Global Market Study on Automotive Composites: Polymer Matrix Composites to be the Largest Segment by 2022


  • Published On : Jul-2015 |
  • Pages : 86 Pages |
  • Format :

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:

  • Automotive composites material segmentation
    • Polymer Matrix Composites
    • Metal Composites
    • Ceramic Matrix Composites
  • Automotive composites manufacturing process segmentation
    • Manual
    • Compression
    • Injection and Continuous
    • Other
  • Automotive composites components segmentation
    • Interior Components
    • Exterior Components
    • Engine and Drivetrain Components
    • Others

Key geographies evaluated in this report are:

  • North America 
  • Europe 
  • Asia-Pacific 
  • Rest of the World

Key features of this report

  • Drivers, restraints, and challenges in the automotive composites market
  • Latest innovations and key events in the market
  • Analysis of business strategies of the top players
  • Automotive composites market estimates and forecasts
  • The report also provides Porter’s five forces analysis of the market

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.

automotive-composites-marketautomotive-composites-2015-market

Top companies profiled in this report are:

  • Cytec Industries Inc.
  • Toray 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
  • UFP Technologies, Inc.
  • Other

Chapter 1 Preface 9

1.1 Report Description 9

1.2 Scope and Definition 9

      1.2.1 Segments covered in the report 9

1.3 Research Methodology 10

Chapter 2 Market Synopsis 11

Chapter 3 Porters Five Forces Analysis 14

3.1 Bargaining Power of Suppliers 14

3.2 Bargaining Power of Buyers 15

3.3 Threat of New Entrants 15

3.4 Threat of Substitutes 16

3.5 Intensity of Rivalry 16

Chapter 4 Industry Overview 17

4.1 Introduction 17

4.2 Market Drivers 17

      4.2.1 Rising demand for lightweight and fuel-efficient vehicles 17

      4.2.2 Rising per capita vehicle ownership 18

      4.2.3 Increasing domestic automotive production, especially in Asia Pacific 19

      4.2.4 Government regulations to reduce carbon emission from vehicles 20

      4.2.5 Impact analysis of growth drivers 21

4.3 Market Restraints 21

      4.3.1 Rising raw material costs 21

      4.3.2 Higher costs of automotive composites 22

      4.3.3 Impact analysis of market restraints 22

4.4 Opportunity 23

      4.4.1 Rapid industrialization paired with increasing urban population, particularly in Asia Pacific region 23

Chapter 5 Market size and forecast by Composite Materials 25

5.1 Polymer Matrix Composites 26

5.2 Metal Matrix Composites 27

5.3 Ceramic Matrix Composites 28

Chapter 6 Market size and forecast by Manufacturing Process 30

6.1 Manual Process 31

6.2 Compression Process 32

6.3 Injection and Continuous Process 33

Chapter 7 Market size and forecast by Composite Components 35

7.1 Interior Components 36

7.2 Exterior components 37

7.3 Engine and Drivetrain Components 38

Chapter 8 Market size and forecast by geography 40

8.1 North America 41

8.2 Europe 44

8.3 Asia-Pacific 48

8.4 Rest of the World 52

Chapter 9 Competitive landscape 57

9.1 Global Automotive Composite Market Share by Company 57

9.2 Competitive Positioning of Global Automotive Composite Companies by Region, 2014 58

Chapter 10 Company Profiles 60

10.1 Cytec Industries Inc. 60

      10.1.1 Company overview 60

      10.1.2 Product and Services 60

      10.1.3 Financial performance 61

      10.1.4 Recent developments 62

10.2 Toray Industries, Inc. 63

      10.2.1 Market overview 63

      10.2.2 Product and services 63

      10.2.3 Financial performance 65

      10.2.4 Recent developments 66

10.3 SAERTEX GmbH & Co. KG 67

      10.3.1 Market overview 67

      10.3.2 Product and services 67

