LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global automotive composites market is expected to reach USD 7,818.2 million by 2021, growing at a CAGR of more than 9%.
“The composites used are natural fibers, glass composites, thermoplastic polymers, and carbon composites. In this segment, carbon fiber composites have the largest market share and their share is growing at the fastest rate”
This research report titled ‘Global Automotive Composites Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. To calculate the market size, the report has considered the sales of composite products in key applications in the automotive industry.
The demand for fuel-efficient and green vehicles that can use alternative fuels is increasing rapidly among consumers in both developing and developed countries. High fuel cost and fluctuating fuel prices are the key reasons behind the shift in consumer preference from traditional passenger cars to fuel-efficient cars giving high mileage.
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Technavio’s chemicals and materials analysts categorize the global automotive composites market into four major segments by application. They are:
- Interior components
- Exterior components
- Structural and powertrain components
The top three application segments for the global automotive composites market are:
Global automotive composites market in exterior components
The global automotive composites market in exterior components accounted for about 36.9% of the global automotive composites market in 2016. Exterior components form the largest application segment of automotive composites. The reason behind this is that the importance of the aesthetic appeal and attractiveness of automobiles, especially of passenger vehicles, has increased over the years.
According to Swapnil Tejveer Sharma, a lead textile, fiber, and composites analyst from Technavio, “The exterior components of automobiles include door modules, fascias, mirror housings, rub strips, wheel cover, wheel trim, claddings, hood, trunk lid, bumper, front grilles, run channels, hydrographic, and rocker panels.”
Global automotive composites market in interior components
The global automotive composites market in interior components market accounted for around 32.30% of the global automotive composites market in 2016. Interior components of automobiles include parts, such as dash panels, floor components (carpet and center console), upholstery, door panels, steering wheels, all parts of automotive seats, headliners, traps, and roll cages.
“The composites used are natural fibers, glass composites, thermoplastic polymers, and carbon composites. In this segment, carbon fiber composites have the largest market share and their share is growing at the fastest rate,” says Swapnil.
Global automotive composites market in structural and powertrain components
The global automotive composites market in structural and powertrain components accounted for around 22.5% of the global automotive composites market in 2016. Structural components consist of body panels (body in white), chassis, and cross-members. The body components include windows, trims, bonnets, and doors.
As structural components account for the highest percentage of vehicle weight, automakers and OEMs are concentrating on reducing the weight of these components without compromising on their strength. Therefore, they are using lightweight materials such as carbon composites, natural fibers, and thermoplastic composites (for doors) for structural components.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Cytec Solvay
- Mitsubishi Rayon
- SGL Group
- Toray Industries
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- Global Automotive Lightweight Materials Market 2016-2020
- Global Advanced Composites Market 2016-2020
- Global Carbon Fiber-reinforced Plastic Market 2016-2020
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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