Latin America Market Insights on Automotive Composite Materials: Insights and Forecast (2018-2024)

$2000$3920

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

Published:

Sep-2018

Pages:

126

Table:

38

Figure:

76

Report ID:

UMAU18112

Geography:

Clear
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Report Description
Table of content
Research Methodology

Report Description

The automotive industry of most of the countries in Latin America witnessed growth in the number of new vehicle registration during the past few years. However, this rise in number of vehicles increased the Greenhouse Gases (GHG) emissions in the environment. In addition to this, the transport industry of Latin America is the primary contributor to the high levels of CO2 emission. Owing to the alarming GHG level in the region, countries such as Brazil, Argentina, Chile and others have pledged to reduce the GHG levels to a certain level in the coming future. Such initiatives have motivated the auto players in the region to deploy composite materials in their models as composites reduce the overall weight of the vehicle and increase the fuel efficiency. Latin America is considered to be one of the major potential business areas by most of the automotive OEMs and composite materials suppliers. Hence these players are expanding their businesses in the region to tap the possible opportunities. Such factors are attributed to expand the automotive composite materials market in the region. However, high costs associated with raw materials, manufacturing process and installation are the major challenges hampering the market growth.

Insights Presented in the Report:

  • Latin America automotive composites material market is segmented based on different materials such as Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC), Ceramic Matrix Composite (CMC) and Hybrid Composite. Currently, PMCs are the most popular composite type among the automakers, as they have high flexibility, high insulation, lower density and lighter weight than other composite materials type. In addition, to get a deep dive analysis of PMC, the segment is further segmented by matrix type this includes, thermosets and thermoplastics. However, low cost and exceptional structural and mechanical properties of hybrid composites are making them an alternative to the single fiber composites. Hence hybrid composites are anticipated to be the fastest growing segment during the forecast period.
  • The market is further fragmented across different manufacturing processes. This includes hand lay-up, compression molding, injection molding, and Resin Transfer Molding (RTM). Injection molding process dominated the market in 2017 and is expected to continue its dominance over the forecast period. The injection molding process was valued at $175.2 billion in 2017. On the other hand, RTM will be the fastest growing manufacturing process because of its growing adoption in the auto industry.
  • Based on several application areas in automobiles, Latin America automotive composite materials market is segmented into interior, exterior, chassis, powertrain & under the hood and structural. Among different application areas, exterior segment dominated the market in 2017. As Latin America’s automotive industry is highly influenced by North America, the stringent regulations on vehicle interior air quality in North America are expected to fuel the demand of composite demand for vehicle interiors in Latin America as well, owing to which Latin America interior application market is expected to be the fastest growing market during the forecast period.
  • Latin America automotive composite materials market is further segmented based on different vehicle types. This includes performance cars, passenger cars and other (commercial vehicles and others). Passenger car segment held the maximum market share in 2017 and will continue to dominate the market during the forecast period.
  • The report also comprises of a deep dive analysis of Latin America’s automotive composite materials market across different countries. This segment includes countries such as Brazil, Argentina, Chile and rest of LATAM. Brazil dominated the market with a market value of $203.2 million in 2017.

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. For most of the automotive OEMs and composite materials suppliers, Latin America is a potential region for growth, and so they are expanding their businesses in the region to strengthen their foothold in the market.

Reasons to buy the Report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers in depth analysis of prominent industry peers with primary focus on key business financials, product portfolio, expansion strategies and recent developments
  • Detailed examination on drivers, restraints, key trends and opportunities prevailing in the industry.
  • Examination of industry attractiveness  with the help of Porter’s Five Forces analysis
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

Customization Options:

The Latin America Automotive Composites Market can be customized to 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.

