The Latest Automotive Composites Industry Statistics Explained
The global automotive composites market was valued at USD 17.87 billion in 2020.
The statistic indicates that the global automotive composites market had a total worth of USD 17.87 billion in the year 2020. Automotive composites are materials used in the manufacturing of vehicles, known for their lightweight and durable properties. This market value represents the total revenue generated from the sales of automotive composites worldwide in 2020, reflecting the increasing adoption of these materials in the automotive industry for their benefits such as improved fuel efficiency, reduced emissions, and enhanced performance. The value of USD 17.87 billion demonstrates the significant market size and opportunities within the automotive composites sector for manufacturers, suppliers, and investors.
The automotive composites market is projected to grow at a CAGR of over 10% during the forecasted period 2021-2026.
This statistic indicates that the automotive composites market is expected to experience a Compound Annual Growth Rate (CAGR) of over 10% throughout the forecasted period from 2021 to 2026. This strong growth projection suggests a significant expansion in the use of composites materials in the automotive industry, driven by factors such as increasing demand for lightweight and high-performance materials to improve fuel efficiency and reduce emissions, as well as growing consumer preference for vehicles with advanced features and enhanced safety standards. The forecasted CAGR of over 10% showcases a promising outlook for the automotive composites market, with opportunities for manufacturers, suppliers, and other industry stakeholders to capitalize on the expected growth trend in the coming years.
The thermoplastic composites segment is expected to dominate the market studied.
The statistic suggests that within the market being studied, the thermoplastic composites segment is projected to hold the largest share and exert significant influence. This dominance may be due to various factors such as the growing demand for lightweight and durable materials in industries like automotive, aerospace, and construction where thermoplastic composites offer superior characteristics compared to traditional materials. The expectation of dominance indicates that the thermoplastic composites segment is likely to be the most competitive and lucrative in the market, attracting more investments, innovations, and market opportunities compared to other segments.
North America region represented the largest regional market with over 40% share in 2017.
The statistic indicates that in 2017, the North America region accounted for over 40% of the overall market share, making it the largest regional market among all other regions. This implies that a significant portion of the total market activities, such as sales, production, or consumption, were concentrated in North America during that year. The dominance of North America in the market suggests that the region played a key role in driving the market’s performance and influencing trends seen in the industry at that time. This information is crucial for stakeholders and decision-makers as it highlights the importance of the North American market in the context of the overall market landscape.
Glass fiber was the leading raw material segment, with demand share exceeding 65% in 2017.
The statistic “Glass fiber was the leading raw material segment, with demand share exceeding 65% in 2017” indicates that within the market for raw materials, glass fiber had the highest demand compared to other raw materials in 2017. This can be interpreted as glass fiber being the most widely used or sought-after material within its industry during that year, capturing more than two-thirds of the total demand share. Such a high demand share suggests that glass fiber was a crucial component in various products or applications, making it a key player and dominant choice among raw materials in that particular market landscape at that time.
The global automotive carbon fiber composites market was valued at $1.4 billion in 2019.
This statistic refers to the total market value of carbon fiber composites used in the automotive industry worldwide in the year 2019, which was estimated to be $1.4 billion. Carbon fiber composites are lightweight and strong materials that are increasingly being used in the manufacturing of vehicles to improve fuel efficiency, reduce emissions, and enhance overall performance. This value provides an indication of the substantial investment and demand for carbon fiber composites within the automotive sector, reflecting the industry’s growing emphasis on sustainability and advanced technology.
Europe is expected to witness an increase in demand for automotive composites owing to increased vehicle manufacturing in Germany, UK, Spain, and France.
The statistic indicates that there is projected growth in the use of automotive composites in Europe due to an anticipated rise in vehicle production in key automotive manufacturing countries such as Germany, UK, Spain, and France. Automotive composites are materials that offer advantages such as being lightweight, strong, and corrosion-resistant, making them desirable for use in vehicle manufacturing. The expected increase in demand for automotive composites suggests that automakers in Europe are shifting towards using more advanced materials to meet evolving consumer preferences for fuel-efficient and environmentally friendly vehicles. This trend points towards a positive outlook for the automotive composites industry in Europe as it aligns with the drive towards innovation and sustainability in the automotive sector in the region.
Emerging economies, such as India and China, are expected to witness significant growth in the automotive composites market.
The statistic indicates that emerging economies, specifically India and China, are projected to experience substantial growth in the automotive composites market. This growth can be attributed to several factors such as increasing demand for lightweight materials in the automotive industry to improve fuel efficiency and reduce emissions, advancements in composite technology making them more cost-effective and easier to manufacture, and a shift towards sustainable and environmentally friendly materials. The rise of the middle class in these countries leading to higher disposable incomes and a growing automotive industry also contribute to the expected growth in demand for automotive composites. Overall, the statistic suggests that India and China are poised to play a significant role in driving the expansion of the automotive composites market in the coming years.
The exterior component segment of automotive composites held the largest share of more than 40% in 2019.
The statistic indicates that in 2019, within the automotive composites industry, the exterior component segment accounted for more than 40% of the total market share. This suggests that the use of composites in manufacturing exterior automotive components such as body panels, bumpers, and other exterior parts was the most prevalent application within the industry during that period. This information is valuable for understanding the composition of the automotive composites market and highlights the significant role played by exterior components in driving the demand for composites in the automotive sector.
The structural application segment for automotive composites is expected to witness a growth rate of 9.4% through 2026.
The statistic indicates that the structural application segment for automotive composites is projected to experience significant growth with a rate of 9.4% over the period leading up to 2026. This suggests that the demand for automotive composites used in structural components such as body panels, chassis, and interior parts is expected to increase substantially in the coming years. The growth rate of 9.4% highlights a strong market potential for automotive composites as manufacturers increasingly turn to these lightweight and durable materials to enhance vehicle performance, fuel efficiency, and overall sustainability. This trend underscores a shift towards advanced materials in the automotive industry and signifies opportunities for players in the composites market to capitalize on the growing demand within the structural application segment.
