Stratview Research announces the launch of a new research report on Automotive Exterior Composites Market by Vehicle Type (Passenger Car, LCV, and M&HCV), by Application Type (Bumper, Front-End Module, Fenders, Door & Roof, Liftgate, Active Grille Shutter, and Others), by Resin Type (Polyester Composites, Polyamide Composites, Polypropylene Composites, Epoxy Composites, and Others), by Fiber Type (Glass Fiber Composites and Carbon Fiber Composites), by Process Type (Compression Molding, Injection Molding, Resin Infusion, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024.
This market report, from Stratview Research, studies under the exterior composites market in the global automotive industry over the trend and forecast period of 2013 to 2018 and 2019 to 2024, respectively. The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Automotive Exterior Composites Market: Research Highlights
The automotive industry has fervently been ushering in a new era by targeting five key areas: Lightweight Design, Digitization, Connectivity, Autonomous, and Alternative Powertrains. Stringent regulations regarding fuel efficiency enhancements and carbon emission reductions, such as CAFÉ Standards and EU directives on carbon emissions reduction, imposed by several governments, are set to upheaval the current material mix in the automotive industry. All the major automakers are meticulously investing in those technologies which can address changing business requirements in the most cost-effective manner. Composite materials have earned an unheralded reputation in addressing most of the current and future business requirements.
The usage of composite materials in the automotive industry is broadly bifurcated into four areas: Under-the-Hood, Exterior, Interior, and Others. Automotive exterior is one of the hotbeds of the composites industry as it is gaining the sheer interest of many global players. Exterior currently is the second-largest application segment in the automotive composites market after under-the-hood segment and accounts for more than one-fourth of the total market. However, the application segment is likely to witness a higher growth than under-the-hood segment in the foreseen future. Today, composites are found in all the major exterior applications including bumper, front-end module, fenders, door & Roof, liftgate, active grille shutter, runner boards, headlamps, decklid, and hood. Bumper, front-end module, and fender, whereas AGS and liftgate are the fastest-growing applications.
As per Stratview Research, the automotive exterior composites market is likely to grow at a healthy rate over the next five years to reach US$ 11,928.1 million in 2024. There are several factors that are bolstering the demand for composites in automotive exterior applications. Some of the major ones are higher strength-to-weight ratio of composite parts, excellent surface finish, excellent corrosion and abrasion resistance, and durability. The combined effects of the above-mentioned factors render multi-edge benefits to the automakers as these factors not only assist automakers to meet the stringent regulations regarding fuel efficiency enhancements and carbon emission reductions but also provides more durable parts with the benefit for low-maintenance cost. It is anticipated that there would be an incessant replacement of metallic parts with the composite ones, especially in exterior applications, in the foreseen future.
The author of the report cited that passenger car is expected to remain the growth engine of the market during the forecast period. Increasing production of passenger cars coupled with increasing penetration of composite parts in passenger car models is likely to elevate the demand for exterior composites in the passenger car segment.
As per the study, compression molding is expected to remain the most dominant process in the market during the forecast period, whereas resin infusion is expected to witness the highest growth in the same period. Injection molding also holds a considerable share in the market, driven by applications, such as active grille shutter and headlamp reflector.
Based on the resin type, polyester composite is expected to remain the largest segment of the market over the next five years, whereas epoxy composite is expected to witness the highest growth during the same period. Polyester is considered the perennial choice of resin for making exterior composite parts as the resin offers the required properties including class-A surface finish at a relatively lower cost. Also, the resin system can be processed in high-volume processes like compression molding.
In terms of region, North America is expected to remain the largest automotive exterior composites market during the forecast period. High penetration of composites coupled with healthy automotive production, especially in the USA and Mexico is chiefly driving the regional market. However, Asia-Pacific is forecasted to witness the highest growth in the same period, driven by China, Japan, South Korea, and India.
The key material suppliers for automotive exterior composites are Huntsman Corporation, Ashland Performance Materials, Celanese Corporation, and LyondellBasell, AOC Resins LLC, Owens Corning, and Reichhold. Some of the key composite part fabricators include Magna International, Plastic Omnium, Samvardhana Motherson Group, Denso Corporation, Rochling Group, and Valeo Group. Development of low-cost and high-performance 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.
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 on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies exterior composites market in the global automotive industry and has segmented the market in six ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the six ways in which the market is segmented:
Automotive Exterior Composites Market, By Vehicle Type
Automotive Exterior Composites Market, By Application Type
Automotive Exterior Composites Market, By Resin Type
Automotive Exterior Composites Market, By Fiber Type
Automotive Exterior Composites Market, By Process Type
Automotive Exterior Composites Market, By Region
Stratview Research has several high value market reports in the global automotive industry. Please refer to the following link to browse through our reports:
Some of our other premium reports in the automotive industry:
Automotive Charge Air Cooler (CAC) Market by Vehicle Type, by Product Type, by Position Type, by Fuel Type, and by Region, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023
Global Automotive Engine Cover Market by Vehicle Type, by Material Type, by Manufacturing Process Type, and by Region, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2017-2022
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