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 1.1Market Definition        
 1.2Objective of the Study        
 1.3Limitation         
 1.4Stakeholders        
 1.5Currency used in the Report
 2.1Secondary Data        
  2.1.1Key Secondary Sources       
 2.2Primary Data        
  2.2.1Sampling Techniques & Data Collection Methods    
  2.2.2Primary Participants
 5.1.1Market Trends & Drivers      
   5.1.1.1Stringent Government Regulations on GHG emission   
   5.1.1.2Increasing Demand of Composites among Hybrid and Electric Vehicles 
   5.1.1.3Crashworthiness Capability     
  5.1.2Market Restraints       
   5.1.2.1High Cost of the Raw Materials     
  5.1.3Opportunities       
   5.1.3.1Growing Scope of Hybrid Composite Materials   
   5.1.3.2Evolving Brazilian Automotive Composite Market
 7.1General Overview        
 7.2Polymer Matrix Composite (PMC)       
  7.2.1Thermoset Matrix       
  7.2.2Thermoplastic Matrix       
 7.3Metal Matrix Composite (MMC)       
 7.4Ceramic Matrix Composite (CMC)       
 7.5Hybrid Composites
 8.1General Overview        
 8.2Hand Lay up        
 8.3Compression Molding        
 8.4Injection Molding        
 8.5Resin Transfer Molding
 9.1General Overview        
 9.2Interior         
 9.3Exterior         
 9.4Chassis, Powertrain and Under the Hood      
 9.5Structural
 10.1Overview         
 10.2Performance Cars        
 10.3Passenger Cars        
 10.4Others (Light Commercial Vehicles, Buses, Trucks and Others)
 11.1General Overview        
  11.1.1Latin America Automotive Composite Materials Market, by Material Type  
  11.1.2Latin America Automotive Composite Market, by Manufacturing Process  
  11.1.3Latin America Automotive Composite Materials Market, by Application  
  11.1.4Latin America Automotive Composite Materials Market, by Vehicle Type  
  11.1.5Latin America Automotive Composite Materials Market, by Country  
   11.1.5.1Brazil Automotive Composite Materials Market   
    11.1.5.1.1Brazil Automotive Composite Market, by Material Type 
    11.1.5.1.2Brazil Automotive Composite Market, by Manufacturing Process
    11.1.5.1.3Brazil Automotive Composite Market, by Application 
    11.1.5.1.4Brazil Automotive Composite Market, by Vehicle Type 
   11.1.5.2Argentina Automotive Composite Materials Market   
    11.1.5.2.1Argentina Automotive Composite Market, by Material Type 
    11.1.5.2.2Argentina Automotive Composite Market, by Manufacturing Process
    11.1.5.2.3Argentina Automotive Composite Market, by Application 
    11.1.5.2.4Argentina Automotive Composite Market, by Vehicle Type 
   11.1.5.3Chile Automotive Composite Materials Market   
    11.1.5.3.1Chile Automotive Composite Market, by Material Type 
    11.1.5.3.2Chile Automotive Composite Market, by Manufacturing Process
    11.1.5.3.3Chile Automotive Composite Market, by Application 
    11.1.5.3.4Chile Automotive Composite Market, by Vehicle Type 
   11.1.5.4Rest of Latin America Automotive Composite Materials Market  
    11.1.5.4.1Rest of LATAM Automotive Composite market, by Material Type
    11.1.5.4.2Rest of LATAM Automotive Composite market, by Manufacturing Process
    11.1.5.4.3Rest of LATAM Automotive Composite market, by Application 
    11.1.5.4.4Rest of LATAM Automotive Composite market, by Vehicle Type
12.1Latin America Automotive Composite Materials Market Share of Major Players, 2017
 13.1BASF SE         
  13.1.1Key Facts        
  13.1.2Business Description       
  13.1.3Key Product/Services Offerings      
  13.1.4SWOT Analysis       
  13.1.5Key Financials       
   13.1.5.1Revenue Split, by Region     
   13.1.5.2Revenue Split, by Business Segment    
  13.1.6Recent Developments       
 13.2DowDuPont Inc.        
  13.2.1Key Facts        
  13.2.2Business Description       
  13.2.3Key Product/Services Offerings      
  13.2.4SWOT Analysis       
  13.2.5Key Financials       
   13.2.5.1Revenue Split, by Region     
   13.2.5.2Revenue Split, by Business Segment    
  13.2.6Recent developments       
 13.3Gurit Holding AG        
  13.3.1Key Facts        
  13.3.2Business Description       
  13.3.3Key Product/Services Offerings      
  13.3.4SWOT Analysis       
  13.3.5Key Financials       
   13.3.5.1Revenue Split, by Region     
   13.3.5.2Revenue Split, by Business Segment    
  13.3.6Recent developments       
 13.4Magna International Inc.       
  13.4.1Key Facts        
  13.4.2Business Description       
  13.4.3Key Product/Services Offerings      
  13.4.4SWOT Analysis       
  13.4.5Key Financials       
   13.4.5.1Revenue Split, by Region     
   13.4.5.2Revenue Split, by Business Segment    
  13.4.6Recent developments       
 13.5Mitsubishi Chemical Holdings Corporation      
  13.5.1Key Facts        
  13.5.2Business Description       
  13.5.3Key Product/Services Offerings      
  13.5.4SWOT Analysis       
  13.5.5Key Financials       
   13.5.5.1Revenue Split, by Region     
   13.5.5.2Revenue Split, by Business Segment    
  13.5.6Recent developments       
 13.6Owens Corning        
  13.6.1Key Facts        
  13.6.2Business Description       
  13.6.3Key Product/Services Offerings      
  13.6.4SWOT Analysis       
  13.6.5Key Financials       
   13.6.5.1Revenue Split, by Region     
   13.6.5.2Revenue Split, by Business Segment    
  13.6.6Recent developments       
 13.7SGL Group         
  13.7.1Key Facts        
  13.7.2Business Description       
  13.7.3SWOT Analysis       
  13.7.4Key Financials       
   13.7.4.1Revenue Split, by Region     
   13.7.4.2Revenue Split, by Business Segment    
   13.7.4.3Revenue of CFM, by Industry     
   13.7.4.4Revenue of GMS, by Industry     
  13.7.5Recent developments       
 13.8Solvay SA         
  13.8.1Key Facts        
  13.8.2Business Description       
  13.8.3Key Product/Services Offerings      
  13.8.4SWOT Analysis       
  13.8.5Key Financials       
   13.8.5.1Revenue Split, by Region     
   13.8.5.2Revenue Split, by Business Segment    
  13.8.1Recent developments       
 13.9Teijin Limited        
  13.9.1Key Facts        
  13.9.2Business Description       
  13.9.3Key Product/Services Offerings      
  13.9.4SWOT Analysis       
  13.9.5Key Financials       
   13.9.5.1Revenue Split, by Region     
   13.9.5.2Revenue Split, by Business Segment    
  13.9.6Recent developments       
 13.1Toray Industries Inc.        
  13.10.1Key Facts        
  13.10.2Business Description       
  13.10.3Key Product/Services Offerings      
  13.10.4SWOT Analysis       
  13.10.5Key Financials       
   13.10.5.1Revenue Split, by Region     
   13.10.5.2Revenue Split, by Business Segment    
  13.10.6Recent developments

