Automotive Composite Market Analysis,
Industry Trends, Segmentation, Key
Players And Forecast
The International Organization of Motor Vehicle Manufacturers (OICA) states that a total of
77,621,582 vehicles were manufactured in 2020. As per the OICA, India, China, Japan,
Thailand, Indonesia, and South Korea produced 3,394,446 units, 25,225,242 units, 8,067,557
units, 1,427,074 units, 691,286 units, and 3,506,774 units of vehicles, respectively, in 2020.
The increasing automobile production, especially in the Asia-Pacific (APAC) region, on
account of the mounting investments being made by automakers in APAC nations, will fuel
the demand for automotive composite materials in the foreseeable future.
Additionally, the burgeoning demand for lightweight and fuel-efficient vehicles, owing to the
surging concerns over rising air pollution levels and depleting fossil fuel reserves, is also
expected to contribute to the progress of the automotive composite market in the upcoming
years. According to the World Health Organization (WHO), nearly 99% of the people across
the world breathe air that exceeds WHO guideline limits regarding pollutant level.
Automobile manufacturers are using a combination of plastics, steel, magnesium, aluminum,
and composites to reduce vehicle weight, which will, in turn, lead to lesser fuel consumption
and carbon dioxide (CO2) emission.
In contemporary times, automotive original equipment manufacturers (OEMs) are using
ceramic matrix composite materials, metal matrix composite materials, and polymer matrix
composite materials, such as carbon fiber reinforced polymers, glass fiber reinforced
polymers, and natural fiber reinforced polymers, to reduce overall vehicle weight. These
materials are manufactured by Toray Industries Inc., Scott Bader Company Ltd., Johns
Manville, Koninklijke Ten Cate N.V., UFP Technologies Inc., Teijin Limited, SAERTEX
GmbH & Co. KG, E.I. du Pont de Nemours and Company, Cytec Industries Inc., and Jo