Allied Market Research has released its analysis and forecast for the automotive Composites market for 2023-2032. According to the report, the market was valued at $7.4 billion in 2022 and is expected to reach $16.4 billion by 2032, with a CAGR of 8.3% from 2023 to 2032. The global automotive composites market is driven by rapid technological advances. According to Allied Market Research, advances in composite manufacturing technologies, such as resin transfer molding (RTM) and automated fiber laying (AFP), have made them more cost-effective and suitable for mass production. In addition, the rise of electric vehicles (EVs) has created new opportunities for composites to extend battery range and improve performance.
However, one of the major constraints affecting the automotive composites market is the high cost of composites compared to traditional metals such as steel and aluminum; Manufacturing processes to produce composites, including molding, curing and finishing, tend to be more complex and capital intensive; In addition, the cost of composite raw materials such as carbon fiber and resin is still relatively high. As a result, automakers face the challenge of justifying the higher upfront investment required to integrate composites into vehicle structures.
/ Carbon fiber field /
By fiber type, the carbon fiber segment will hold the largest share in 2022, accounting for more than two-thirds of the global automotive composites market revenue. The lightweight of carbon fiber can improve the fuel efficiency and overall performance of the vehicle, especially in acceleration, handling and braking. In addition, more stringent emission standards (such as Bharat Phase (BS-V and BS-VI)) and fuel efficiency requirements are driving automakers to explore lightweight materials such as carbon fiber to reduce vehicle weight and meet regulatory standards; Lighter vehicles typically produce fewer emissions and consume less fuel.
/ Thermosetting plastic plate /
Automotive Composites market by region.
By resin type, thermosetting resins held the largest share in 2022, accounting for more than half of the global automotive composites market revenue. Thermosetting resins offer high strength, stiffness and dimensional stability, which are essential for automotive applications. These resins are durable and resistant to heat, chemical and fatigue, and are suitable for various components in vehicles. In addition, thermosetting composites can be molded into complex shapes, enabling novel designs and integrating multiple functions into a single component. This flexibility allows automakers to optimize the design of automotive components to improve performance, aesthetics, and functionality.
/ Exterior parts /
By application, the external segment accounted for the largest share in 2022, contributing nearly half of the global automotive composites market revenue. Composites are lightweight and particularly attractive for exterior parts that are critical for weight reduction. In addition, composites can be molded into complex shapes with ease, providing automakers with the opportunity to create unique exterior designs that not only enhance vehicle aesthetics, but also improve aerodynamic performance.
Asia-Pacific will remain dominant until 2032
Regionally, Asia Pacific holds the highest market share in terms of revenue in 2022, accounting for one-third of the global automotive composites market, and is expected to achieve the highest CAGR of 9.0% during the forecast period. The Asia-Pacific region is a major hub for automotive manufacturing, with countries such as China, Japan, South Korea and India leading the way in terms of production.
Sorce: Carbontech
Sorce: China composite exhibition website
Post time: Aug-24-2024