The newly launched report by Stratview Research, titled ‘Automotive Composites Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024’ has been bifurcated 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).
According to the report 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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Market Segmentation Analysis -
The automotive composites market is broadly segmented based on vehicle type as Passenger Car, LCV, and M&HCV. Passenger car is expected to remain the growth engine of the automotive composites market during the forecast period. The high production of cars coupled with good composites penetration is the prime factor behind the dominance of the passenger car segment in the automotive composites market.
Composites are used in all major application areas in the automotive industry, such as interiors, exteriors, and under the hood. Composites have the highest level of penetration in under-the-hood application areas, such as air intake manifold, radiator end tanks, engine oil pan, engine cover, aero ducts, and charge-air-cooler end caps. Temperature and heat resistance are the major requirements of the materials used in under-the-hood applications. Amongst resins, polyamide resin is the perennial choice as it can withstand temperature about 260°C and is lightweight, resistant to road salt and engine fluids, and offers excellent mechanical properties.
Exterior applications of composites generally include large-sized components and are relying more on LFRT and SMC compounds, unlike the under-the-hood segment that predominantly uses SFRT compounds. Front-end module, fender, bumper, liftgate, door module, and hood are key applications of composites in exteriors. Apart from interior, exterior, and under the hood, composite materials are also gaining sheer interest in various other applications such as leaf springs, pressure vessels, underbody shield, and driveshaft.
Key Players
The following are the key players in the market-
Research Methodology
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