Automotive Under The Hood Composites Market Report

Market Insights

Composites have been a game changer in the automotive industry for meeting the challenging requirements of the industry such as improving fuel economy and reducing carbon emissions. Stringent emission norms imposed by the governments of different countries are leading to a sharp increase in the demand for composite materials in the automotive industry. Today, composites are found in almost all major application areas including under the hood, exterior, and interior. Under the hood is the biggest application area, accounting for nearly 40% of the total automotive composites market.

Between the two types of composites, thermoplastic and thermoset, thermoplastic composites are predominantly used in the automotive under the hood market. The continuously changing requirements of physical and mechanical properties of components located at different areas of a vehicle is leading to an improvement in the properties of existing materials as well as a shift towards high-performance materials. Components located at under the hood areas are prone to higher temperature and pressure as compared to the interior and exterior automotive components. This is leading to the entry of high-performance composites for under the hood components in the industry.

One of the biggest trends in the automotive industry is engine downsizing. Engine downsizing elevates the temperature of under the hood as these engines run hotter. Furthermore, the space of the engine compartment is getting lessened as cars are getting more compact. In such high- temperature and -pressure environments, components made with conventional materials cannot reliably deliver performance as desired. Composite components have been proven not only in achieving greater fuel efficiency but also in delivering higher performance and long-term reliability.

The automotive under the hood composites market is likely to grow at an impressive growth rate over the next five years to reach US$ 6,667.3 million in 2023. The auto industry has efficaciously been ushering in a new era of lightweight vehicles with a meticulous investment into composite components in under the hood areas that can address the changing business requirements in the most effective manner. All the major automakers have vigorously been incorporating composite components in their mass-selling vehicle models with the purpose to improve the overall fuel efficiency of vehicles in order to address stringent government regulations, such as CAFE Standards and EU Commission on Carbon Emissions Reduction Targets.

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Segments' Analysis