According to a market research report, the “Automotive Composites Market by Fiber Type (Glass, Carbon), Resin Type (Thermoset, Thermoplastic), Manufacturing Process (Compression Molding, Injection Molding, Rtm), Application, Vehicle Type, Region – Global Forecast to 2028″, is projected to grow from USD 7.2 billion in 2022 to USD 14.3 billion by 2028, at a CAGR of 12.1% during the forecast period. A significant growth observed in the market is because of the government initiatives for the reduction of carbon emission and shift towards electric vehicles. The demand for lightweight material due to increase in the demand for fuel efficient and electric vehicles are expected to drive the growth of the automotive composites market.
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- 333 Market data Tables
- 59 Figures
- 281 Pages and in-depth TOC on “Automotive Composites Market – Global Forecast to 2027”
This report also provides a comprehensive analysis of the companies listed below:
The key players in the market include Toray Industries Inc. (Japan), SGL Carbon (Germany), Teijin Limited (Japan), Mitsubishi Chemical Holding Corporation (Japan), Owen Cornings (US), Hexcel Corporation (US), Solvay SA (Belgium), Gurit (Switzerland), UFP Technologies Ltd. (US), Huntsman Corporation (US), and Hexion (US).
Companies working in the automotive composites market have adopted expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, acquisitions, and mergers & acquisitions to strengthen their market share in the global automotive composites market from 2017-2022. For instance, in February 2022, Teijin Limited announced a partnership with Fuji Design Co., Ltd. for a Japanese manufacturer of recycled carbon fibers to supply, commercialize and to produce carbon fiber reinforced products (CFRP) products from recycled carbon fiber. However, the novel coronavirus pandemic has created ripples across the global industries affecting the supply chains. This has resulted in a decline in vehicle sales, disrupted financial flows, and growing absenteeism among production line workers. This factor had affected the demand for automotive composites in 2020. The demand for automotive composites recovered and picked up momentum in 2021 with the increase in sales and production of electric vehicles.
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Toray Industries Inc. (Japan) is one of the leading manufacturers of automotive composites. The company offers high-quality composites for automotive industry. The company is focused on technology development and expansions as a part of their market growth strategy. For instance, in February 2023, the company has developed a rapid integration molding technique for CRFP ( Carbon Reinforced Fiber Plastic) mobility components. This innovation will aid to mold the CFRP mobility components in a better and faster way than the traditional molding setup. Also, in November 2021, Toray Industries Inc. announced that its U.S. subsidiary Zoltek Companies Inc. will increase its production capacity of large- tow carbon fiber. Due to this expansion, Zoltek facility in Mexico will have a hike of 54% in its production capacity.
Teijin Limited (Japan) is another major player of automotive composites market. As a part their growth strategy, the company is looking forward to expansions. For instance, in February 2022, the company declared an expansion of Teijin Automotive Technologies, the core company of the Teijin Group’s automotive composites business has started two new facility and one plant is under construction in China to meet the growing demand of composites due to growing electric vehicle market.
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