      10.3.3 Financial performance 68

      10.3.4 Recent developments 68

10.4 Koninklijke Ten Cate N.V. 69

      10.4.1 Market overview 69

      10.4.2 Product and services 69

      10.4.3 Financial performance 70

      10.4.4 Recent developments 70

10.5 Johns Manville 71

      10.5.1 Market overview 71

      10.5.2 Product and services 71

      10.5.3 Financial performance 72

      10.5.4 Recent developments 72

10.6 Johnson Controls Inc. 73

      10.6.1 Market overview 73

      10.6.2 Products and services 73

      10.6.3 Financial performance 74

      10.6.4 Recent developments 74

10.7 Scott Bader Company Ltd. 76

      10.7.1 Market overview 76

      10.7.2 Product and services 76

      10.7.3 Financial performance 77

      10.7.4 Recent developments 77

10.8 Teijin Limited 78

      10.8.1 Market overview 78

      10.8.2 Product and services 78

      10.8.3 Financial performance 79

      10.8.4 Recent developments 80

10.9 E. I. du Pont de Nemours and Company 81

      10.9.1 Company overview 81

      10.9.2 Product and services 81

      10.9.3 Financial performance 82

      10.9.4 Recent developments 83

10.10 UFP Technologies, Inc. 84

      10.10.1 Market overview 84

      10.10.2 Product and services 84

      10.10.3 Financial performance 85

      10.10.4 Recent developments 86


List of Table

TABLE 1 Global automotive composite market snapshot by value, 2014 and 2022 13

TABLE 2 Lightweight vehicle density, by country, 2012 18

TABLE 3 Drivers for automotive composite market: impact analysis 21

TABLE 4 Restraints for automotive composites market: impact analysis 23

TABLE 5 Global automotive composites market size by material, 2012 – 2014 (US$ Mn) 25

TABLE 6 Global automotive composites market size, by material, 2015 – 2022 (US$ Mn) 25

TABLE 7 Global automotive composites market size by manufacturing process, 2012 – 2014 (US$ Mn) 30

TABLE 8 Global automotive composites market size by manufacturing process, 2015 – 2022 (US$ Mn) 30

TABLE 9 Global automotive composites market size by component type, 2012 – 2014 (US$ Mn) 35

TABLE 10 Global automotive composites market size by component type, 2015 – 2022 (US$ Mn) 35

TABLE 11 Global automotive composite market size by region, 2012 – 2014 (US$ Mn) 40

TABLE 12 Global automotive composite market size by region, 2015 – 2022 (US$ Mn) 40

TABLE 13 North America automotive composite market size by material, 2012 – 2014 (US$ Mn) 42

TABLE 14 North America automotive composite market size by material, 2015 – 2022 (US$ Mn) 42

TABLE 15 North America automotive composite market size by manufacturing process, 2012 – 2014 (US$ Mn) 43

TABLE 16 North America automotive composite market size by manufacturing process, 2015 – 2022 (US$ Mn) 43

TABLE 17 North America automotive composite market size by component type, 2012 – 2014 (US$ Mn) 44

TABLE 18 North America automotive composite market size by component type, 2015 – 2022 (US$ Mn) 44

TABLE 19 Europe automotive composite market size by material, 2012 – 2014 (US$ Mn) 46

TABLE 20 Europe automotive composite market size by material, 2015 – 2022 (US$ Mn) 46

TABLE 21 Europe automotive composite market size by manufacturing process, 2012 – 2014 (US$ Mn) 47

TABLE 22 Europe automotive composite market size by manufacturing process, 2015 – 2022 (US$ Mn) 47

TABLE 23 Europe automotive composite market size by component type, 2012 – 2014 (US$ Mn) 48

TABLE 24 Europe automotive composite market size by component type, 2015 – 2022 (US$ Mn) 48

TABLE 25 Asia Pacific automotive composite market size by material, 2012 – 2014 (US$ Mn) 50

TABLE 26 Asia Pacific automotive composite market size by material, 2015 – 2022 (US$ Mn) 50

TABLE 27 Asia Pacific automotive composite market size by manufacturing process, 2012 – 2014 (US$ Mn) 51