Research Methodology

Analysing historical market, estimation of the current market and forecasting the future market for Latin American automotive composite materials were the three major steps considered while creating and analysing the overall adoption rate of automotive composite materials in major Latin American countries. 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 Latin American 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 Latin American 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 Latin American 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 Latin American 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 Latin American automotive composite materials market. Factor analysis was conducted using dependent and independent variable such as purchasing power, government initiatives, government regulations in major Latin American countries. 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 Latin American countries. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and rate of adoption of automotive composite materials in major Latin American countries
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players across different technologies and markets as well as market share of each player. Also, the growth strategies adopted by these players to compete in the rapidly growing Latin American Automotive Composite Materials market

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 Latin American automotive composite materials 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 Latin American Automotive Composite Materials Market Study

The current & future market trends of the Latin American 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:

  • Analyse the current and forecast market size of Latin American automotive composite materials in terms of value (US$)
  • Analyse the current and forecast market size of different segments and sub-segments of the Latin American automotive composite materials market. Segments in the study include material type, manufacturing process, application, and vehicle type
  • Define and describe the technologies and protocols used in automotive composite materials
  • Anticipate potential risk associated with the technology along with customer and competitor analysis, among others
  • Define and analysis of the government regulations for automotive composite materials in major Latin American countries
  • Analyse the current and forecast market size of automotive composite materials in the Latin American regions, in terms of value for countries including Brazil, Argentina, Chile and Rest of Latin America

Define and analyse the competitive landscape of the Latin American automotive composite materials and the growth strategies adopted by the market players to sustain in the ever-growing market