According to IMARC Group’s latest research report, titled “Automotive Polymer Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the automotive polymer composites market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global automotive polymer composites market size reached US$ 8.78 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.52 Billion by 2028, exhibiting a growth rate (CAGR) of 7.20% during 2023-2028.
Automotive Polymer Composites Market Overview:
The reinforcing fibers are joined by the polymer matrix, which is commonly formed of thermosetting or thermoplastic resins. They are an excellent option for a variety of automotive applications due to their high strength-to-weight ratios. One of their main advantages is that automotive polymer composites are lightweight, which can significantly reduce weight and immediately improves fuel economy and lowers pollutants. Automobile manufacturers may increase energy efficiency while maintaining performance and safety by swapping out heavy elements, including steel, for lightweight composites. The weight decrease improves the handling, maneuverability, and overall driving experience. Automotive polymer composites also offer exceptional corrosion resistance as a result of the intrinsic resistance of polymers to rust and decay. This trait increases component longevity and lowers maintenance costs.
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Automotive Polymer Composites Market Trends:
The escalating demand for lightweight vehicles majorly drives the global market. This can be supported by the growing emphasis on reducing vehicle weight to enhance fuel efficiency and minimize emissions in the automotive industry is significantly supporting the market. Along with this, governments across various countries are implementing stricter regulations regarding emissions and fuel efficiency for automakers. Therefore, the widespread adoption of lightweight materials such as polymer composites is positively influencing the market. In addition, the rising inclination towards eco-friendly materials, which consume less energy and produce fewer greenhouse gas emissions during production, is driving the market. Apart from this, the implementation of competitive strategies such as capacity expansion, partnerships, and mergers and acquisitions (M&A) by key players is contributing to the market. Furthermore, advancements in manufacturing technology to lower the production costs of polymer composites are creating a positive market outlook.
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Key Market Segmentation:
Competitive Landscape with Key Players:
- BASF SE
- Covestro AG
- DuPont de Nemours Inc.
- SGL Carbon SE
- Teijin Carbon Europe GmbH (Teijin Limited)
- Toray Advanced Composites
Resin Type Insights:
- Epoxy
- Polyurethane
- Polyamide
- Polypropylene
- Polyethylene
- Polyester
- Vinyl Ester
- Others
Product Insights:
- Glass Fiber Composites
- Natural Fiber Composites
- Carbon Fiber Composites
Manufacturing Process Insights:
- Compression Molding
- Injection Molding
- Resin Transfer Molding
- Sheet Molding
Application Insights:
- Interior Components
- Exterior Components
- Structural Components
- Powertrain Components
End Use Insights:
- Conventional Vehicles
- Electric Vehicles
- Trucks and Buses
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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