Emphasis on Material Type (Polymer Matrix Composites, Metal Matrix Composites, Ceramic Matrix Composites and Hybrid Composites), Manufacturing Process (Hand Lay up, Compression Molding, Injection Molding, Resin Transfer Molding)- Insights and Forecast, 2018-2024
Composite materials are homogenous mixtures which are prepared by synthetically assembling two materials together. One of these is fiber, a reinforcing material and the other one is a binding material called Matrix. The composite materials have high electrical and corrosion resistance, are stiff and have high strength-to-weight ratios. The use of composite materials among automobiles reduces the overall weight of the vehicle, improves the fuel efficiency, reduces GHG emissions, improves safety, increases crashworthiness and offers a smooth finish with exceptional aerodynamic design. Besides these advantages, composite materials offer other benefits as well, owing to which they have been widely adopted in the auto industry. Further, the growing concerns for GHG emissions by vehicles and the regulatory framework on it are also propelling the use of composites in the auto industry. Legislative bodies are not only issuing regulations, but also offering certain relaxation and subsidies to the green vehicle owners. In addition, there is a visible increase in the demand of composite materials for electric vehicles. Composite materials are used in EVs to offset the weight increased using batteries. Due to this, the inclination of the auto OEMs toward the use of composite materials in their models has also taken a jump. Subsequently, OEMs are entering into certain competitive strategies with the composite material manufacturers and distributors to strengthen their foothold in the industry. Owing to the above, the global automotive composite materials market is expected to reach $8.17 billion by 2024. However, the growing automotive composites market faces certain market challenges such as the high production cost of the composites and lack of advancement in manufacturing techniques in emerging countries. In spite of this, the growing popularity of the hybrid composite materials, increasing relationships between automotive OEMs and material suppliers and scope of growth in developing countries are considered to be the key opportunity areas in this market.
Insights Presented in the Report:
Top Companies in the Composites Market
The major companies that are profiled in the study are BASF SE, DowDupont Inc., Gurit Holding AG, Magna International Inc., Mitsubishi Chemical Holdings Corporation, Owens Corning, SGL Group, Solvay SA, Teijin Limited and Toray Industries Inc. These industry players are entering into partnerships with auto OEMs to deploy cost efficient composite materials on the vehicles. Some of the key players are also expanding their businesses by setting up new plants or increasing their expenditure on R&D to develop cheaper manufacturing methods.
Reasons to buy the Report:
Customization Options:
The Global Automotive Composites Market can be customized to regional/country level or any other market segment. Besides this, UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients.
1. Market Introduction
2. Research Methodology Or Assumption
3. Industry Performance
4. Executive Summary
5. Market Overview
6. Benefits Of Composite Materials
7. Market Insights By Material Type
8. Market Insights By Manufacturing Process
9. Market Insights By Application
10. Market Insights By Vehicle Types
11. Market Insights By Country
12. Competitive Scenario
13. Company Profiles
Analysing historical market, estimation of the current market and forecasting the future market for Global automotive composite materials were the three major steps considered while creating and analysing the overall adoption rate of automotive composite materials in major region/country globally. Exhaustive secondary research was done to collect the historical market of the technology and overall estimation of the current market. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted with industry experts across value chain of the global automotive composite materials market. After all the assumption, market sizing and validation of market numbers through primary interviews, top-down approach was employed to forecast the complete market size of the global automotive composite materials market. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyse the market size of segments and sub-segments of the technology. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the global automotive composite materials market through company internal sources such as annual report & financial statements, performance presentations, press releases, inventory records, sales figures etc. and external sources including trade journals, news articles, government publications, International Organization of Motor Vehicle Manufacturers, competitor publications, sector reports, regulatory bodies publications, safety standard organizations, third-party database and other creditable publications.
Step 2: Market Segmentation:
After obtaining historical market size of the overall market, detailed secondary analysis was done to gather historical market insights and share for different segments & sub-segments of the Global Automotive Composite Materials market. Major segments included in the report are material type, manufacturing process, application, and vehicle types.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, detailed factor analysis was conducted to estimate the current market size of the Global automotive composite materials market. Factor analysis was conducted using dependent and independent variable such as purchasing power, government initiatives, government regulations in major region/country globally. Historical trends of the automotive composite materials and their year-on-year impact on the market size and share in the recent past were analyzed. Demand and supply side scenario was also thoroughly studied.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at current market size, key players in market, market share of these players, industry’s supply chain, and value chain of the industry. All the required percentage shares, splits, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including drivers, restraints, trends and opportunities available in the market. After analyzing these factors, relevant forecasting techniques i.e. Bottom-up/Top-down was applied to arrive at the market forecast pertaining to 2024 for different segment and sub-segments in major region/country globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head etc.). Primary research findings were summarized, and statistical analysis was performed to prove the stated hypothesis. Input from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants
Market Engineering
Data triangulation technique was employed to complete the overall market engineering process and to arrive precise statistical numbers of each segment and sub-segment pertaining to the global automotive composite material market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of material type, manufacturing process, application, and vehicle type.
Main objective of the Global Automotive Composite Materials Market Study
The current & future market trends of the Global automotive composite materials market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market, providing a platform for the industrial participant to exploit the untapped market to benefit as first mover advantage. Other quantitative goal of the studies includes:
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