The plastic matrix composites dominated the industry, accounting for 60% of the total volume in 2020.
The statistic indicates that within the industry being analyzed, plastic matrix composites represented the most significant share of total volume in 2020, amounting to 60%. This suggests that plastic matrix composites were the primary material being utilized or produced in the industry during that period. The dominance of plastic matrix composites points to their popularity or efficiency compared to other materials within the industry. This statistic provides valuable insight into the market trends and preferences, highlighting the importance of plastic matrix composites within the industry’s operations and product offerings in 2020.
Glass fiber composites segment will account for over 60% share in overall automotive composites market by 2027.
Based on the statistics provided, it is projected that the glass fiber composites segment will dominate the automotive composites market, comprising over 60% of the total market share by the year 2027. This indicates a significant preference for glass fiber composites in the automotive industry, likely due to their properties such as high strength-to-weight ratio, durability, and cost-effectiveness. The growth in demand for glass fiber composites suggests that automotive manufacturers are increasingly turning towards these materials for the production of vehicles to enhance performance, fuel efficiency, and overall sustainability. This statistic highlights the strategic importance of glass fiber composites in the automotive sector and signifies a trend towards the continued use and advancement of these materials in the coming years.
Application of automotive composites in powertrains will grow at a significant 9.6% CAGR through 2027.
The statistic indicates that the use of automotive composites in powertrains is expected to experience a compound annual growth rate (CAGR) of 9.6% over the period from the present to the year 2027. This growth rate suggests a strong and steady increase in the application of composites in powertrains within the automotive industry. The significance of this growth rate implies that automotive manufacturers are increasingly turning to composites for powertrain components due to their beneficial properties such as lightweight, durability, and potential for increased fuel efficiency. The projected growth in this sector indicates a shift towards advanced materials in the automotive industry and highlights a potential opportunity for composite material suppliers and manufacturers to capitalize on this trend.
Thermoset resin dominated the global automotive composites market with a share of 74% in 2019.
This statistic indicates that in 2019, thermoset resin was the most widely used type of material in the global automotive composites market, accounting for 74% of the total market share. Thermoset resins are a type of polymer that are known for their durability, strength, and heat resistance, making them a popular choice for manufacturing composite materials used in the automotive industry. The high market share of thermoset resin suggests that it is preferred over other types of resins, such as thermoplastics, for automotive applications due to its specific properties and performance characteristics.
The China automotive composites market size is expected to be worth USD 6.54 billion by 2027.
The statistic provides a projection of the future market size for automotive composites in China, indicating that it is expected to reach USD 6.54 billion by the year 2027. This figure reflects the anticipated value of the Chinese market specifically for automotive composites, which are materials commonly used in the production of vehicles to improve performance, reduce weight, and enhance fuel efficiency. The projected growth suggests a strong demand for automotive composites in China driven by factors such as increasing focus on sustainability, technological advancements in composite materials, and the growth of the automotive industry in the region. This statistic serves as a valuable insight for investors, manufacturers, and policymakers looking to understand and capitalize on the potential opportunities within the Chinese automotive composites market.
The Europe automotive composites market was valued at USD 2.93 billion in 2019.
The statistic ‘The Europe automotive composites market was valued at USD 2.93 billion in 2019’ indicates the total market worth of composite materials used in the automotive industry within Europe during the year 2019. This value represents the revenue generated from the production, sale, and consumption of composite materials specifically for automotive applications in the European market. The figure of USD 2.93 billion reflects the economic significance of composite materials in the automotive sector in Europe and highlights the growing trend of utilizing lightweight, durable, and cost-effective composites in vehicle manufacturing to enhance performance, fuel efficiency, and sustainability.
The automotive composites market was valued at US$7.202 billion in 2018.
The statistic “The automotive composites market was valued at US$7.202 billion in 2018” indicates the total monetary worth of the automotive composites market in the year 2018. This means that the industry encompassing the production, sales, and distribution of composite materials used in the automotive sector was estimated to be worth $7.202 billion in that particular year. This value serves as a key indicator of the market’s size, growth, and economic significance within the automotive industry, highlighting the increasing demand and utilization of composite materials in manufacturing vehicles to improve efficiency, performance, and sustainability.
The South Korea market was valued at 16.8 kilotons in the year 2019.
The statistic “The South Korea market was valued at 16.8 kilotons in the year 2019” is describing the total market size or volume in terms of kilotons for South Korea in the year 2019. This indicates the quantity of a particular product or goods that were bought, sold, or produced within the South Korean market during that year. The kiloton unit of measurement is commonly used to represent large quantities, typically referring to a metric ton (1,000 kilograms). This statistic provides insight into the scale and magnitude of economic activity within the South Korean market in 2019, serving as a foundational data point for analyzing trends, forecasting future demand, and making strategic business decisions related to that market.
Conclusion
The statistics presented highlight the growing significance of automotive composites in the industry. As the demand for lightweight, fuel-efficient vehicles rises, composites are positioned to play a crucial role in meeting these requirements. With continuous advancements in technology and increasing adoption by automotive manufacturers, the future looks promising for the automotive composites industry.
References
0. – https://www.www.grandviewresearch.com
1. – https://www.www.alliedmarketresearch.com
2. – https://www.www.futuremarketinsights.com
3. – https://www.www.verifiedmarketresearch.com
4. – https://www.www.marketresearchfuture.com
5. – https://www.www.globenewswire.com
6. – https://www.www.gminsights.com
7. – https://www.www.mordorintelligence.com
