The automotive composites market is to reach a valuation of US$ 8.3 billion in 2023. Future Market Insights reports say that the market is anticipated to expand at a 12.1% CAGR from 2023 to 2033. The Market is anticipated to reach US$ 26.1 billion by the end of 2033.
The market for automotive composites always remains competitive, due to the prevalence of giant players with expertise in advanced manufacturing technologies for sustainability in the global automotive composites market in the future, where, product development is considered to be the key growth strategy that is being adopted by market participants.
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Launching advanced products provides various practical benefits, and at the same time affirms existing emission norms and other regulations in the market, which is going to thus help the market players in strengthening their presence in the global automotive composites market.
Key Takeaways from the Market Study
Sales of the automotive composites market expanded at a CAGR of 11.3% from 2018 to 2022.
Automotive composites market reached a valuation of US$ 6.2 billion.
Overall sales of automotive composites across the globe are projected to increase by 1.5x, registering year-on-year (YoY) growth of 5.10% in 2022.
Automotive industry in Asia Pacific is said to hold a market share of 7.8%.
Australia is said to expand at a CAGR of 4.5%.
Automotive industry in India is witnessing significant expansion over the past half-decade contributing a market share of 6.89%.
North America is expected to be the second most dominant automotive composites market holding a market share of 38.6%.
The United States is estimated to hold a significant portion of North America’s market with a value share of 23.8%.
China is estimated to witness strong growth in the automotive composites market, accounting for more than 19% of the market share.
Glass fiber composites are estimated to hold a significant position in the market.
Glass fiber composites segment is expected to account for a dominant market share of 49.8%.
Passenger car contributes to an increase in sales in the automotive composites market.
Passenger car segment is anticipated to witness significant growth with a market share of 62.8%.
Exterior application holds a leading position in the market.
Exterior segment is anticipated to witness dominant growth with a market share of 44.3%.
Sales of thermoplastic resins lead to growth in the market.
Thermoplastic resins are expected to raise the sales of the market with a value share of 36.1%.
Lack of technological advancements and low recyclability of composites acts as a major restraint to hinder the market growth”, comments a Future Market Insights Analyst.
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Some of the prominent players in the global market are:
Toray Industries Inc.
Gurit Holding AG
Solvay Group
SGL Carbon SE
Teijen Limited
Mitsubishi Chemical Holding
Owen Corning
E.I. du Pont de Nemours & Co.
UFP Technologies Inc.
Quantum Composites
Some of the important developments of the key players in the market are:
In February 2023, Belgian chemicals group Solvay (SOLB.BR) forecasted lower earnings this year due to weaker demand from chemicals, coatings, and consumer markets, sending its shares down more than 3% even as it reported record profits for 2022.
In May 2023, Belgian chemicals group Solvay reported higher-than-expected first-quarter results and lifted its full-year profit and cash outlooks, but lower volumes hit its shares.
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