Automotive composites Market is projected to exceed 4,000 kilo tons by 2024. Shifting trends towards vehicle weight reduction among the manufacturers will drive the industry demand over the forecast timeline. Increasing preference towards low carbon emissions owing to adoption of these composites will positively impact the industry growth.
Glass fiber generated revenue over USD 9 billion in 2016 and is expected to hold major volume share during the forecast timeframe. Low production cost coupled with positive application outlook in exterior, interior, structural and powertrain will support the automotive composites market growth.
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Thermoset resins dominate the overall industry share and are expected to generate demand of over 2,500 kilo tons by 2024. Ease in manufacturing and processing of the resin with fibers will further boost the automotive composites market Thermoplastic resins are anticipated to witness growth over 6.5% owing to increasing adoption due to superior impact resistance and reforming abilities.
Compression moulding is expected to dominate the business share generating over USD 9 billion by 2024. Low cost processing along with reduction in cycle time are the key factors driving the automotive composites market growth. Injection moulding process will witness robust growth owing to superior surface finish produced required for the vehicle interior. Automotive manufacturers are developing automated manufacturing process boosting the mass production of the components. RTM is anticipated to witness growth owing to less processing parts requirement.
Automotive composites market from exterior application will generate revenue over USD 9 billion owing to superior strength and light weight properties. The product is replacing conventional metal components in the vehicle. Moreover, these offer superior damage tolerance enhancing the safety feature of the vehicle. Structural and powertrain application will witness growth around 7% owing to high usage of the carbon and glass fiber. Superior thermal properties required by powertrain and structural application will boost the automotive composites market share.
North America automotive composites market share will witness significant gains at over 6% from 2017 to 2024. Rising innovation in vehicle manufacturing with implementation of light weight component will drive the regional growth.
Europe led by Germany, Russia, Italy and France will show significant growth owing to stringent government regulations focusing on reducing the carbon emissions and reducing the vehicle weight.
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Asia Pacific automotive composites market will dominate the revenue share accounting around 45% till 2024. Increasing investment focusing on multiplying the production capacity will boost the industry demand. Moreover, continuously growth in vehicle production in the region will further fuel the regional growth.
Carbon fiber will witness robust growth of over 10% during the study timeframe. Superior strength, durability and light weight compared to other counterparts are the key factors driving the product growth. Industry participants are focusing on developing competitive priced precursor material assisting in lowering the price trends.
Natural fibers will witness growth over 7.5% up to 2024 owing to increasing application outlook in vehicle interior and exterior materials. Moreover, the product is used as a preplacement to glass fiber. Moisture degradation along with comparatively low impact resistance may act as challenge to the product penetration.
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Cytec Solvay Group, Johns Manville Corporation, Owens Corning Corp., ACP, Hexcel Corporation, and Koninklijke Ten Cate and Protech are among key industry players. Other notable participants include Teijin Limited, Toray Industries, SGL Group, Zoltek Carbon Fiber and Toho Tenax America. Industry participants are focusing on reducing the cycle time with adopting automated resin processing.