The demand within the global automotive composites market is slated to grow at a sturdy pace over the next decade. Advancements in automobile manufacturing have unravelled several opportunities for growth within the market. Furthermore, supremacy of automotive composites over its steel counterparts has led the automotive industry to prefer the former. Furthermore, there is little contention about the presence of a seamless industry for automobile profiling and analysis. The vendors in the automobile industry have become reliant on the use of automotive composites in order to increase efficiency of manufacturing. Therefore, the global automotive composites market is set to grow to new heights in the years to follow.

  • The growing demand for light, compact, and shock-resistant cars has played a key role in market growth. Use of automotive composites ensures that the weight of the car is proportionate to the size of the engine and other key components. Therefore, the demand within the automotive composites market is set to grow to new heights. Automakers and auto buyers, both, exhibit an increased inclination towards shock-proof, light-weight models of cars.
  • The coefficient of thermal expansion is an important parameter in gauging the effectiveness of various materials used in car manufacturing. The low coefficient of thermal expansion for automotive composites has, therefore, been an important driver of demand within the global market. Furthermore, high retention and reliability of these materials has also garnered the attention of automobile manufacturers in recent times. The next decade is expected to witness greater adoption of automotive composites across various manufacturing units.
  • The supremacy of German technologies in automobile manufacturing has played a vital role in market growth. Use of automotive composites in Europe has increased by a dramatic margin in recent times. The presence of key automobile manufacturers in France, England, and Germany has been a key driver of market demand.

Global Automotive Composites Market: Overview

Composites have been used popularly in a range of internal and external automotive components to provide distinct structural and weight advantages. A number of original equipment manufacturers (OEMs) and auto makers’ world over are increasingly using engineering composites, with the primary objective to reduce vehicle weight and cut down on carbon emission. Startups and big automobile manufacturers are actively considering to incorporate carbon fiber composites in trucks and electric vehicles in the coming in the forthcoming years. Apart from this, the adoption of advanced automotive composites has upped the current safety level, reduce the consumption of fuels, and increase the comfort level. In addition, the adoption of automotive composites have helped automotive players to fill in more functional hardware, notably gadgets.

Over the next few years, the automotive composites market will witness a spate of innovations, with powertrain providing significant untapped area for growth. Advances in the composite market will offer OEMs better design freedom and function integration. The demand for design innovations in vehicles among customers in various parts of the world will further unlock interesting prospects in the automotive composites market during the assessment period of 2017–2025.

The report offers insights into the current growth drivers and restraints, emerging trends and notable developments, recent technological advances, and the competitive landscape. The study offers a critical assessment of the existing regulatory framework in various regions shaping the growth trajectory and highlights lucrative avenues in the coming years.

Global Automotive Composites Market: Trends and Opportunities

The intensifying need for reducing the vehicle weight through structural advancements and the pressing demand for improving the fuel economy are key factors driving the demand for automotive composites in various regions. The growing focus on design innovations to enhance the vehicle functionalities is bolstering the demand for engineering composites made of aluminum and fiber. This is partly attributed to a rising consumer demand for stylish and faster cars. A number of governmental mandates and legislations on reducing the carbon emission in several developing and developed countries is a notable factor stoking the demand for automotive composites. For instance, mandatory emission reduction targets in the EU calls for reducing the CO2 emissions from passenger cars by 2021. Furthermore, the focus on improving the fuel economy of vehicles by automakers is expected to accentuate the market.

The incorporation of composites in truck beds by a number of large auto makers is accentuating the growth of the market. The vastly rising production of lightweight vehicles in various parts of the world is providing a robust fillip to the demand for advanced automotive composites. The wide demand for polymer-reinforced composites for strikingly improving the crash performance of vehicles is boosting the market. Substantial initiatives by big auto makers in recent years to launch autonomous cars in the next decade bodes well for the automotive market.

Global Automotive Composites Market: Regional Outlook

Regionally, Europe and North America are prominent markets for automotive composites. The growth is attributed to the presence to a number of globally prominent auto makers in the regions and several research and development activities focusing on design innovations for vehicles. On the other hand, Asia Pacific is anticipated to offer lucrative prospects to manufacturers of automotive composites. The remarkable strides taken by the automotive industry in various key economies in recent years is fueling the growth of the market. The substantially rising adoption of automotive composites in electric vehicles is also accentuating this regional market.

Companies mentioned in the report

Manufacturers of automotive composites are entering into collaboration and partnership with OEMs. Automakers are incorporating composites in their product line, in a move to gain a competitive edge over others. A number of established companies are acquiring small players, in a move to further consolidate their shares. Furthermore, several players are focused on developing advanced structural automotive composites to gain a better foothold in the market. Some of the key players operating in the automotive composites market are Gurit, Cytec Industries, Cytec Industries, Toho Tenax, Owens Corning, and SGL Carbon SE.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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