastics-composites.

1. High Costs: The production of composite materials is often more expensive than traditional materials, posing cost challenges for widespread adoption.
2. Manufacturing Complexity: The complex manufacturing processes for composites, including molding and curing, require specialized equipment and expertise.
3. Supply Chain Issues: Dependence on specific raw materials, which may face supply chain disruptions, can impact the availability and cost of composites.
4. Recycling and Disposal: End-of-life recycling and disposal of composite materials pose environmental and logistical challenges due to their complex composition.
5. Performance Trade-offs: While composites offer many benefits, they may have trade-offs in impact resistance, reparability, and integration with other vehicle systems.

Composites in the Global Automotive Suppliers and Their Market Shares

• BASF
• DSM
• DuPont
• SABIC
• Lanxess

Composites in the Global Automotive Market by Segment

By Compound Material [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:

• SMC
• BMC
• GMT
• LFT
• CFT
• SFT

By Application [Volume (M lbs) Analysis for 2018 – 2030]:

• Interior
• Exterior
• Power Train System
• Chassis Systems
• Electrical and Electronics
• Under Body System
• Others

By Fiber [Volume (M lbs) Analysis for 2018 – 2030]:

• Glass Fiber
• Carbon Fiber

By Resin Group [Volume (M lbs) Analysis for 2018 – 2030]:

• Thermoset Resin
• Thermoplastic Resin

By Region [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:

• North America
• Europe
• Asia Pacific & Rest of The World

Features of Composites in the Global Automotive Market

• Market Size Estimates: Composites in the global automotive market size estimation in terms of value ($M) and volume (M lbs)
• Trend and Forecast Analysis: Market trends (2018-2023) and forecast (2024-2030) by various segments such as different compound material, application, fiber, resin group, and region, and regions.
• Segmentation Analysis: Market size by compound material, application, fiber, resin group, and region.
• Regional Analysis: Composites in the Global Automotive market breakdown by North America, Europe, and Asia Pacific & Rest of the World.
• Growth Opportunities: Analysis of growth opportunities in different compound material, application, fiber, resin group, and region for the footwear sole material market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the composites in the global automotive market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.

FAQ

This report answers following 11 key questions