Automotive Composites Market Applications, Growth, Opportunities, Top Players, Share, Key Segments, Regional Insights, Graph and Forecast to 2028
The automotive composites market size is estimated to be USD 7.2 billion in 2022 and is projected to grow at a CAGR of 12.1% between 2023 to 2028. The automotive industry is focused on the very strict regulations due to growing pollution laid by the governments of U.S. and Europe such as the Corporate Average Fuel Efficiency (CAFE) standards and the European Emission Standards (EES). According to US- Environmental Protection Agency (EPA), about 27% of the greenhouse gas emissions is due to the US transportation industry. Due to these regulations the automakers are more focused on the production of lightweight vehicles by reducing the battery weight and thus enhancing the fuel economy of the vehicles resulting in an increasing demand for automotive composites.
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Companies working in the automotive composites market have adopted expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, acquisitions, and mergers & acquisitions to strengthen their market share in the global automotive composites market from 2017-2022. For instance, in February 2022, Teijin Limited announced a partnership with Fuji Design Co., Ltd. for a Japanese manufacturer of recycled carbon fibers to supply, commercialize and to produce carbon fiber reinforced products (CFRP) products from recycled carbon fiber. However, the novel coronavirus pandemic has created ripples across the global industries affecting the supply chains. This has resulted in a decline in vehicle sales, disrupted financial flows, and growing absenteeism among production line workers. This factor had affected the demand for automotive composites in 2020. The demand for automotive composites recovered and picked up momentum in 2021 with the increase in sales and production of electric vehicles.
Major market players in automotive composites market are Toray Industries Inc. (Japan), SGL Carbon (Germany), Teijin Limited (Japan), Mitsubishi Chemical Holding Corporation (Japan), Hexcel Corporation (US), Owens Corning (US), Solvay SA (Belgium), Gurit (Switzerland), UFP Technologies Ltd. (US), Huntsman Corporation (US), and Hexion (US). These companies have adopted various growth strategies, such as acquisitions, mergers, partnerships, expansions and joint ventures, to expand their presence in the market further.
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Toray Industries Inc. (Japan) is one of the leading manufacturers of automotive composites. The company offers high-quality composites for automotive industry. The company is focused on technology development and expansions as a part of their market growth strategy. For instance, in February 2023, the company has developed a rapid integration molding technique for CRFP ( Carbon Reinforced Fiber Plastic) mobility components. This innovation will aid to mold the CFRP mobility components in a better and faster way than the traditional molding setup. Also, in November 2021, Toray Industries Inc. announced that its U.S. subsidiary Zoltek Companies Inc. will increase its production capacity of large- tow carbon fiber. Due to this expansion, Zoltek facility in Mexico will have a hike of 54% in its production capacity.
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Teijin Limited (Japan) is another major player of automotive composites market. As a part their growth strategy, the company is looking forward to expansions. For instance, in February 2022, the company declared an expansion of Teijin Automotive Technologies, the core company of the Teijin Group’s automotive composites business has started two new facility and one plant is under construction in China to meet the growing demand of composites due to growing electric vehicle market.
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