Global Automotive Composites Market: Overview
An automotive composite is an amalgamation of two or more materials with different properties with superior performance. Automotive composites can be used in a vehicle’s body in a single layer or in multiple layers. One material between two other materials when added together forms a sandwich composite that can be used for building of the roof and inner coatings of the vehicle. The automotive composites find application in the production and refurbishing of vehicles such as cars, utility vehicles. They are used as inner coatings of buses, vehicles, trucks, and vehicle interiors.
At present, automotive interiors such as dashboards, steering wheels, door panel, seat covers, etc., generate maximum demand for composite materials. Among the various types of composites, natural fiber reinforced polymer (NFRP) has wide application in automotive interiors, including seat trims, gear knobs, and flooring. However, the carbon fiber reinforced polymer (CFRP) finds use in various luxury and sports cars for dashboards and other automotive interiors due to its enhanced strength-to-weight ratio and appearance. The market is characterized by the presence of a moderate number of players. On account of the prohibitively high upfront investment, however, it is difficult for aspiring players to foray into the market.
Global Automotive Composites Market: Drivers and Trends
One prominent growth driver in the global automotive composites market is the increasing pressure on automakers to bring down carbon emission. To that end, most are coming up with lightweight vehicles that guzzle less fuel. To manufacture such vehicles automotive composites are used which are almost 60% lighter than the traditional steel and iron, but have the same strength and stiffness. Automotive composites have other advantages too. They do not get corroded like steel and are unaffected by heat as well. They also lower the effect of an external impact on the vehicle. Overall, automotive composites provide enhanced properties while consuming less fuel. And this has resulted in their swift uptake.
A key trend in the global automotive composite market has been the steady growth of the carbon fiber reinforced polymer (CFRP) in the past couple of years mainly on the back of technological progress and new high value applications. Despite hindrances in the form of volatile raw material prices and environmental concerns, the market is forecasted to expand further in the near future. Prominent composite manufacturers are upping their production capacities and are also spending on their research facilities to come up with enhanced technologies in order to lower the cost of CFRP composites.
Global Automotive Composite Market: Regional Outlook
Currently, North American dominates the automotive industry vis-à-vis growth and profitability on account of substantial automotive production. Its market has also been boosted by the increasing sales of light commercial vehicles. Going forward too, the North America market is predicted to see good growth, which will likely stoke demand for automotive composite materials.
Besides North America, Asia Pacific is predicted to be another key market in the near future in terms of contribution to revenue. China, which is one of the leading automobile manufacturers in the world and also a leading emitter of global greenhouse gases, is powering the Asia Pacific market along with Japan and Taiwan – which are two other highly polluted countries. Further, the upswing in the sales in passenger cars and commercial vehicles and policy support for green vehicles are also boosting the market in the region.
Companies Mentioned in Report
To present a detailed assessment of the competition prevailing in the global automotive composite market, the report profiles companies such as DSM Composite Resin, RTP, TETRA-DUR GmbH, DUPONT, Lorenz GmbH, and BASF.
Global Automotive Composite Market is segmented as:
Global Automotive Composite Market, by Geography
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments
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
- 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.
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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.
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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.