Automotive Under-the-Hood Composites Market Analysis | 2018-2023

Market Insights

The automotive under-the-hood composites market is likely to grow at an impressive growth rate of 4.3% during 2018-2023 to reach USD 6.6 billion in 2023.

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Market Dynamics

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 in 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 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 high-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 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 improving 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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Key Players

The supply chain of this market comprises raw material suppliers (fiber and resin), compounders, composite part manufacturers, automotive OEMs, dealers, and end-users.

The key raw material suppliers for automotive under-the-hood composites market are:

• Owens Corning
• Johns Manville
• BASF SE
• DuPont
• DSM
• Lanxess AG
• Celanese Corporation,

whereas the major under the hood composite component manufacturers are-

• Aisin Seiki
• Calsonic Kensai
• Denso Corporation
• MAHLE GmbH
• Mann+Hummel
• Magneti Marelli
• Röchling Group.

Development of lightweight composite components and forming strategic alliances with the automakers are the key strategies adopted by the major players to gain a competitive edge in the market.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Vehicle Type

The global automotive under-the-hood composites market is segmented based on the vehicle type as Passenger Car, LCV (Light Commercial Vehicle) and M&HCV (Medium- and Heavy-Duty Commercial Vehicle). Passenger cars are expected to remain the growth engine of the global market during the forecast period of 2018 to 2023. Increasing production of passenger cars coupled with increasing penetration of composites in passenger cars is likely to elevate the demand for under-the-hood composites in the passenger car segment in the foreseeable future.

By Application Type

Based on the application type, the market is segmented as Air Intake Manifold, Radiator End Tank, Engine Cover, Engine Oil Pan, Ducts, Charge Air Cooler, and Others. Air intake manifold is likely to remain the largest application of composites in under-the-hood market during the forecast period. It is also the largest thermoplastic composite component in the automotive industry. Charge air cooler (includes end caps and end tanks) is likely to be the fastest-growing composite component in the automotive under the hood composites market during the same period.

By Resin Type

Based on the resin type, the market is segmented as Polyamide (PA) Composites, Polypropylene (PP) Composites, Polybutylene Terephthalate (PBT), Polyphenylene Sulphide (PPS), and Others. PA composite is expected to remain the largest resin type in the market during the forecast period. Major under the hood composite components, such as air intake manifold, radiator end tank, and engine cover, are largely made with PA composites only, where PA6 and PA66 being the major resin grades.

Regional Insights

Based on region, Asia-Pacific is likely to remain the largest automotive under-the-hood composites market during the forecast period. Asia-Pacific is the largest automobile producer, accounting for more than 50% of vehicles produced worldwide. China and India are the growth engines of the regional demand for automobiles as well as composites for under-the-hood applications. North America and Europe are also likely to generate sizeable growth opportunities in the coming five years.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects automotive under-the-hood composites market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The automotive under-the-hood composites market is segmented in the following ways:

By Vehicle Type

• Passenger Car
• Light Commercial Vehicle
• Medium- & Heavy-Duty Commercial Vehicle

By Application Type

• Air Intake Manifold
• Radiator End Tank
• Engine Cover
• Engine Oil Pan
• Ducts
• Charge Air Cooler
• Others

By Resin Type

• PA Composites
• PP Composites
• PBT Composites
• PPS Composites
• Others

By Manufacturing Process Type

• Injection-Molded Composites
• Blow-Molded Composites
• Others

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, Italy, Russia and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, South Korea, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the component types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.

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