Global Automotive Composites Market

Global Automotive Composites Market

The global automotive composites demand in 2017 was estimated to be about 2527 Kilo tons which has grown at an aggregate rate of 5.8% per annum between 2014 and 2017. Global demand is expected to grow to nearly 3973 tons by 2025, with a growth rate of 5.9%. The demand for automotive composites was affected in 2008-2009 with market contracting by an average of more than 5%,however, the demand recovered steadily after that and reached its pre-recession level by 2010. In 2010, global automotive composites industry demand exhibited strong growth, resulting in an improvement in the global automotive industry.

North America is the biggest market at a global level in 2017 with a consumption of almost 929.7 kilo tons accounting for almost 36.8% of the global demand. The region has benefited as some of the major high end, luxury and premium automotive manufacturing companies have been in the country and did not shift their bases to Asia-Pacific countries like China, India, Vietnam,South Korea and other South East Asian countries. North America is estimated to grow at a high CAGR of 4.3% in the long-term forecast till 2025. Asia-Pacific is the second biggest market and the total demand was estimated to be 732.9 kilo tons accounting for share of 29% and is estimated to grow at a high CAGR of 9.8% on account of increase in automotive activities in the region. Western Europe automotive consumption in 2017 has been estimated at 687.3 kilo tons while other regions like Central & Eastern Europe, Central & South America and Middle East & Africa together account for around 7% market share.

Automotive Composites Demand, By Region

Automotive Composites Demand, By Region (2527 Kilo Tons)

A CAGR of 6.1% for the glass fiber composites and a 7.7% from the natural fiber composites, and 9.1% from the carbon fiber composites represent a strong growth opportunity for the automotive composites industry. The global demand for automotive composites is expected to grow at a CAGR of 5.9% owing to fast penetration of composites especially owing to increase in demand for light – weight vehicles.

Automotive Composites Demand, By Type(2527 Kilo Tons)

Automotive Composites Demand, By Type(2527 Kilo Tons)

Thermosetting plastics accounted for the largest share in terms of overall automotive composites market in 2017 followed by thermoplastics. Eachof the major thermoset and thermoplastics have been discussed in detail in the report. In terms of applications, the exterior and body parts account for the largest share roughly estimated at 29%. The second biggest application was for structural applications roughly accounting for less than 28% followed by power train applications at 22%. All other applications including interior accounted for a share of 21.1%.

Global demand for automotive composites is driven in large part by the development of the automotive industry. Of the 2527 kilo tons of automotive composites consumed in 2017, about 29% were used for exterior applications followed by structural uses accounting for more than 27.9% of the total demand.

Of the three major composite by type, glass fiber composites account for whooping 93.5% of the global demand in 2017 followed by natural fiber composites with a 5.9% market share. Glass fiber composites demand for automotive applications is expected to grow at a CAGR of 5.7% till 2025. Carbon fiber composites are expected to witness fastest growth at a CAGR of 9.1%. In terms of volume, carbon fiber composites accounted for 1.1% of the total consumption in 2017.

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