The global Automotive Polymer Composites Market size is expected to reach USD 11.6 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 6.8% during the forecast period. Polymer, metal, and ceramic matrix composites are key composites used in the automotive industry.
The use of polymer matrix composites on a large scale in the manufacturing of exterior components such as rear windshield glazing, fender, panoramic roof modules, wheel covers, headlight lenses, headlight housings, bumper, and front grille is expected to drive the market over the forecast period. The automotive industry is witnessing challenges in aligning production or assembly processes with enhanced material properties and innovative product design, especially for large-volume production facilities. Although aluminum and steel are mostly used in lightweight vehicles, high-performance FRP composites can potentially outperform both aluminum and steel.
Private collaborations between companies in automotive and chemical industries, such as Toray and Daimler, SGL and BMW, SGL and Volkswagen, and Toho Tenax and General Motors, have substantially helped in the allocation of resources in the automotive polymer composites industry. For instance, in 2014, BMW-SGL announced an investment of approximately USD 200 million to triple the production capacity of its CFRP plant located in Moses Lake, Washington, U.S.
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Product innovation is one of the key challenges faced by companies operating in the market. Manufacturers are aiming at reducing costs and increasing efficiency of products. Implementation of passenger safety laws such as the Federal Motor Vehicle Safety Standards (FMVSS) is anticipated to drive the automotive polymer composites market over the forecast period.
Further key findings from the study suggest:
- Demand for automotive polymer composites from electric vehicles is expected to rise at an estimated CAGR of 7.0% from 2017 to 2025 due to increasing focus on using lightweight materials
- Vinyl ester-based polymer composites are expected to witness the highest growth over the forecast period. These composites are used in mainstream automotive applications such as sunroof, radiator assembly, and heat shields
- In recent years, various initiatives have been undertaken to commercialize CFRP for use in mass production of vehicles. In order to sustain increasing competition, composite suppliers are forced to upgrade their capabilities to cater to higher volume segments
- In April 2017, Solvay entered into a consortium with Bentley and Penso to develop high-volume composite technologies
- Countries such as Japan, China, Vietnam, and Indonesia have laid down several policies pertaining to emission control, in keeping with EU’s emission standards
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Grand View Research has segmented automotive polymer composites market on the basis of resin, product, application, end use, manufacturing process, and region:
Automotive Polymer Composites Resin Outlook (Volume, Tons; Revenue, USD Million, 2014 – 2025)
- Vinyl Ester
- Other Resins
Automotive Polymer Composites Product Outlook (Volume, Tons; Revenue, USD Million, 2014 – 2025)
- Carbon Fiber
- Glass Fiber
- Natural Fiber
Automotive Polymer Composites Application Outlook (Volume, Tons; Revenue, USD Million, 2014 – 2025)
- Detergent Alcohol
- Synthetic Lubricants
Automotive Polymer Composites End-use Outlook (Volume, Tons; Revenue, USD Million, 2014 – 2025)
- Conventional Vehicles
- Electric Vehicles
- Trucks & Buses
Automotive Polymer Composites Manufacturing Process Outlook (Volume, Tons; Revenue, USD Million, 2014 – 2025)
- Compression Molding
- Injection Molding
- Sheet Molding
- Resin Transfer Molding
Automotive Polymer Composites Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- Middle East and Africa
- Central & South America
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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