TABLE 28 Asia Pacific automotive composite market size by manufacturing process, 2015 – 2022 (US$ Mn) 51

TABLE 29 Asia Pacific automotive composite market size by component type, 2012 – 2014 (US$ Mn) 52

TABLE 30 The Asia Pacific automotive composite market size by component type, 2015 – 2022 (US$ Mn) 52

TABLE 31 RoW automotive composite market size by material, 2012 – 2014 (US$ Mn) 53

TABLE 32 RoW automotive composite market size by material, 2015 – 2022 (US$ Mn) 54

TABLE 33 RoW automotive composite market size by manufacturing process, 2012 – 2014 (US$ Mn) 54

TABLE 34 RoW automotive composite market size by manufacturing process, 2015 – 2022 (US$ Mn) 55

TABLE 35 RoW automotive composite market size by component type, 2012 – 2014 (US$ Mn) 55

TABLE 36 RoW automotive composite market size by component type, 2015 – 2022 (US$ Mn) 56

TABLE 37 Major players operating in the global automotive composite market, 2014 59

TABLE 38 Major products and services of Cytec Industries Inc. 60

TABLE 39 Major products and brands of Toray Industries 63

TABLE 40 Major products and services of SAERTEX 67

TABLE 41 Major products and services of TenCate 69

TABLE 42 Major products and services of Johns Manville 71

TABLE 43 Major offerings of the company includes 73

TABLE 44 Major products and services of Scott Bader 76

TABLE 45 Major products and services of Teijin Limited 78

TABLE 46 Others products and services of DuPont 81

TABLE 47 Major products and services of UFP 84


List of Figure

FIG. 1 Global automotive composites market, 2012 – 2022 (US$ Mn) 12

FIG. 2 Automotive composite market: Porter’s five forces analysis 14

FIG. 3 Lightweight vehicle production, by country, 2013 (million units) 19

FIG. 4 Global premium car production, by country, 2013 (% of total production) 20

FIG. 5 Urban population growth in Asia Pacific, 2000 – 2050 (Bn) 24

FIG. 6 Polymer matrix composites segment market size, 2012 – 2022 (US$ Mn) 27

FIG. 7 Metal matrix composites segment market size, 2012 – 2022 (US$ Mn) 28

FIG. 8 Ceramic matrix composites segment market size, 2012 – 2022 (US$ Mn) 29

FIG. 9 Manual process segment market size, 2012 – 2022 (US$ Mn) 32

FIG. 10 Compression process segment market size, 2012 – 2022 (US$ Mn) 33

FIG. 11 Injection and continuous process segment market size, 2012 – 2022 (US$ Mn) 34

FIG. 12 Interior components segment, market size, 2012 – 2022 (US$ Mn) 37

FIG. 13 Exterior Components segment, market size, 2012 – 2022 (US$ Mn) 38

FIG. 14 Engine and drivetrain components segment market size, 2012 – 2022 (US$ Mn) 39

FIG. 15 Europe electric vehicle sales, by country, 2011−2013 45

FIG. 16 Global automotive composite market share by company, 2014 57

FIG. 17 Competitive positioning of global automotive composite companies, 2014 58

FIG. 18 Net sales and net earnings of Cytec Industries Inc., 2012 – 2014 (US$ Mn) 61

FIG. 19 Net sales and net income of Toray Industries, Inc., 2012 – 2014 (US$ Mn) 66

FIG. 20 Revenue and net result of  Royal TenCate, 2012 – 2014 (US$ Mn) 70

FIG. 21 Net sales and net income of Johnson Controls, Inc., 2012 – 2014 (US$ Mn) 74

FIG. 22 Turnover and profit of Scott Bader Company Ltd., 2012 – 2014 (US$ Mn) 77

FIG. 23 Net sales and net income of Teijin Limited, 2012 – 2014 (US$ Mn) 79

FIG. 24 Net sales and net income of DuPont, 2012 – 2014 (US$ Bn) 82

FIG. 25 Net sales and net income of UFP Technologies, Inc., 2012 – 2014 (US$ Mn) 85

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