The automotive industry is highly focusing on the stringent regulations such as the Corporate Average Fuel Efficiency (CAFE) standards and the European Emission Standards (EES); laid by the governments of U.S. and Europe respectively for the vehicle manufacturers. According to United States- Environmental Protection Agency (EPA), the transportation industry in U.S. accounts for 27% of greenhouse gas emission. The U.S. government has made it a critical concern for the automakers to follow an average miles per gallon standard for their vehicles and thus, the U.S. automakers are concerning more significantly on the production of lightweight vehicles to reduce the battery weight and thus enhancing the fuel efficiency of the vehicles. The global automotive composites market size is expected to grow from USD 5.4 billion in 2020 to USD 9.3 billion by 2025, projecting a CAGR of 11.5% during the forecast period between 2020 and 2025.
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The APAC is the biggest and the fastest-growing market for automotive composites, consuming one thrid of the total global volume in 2019. The demand for automotive composites is mainly attributed to the growing need for lightweight, fuel-efficient, and environment-friendly vehicles. The manufacturers are focusing on producing lightweight car bodies with emission control features since the government has set stringent regulatory norms for pollution control from vehicles. The market in this region has undergone a significant transformation due to the in-house presence of well-established raw material suppliers, composite product and components manufacturers, and OEMs in itself consuming these composite solutions in automotive applications. The eco-systems of these adjutant industries is more likely to act in favor of growth of the automotive composites market.
Recent Developments
1. In October 2020, Teijin Group strategically partnered with AZL Partner New York for their lightweight production technology. This technology is aimed at transforming their business model to closely realize multifunctional and more lightweight next generation vehicles.
2. In August 2020, SGL Carbonl SGL Carbon, along with joint coordinator Consortium, succeeded in improving the thermal insulation pro
Companies operating in the automotive composites market have strengthened their position in the global automotive composites market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2015-2020. However, the novel coronavirus pandemic has created ripples across the global electronics, industrial coatings, graphic arts industries affecting the global supply chains. This has resulted in a decline in vehicle sales, disrupted financial flows, and growing absenteeism among production line workers. These factors have affected the demand for automotive composites.
Toray Industries Inc. (Japan), SGL Carbon (Germany), Teijin Limited (Japan), Mitsubishi Chemical Holding Corporation (Japan), Hexcel Corporation (US), Solvay SA (Belgium), Gurit (Switzerland), UFP Technologies Ltd. (US), Huntsman Corporation (US), and Hexion (US), are some of the key players in the automotive composites market. The companies such Toray Industries Inc., Teijin Limited, Hexcel Corporation and among others are focusing on new product development.
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