Increasing pollution due to rising number of vehicles over the last few decades is influencing governments worldwide to revamp their environmental regulations, wherein, the emphasis is on the reduction of carbon emission from vehicles. Automakers are focused towards using lightweight materials to build the external and internal parts of vehicles in order to reduce the weight of the vehicle, and, in turn, improve fuel efficiency. This is a major factor driving the growth of the automotive composites market. Consumers are more inclined towards purchasing lightweight and fuel-efficient vehicles due to increasing fuel prices over the last decade. This is influencing automakers towards investing in the R&D of lightweight materials to manufacture the exterior as well as interior parts of the vehicle. This reduces the overall weight of the vehicle, in turn, improving its fuel efficiency. Composites with properties such as high tensile strength, lightweight, good corrosion resistance and surface tension, and are easy to process are ideal materials to manufacture lightweight vehicles with good fuel efficiency. Moreover, increasing owing to increasing, per capita vehicle ownership has increased, especially in developing Asia-Pacific countries such as India and China. This is further driving the use of carbon composite in the automotive industry for the manufacture of lightweight and fuel-efficient vehicles, in turn, driving the automotive composite market to some extent. In 2013, there were 800 vehicles per 1,000 people in the U.S. compared to 600 vehicles per 1,000 people in Japan, 80 cars per 1,000 people in China, and 25 vehicles per 1,000 people in India.
Asia-Pacific is the largest market for automotive composites. Increasing domestic production of vehicle paired with increasing disposable income is driving the automotive composites market in the Asia Pacific region. One of the major factors contributing to the growth of the automotive composites market in North America and Europe are stringent CO2 emission rules in these regions.
The automotive composites market is segmented on the basis of composite material (polymer matrix composites, metal composites and ceramic matrix composites), manufacturing process (manual, compression, injection and continuous, and other), composite component (interior components, exterior components, engine and drivetrain components, and others) by value (US$ Mn) and region (North America, Europe, Asia-Pacific and Rest of the World) for the period 2012–2022. In addition, current automotive composites market dynamics, including market drivers, restraints, opportunities, and recent developments have been covered in the report. The Competitive Landscape section of the automotive composites market report includes global automotive composites market share, by the company, 2014.
The report also contains competitive positioning of global automotive composite companies, depending on number of countries of operation and annual revenue, 2014. Some of the major players operating in the global automotive composites market are Toray Industries, Cytec Industries Inc., SAERTEX GmbH & Co. KG, Koninklijke Ten Cate N.V., Johns Manville, Johnson Controls, Inc., Scott Bader Company Ltd., Teijin Limited, E.I. du Pont de Nemours and Company, and UFP Technologies, Inc.
Key segments covered in this report are:
Key geographies evaluated in this report are:
Key features of this report
Concerns over increasing carbon emissions have led various industries to undertake various initiatives for environmental conservation. The automotive sector is one among the prominent sources of greenhouse gas emissions globally. Owing to environment deterioration various governments have formulated regulations or emission reduction targets. In order to achieve these targets, various automotive companies are focusing towards improving the fuel efficiency of vehicles. Use of lightweight materials for vehicle design or automotive weight reduction is the preferred strategy to improve the fuel economy of the vehicle.
Advanced plastics, alloys,, and composites are some of the lightweight materials extensively utilized for automotive designs in order to reduce the weight of the vehicle. Composites being durable, light weight, corrosion resistant, easy to mold and high strength to weight ratio are becoming preferred lightweight materials for automotive designs.
Some of the major drivers identified in the market are growing preference for fuel-efficient passenger cars, improving vehicle aesthetics in order to achieve product differentiation, increasing vehicles production especially in Asia Pacific region, and stringent vehicle emission norms. Minor restraints identified in the market is relatively high cost of composites.
This is influencing automakers towards investing in the R&D of lightweight materials to manufacture the exterior and interior parts/components of the vehicle. This reduces the overall weight of the vehicle, in turn, improving its fuel efficiency. According to SuperLight-Car, Germany, around one-third of total fuel consumption by passenger cars depends on weight. For instance, weight reduction of the vehicle by 100 kg is expected to save 0.3 to 0.5 liters of fuel for every 100 km drive.
Owing to increasing automotive production, especially in developing Asia-Pacific countries such as India and China, consumption of automotive composites has witnessed steady growth in the recent past. In 2013, there were 800 vehicles per 1,000 people in the U.S. compared to 600 vehicles per 1,000 people in Japan, 80 cars per 1,000 people in China, and 25 vehicles per 1,000 people in India.
Asia-Pacific was the largest market for automotive composites in 2014, accounting for 50.8% market share, followed by Europe and North America, with 22.7% and 15.5% market shares respectively. The Asia-Pacific market is expected to account for 52.4% by 2022. Rising domestic automotive production, especially in developing countries such as India and China, is expected to boost the Asia Pacific automotive composite market. The Europe market is expected to lose market share to reach 21.9% by 2022. However, the automotive composite market in North America is expected to marginally gain market share to reach 15.9% by 2022.
The automotive composites market is divided on the basis of composite material (polymer matrix composites, metal composites and ceramic matrix composites), manufacturing process (manual, compression, injection and continuous and other), composite component (interior components, exterior components, engine and drivetrain components and others) in major region. The polymer matrix composites segment held the largest share in 2014 and was valued at US$ 2,728.6 Mn. The segment is expected to reach US$ 5,290.8 Mn by 2022, at a CAGR of 8.7% for the period 2015–2022. However, the metal composites segment is expected to exhibit the highest CAGR of 9.9% during the forecast period to reach US$ 1,203.4 Mn by 2022.
The global automotive composite market is highly consolidated, with the top four companies accounting for about 70–75% market share. Toray Industries, Toho Co. Ltd., Mitsubishi, and SGL are the prominent players in the market. Other major players operating in the global automotive composites are Cytec Industries Inc., SAERTEX GmbH & Co. KG, Koninklijke Ten Cate N.V., Johns Manville, Johnson Controls, Inc., Scott Bader Company Ltd., Teijin Limited, E.I. du Pont de Nemours and Company, and UFP Technologies, Inc.
Top companies profiled in this report are: