Global Automotive Polymer Matrix Composites Market Size By Type (Carbon Fibre Reinforced Plastic, Glass Fibre Reinforced Plastic), By Application (Structural And Powertrain, Interior, Exterior), By Geographic Scope And Forecast

Automotive Polymer Matrix Composites Market Size And Forecast

Automotive Polymer Matrix Composites Market size was valued at USD 9.5 Billion in 2024 and is projected to reach USD 16.5 Billion by 2031, growing at a CAGR of 6.29% during the forecast period 2024-2031.

One of the most important aspects that are driving the market is the huge development in the utilization of plastic in the manufacturing of automobiles. The increasing popularity of electric vehicles in regions such as Europe, China, and North America is also beneficial to the market. The Global Automotive Polymer Matrix Composites Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Automotive Polymer Matrix Composites Market Definition

So, polymer matrix composites, or PMCs as they're usually called, are basically built around an organic polymer matrix, which is then strengthened by either long, continuous fibers or shorter ones. Think of a composite as a material that borrows the best traits from the stuff it's made of – it's a real team player! Usually, you have a main part, called the matrix, holding everything together, and then you have other bits scattered throughout, called the reinforcement. A "polymer matrix composite" then, is just a fancy way of saying a material reinforced with polymers, and they're used in all sorts of things you see every day.

These industries include construction, transportation, oil and gas, sports, energy, aerospace, consumer products, and electrical and electronics. One important end-use industry that makes extensive use of polymer matrix composites is the automotive sector. Along with reinforcing fibers, a variety of resins are utilized in the production of automobile polymer matrix composite. Some examples of these resins are polypropylene, polycarbonates, polyamides, acrylonitrile-butadiene-styrene, and other designed plastics. The global market for automotive polymer matrix composites may be broken down into submarkets based on the types of fibers used and the automotive applications that are pursued.

In the auto world, you'll mostly find carbon fiber and glass fiber doing the heavy lifting. Carbon fiber is a real star, boasting a killer strength-to-weight ratio and a tough resistance to corrosion. That means we can build parts that are both super light and seriously strong. Compared to your standard steel or plastic bits, using composites gives us a whole bunch of perks, like trimming costs and weight, and making things easier to recycle – better for the planet! So, when you're talking about building car interiors, exteriors, and even structural bits, you're likely looking at parts made with polymer matrix composites.

Global Automotive Polymer Matrix Composites Market Overview

Composite materials are a real win for customers who need parts with super intricate designs, patterns, and structures. Think about itindustries like automotive, aerospace, maritime, even consumer goods and wind power all use them! Each industry uses these materials in their own unique way. What drives that usage? Well, things like how the part needs to perform, regulations, what customers want, and of course, how much it all costs. For example, the materials, prices, and even how things are made in the aircraft industry are totally different compared to making cars. But because there's such a huge variety of these materials, they can actually handle all those different needs. You can find all sorts of resins, different kinds of fibers, the right tools, processes, and even ways to finish things off, so you can basically make anything for any job.

Fuel economy and emission standards drive the car sector, which is why composites for lightweight materials are always being developed. The Corporate Average Fuel Consumption (CAFC) in China similarly has a fleet objective of 20 kilometres per liter. More than 100 models in the automotive industry now specify carbon-fibre-reinforced plastic for OEM components. Furthermore, the market is being driven by the growing trend of using thermoplastics in automobiles. These materials are used by original equipment manufacturers (OEMs) in the building of automobiles to reduce vehicle weight, and emissions, and enhance fuel efficiency and economy.

Lockdowns in many nations have hurt automakers, causing the automotive composites business to decrease. Plant shutdowns, production halts, and supply chain disruptions also hurt the automotive composites market in 2020. The market is predicted to recover by 2021 as demand for electric vehicles rises in the Asia Pacific. The lockdown postponed projects, which hampered the automotive composites industry in 2020, will revive, boosting market development. Market pressures limiting the market include tight environmental policies and legislation, as well as rising limits and prices for garbage disposal.

Furthermore, the growing use of life cycle assessment as part of the material selection process in many industries is putting composite end-of-life waste management under a microscope. For example, 90 percent of the garbage in the United Kingdom is currently disposed of in landfills, posing substantial societal and industrial problems to the industry. Furthermore, rising plastic trash has prompted governments around the world to enact strict environmental regulations. The introduction of single-use plastic bags in a number of nations has highlighted government efforts to address concerns about plastic waste.

Global Automotive Polymer Matrix Composites Market Segmentation Analysis

The Global Automotive Polymer Matrix Composites Market is segmented on the basis of Type, Application, And Geography.

Automotive Polymer Matrix Composites Market, By Type

• Carbon Fibre Reinforced Plastic
• Glass Fibre Reinforced Plastic
• Natural Fibre

When we look at the types of composites used in cars, we see a market divided into Carbon Fiber Reinforced Plastic, Glass Fiber Reinforced Plastic, and Natural Fiber. We expect glass fiber reinforced plastic to really shine, bringing in the most revenue, because it's just such a great all-around material. Think flexibility, strength, lasting durability, and a lightweight feel, all while standing up to moisture and heat! But don't count out carbon fiber reinforced plastic; with its incredible resistance to bending and nasty stuff like acid and alkaline corrosion, we’re predicting some seriously rapid growth in that area too.

Automotive Polymer Matrix Composites Market, By Application

• Structural & Powertrain
• Interior
• Exterior
• Others

So, when we look at how composites are used in cars, it breaks down into a few key areasStructural & Powertrain, Interior, Exterior, and Others. You know those exterior parts like bumper beams, fenders, and even doors and hoods? They're expected to bring in the most money, mainly because they're increasingly made with composite materials. Think about itusing composites in these exterior parts (like deck lids and such) makes the car tougher, last longer, and need less fixing. But here's something interesting – the interior is where we expect to see the fastest growth! Things like the central console, steering wheel, and even the seats are being made with these composites. As people want lighter interiors, using these materials will only become more popular, driving up sales in this area.

Automotive Polymer Matrix Composites Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

When we look at the world, geographically speaking, the Global Automotive Polymer Matrix Composites Market breaks down into North America, Europe, Asia Pacific, and everywhere else. It's really Asia Pacific that's expected to take the lead, thanks to major growth in China, India, and Japan. After Asia Pacific, you've got North America and Europe still playing a significant role in vehicle polymer matrix composites. Expect North America to be a hot spot for carbon-reinforced composites in cars. Down in Latin America, with their expanding car industry, the market for these composites is also predicted to shoot up. And don't forget about the Middle East & Africa – they're expected to see their polymer matrix composites market grow, too!

Key Players

The “Global Automotive Polymer Matrix Composites Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Toray Industries, Owens Corning, Teijin Limited, Hexcel Corporation, TPI Composites, Inc, Faurecia, Performance Composites Inc., Enduro Composites, Inc., Kineco, Applied Poleramic. Inc., Hexagon Composites, Creative Composites Ltd., and Hitco Carbon Composites Inc.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

• In September 2019, INEOS Enterprises acquired Ashland Global Holdings Inc.’s whole business including the BDO plant in Germany. This acquisition will strengthen INEOS’s global presence.
• ITT Inc. acquires Rockledge, Florida-based Matrix Composites, Inc. in July 2019. This acquisition added new, technologically-diverse enterprises to ITT’s product line. ITT Connect and Control Technologies will extend its aerospace products and tech. This acquisition will improve the company’s aeronautical services.
• Teijin Group teamed with AZL Partner New York for lightweight manufacture in 2020. This technology will revolutionize their business strategy to create multifunctional, lightweight next-generation automobiles.
• In August 2020, SGL Carbon and the joint coordinator Consortium improved the thermal insulation qualities of new composite materials by 120% and made them commercially available.

Report Scope

Research Methodology of Market Research

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .

Reasons to Purchase this Report

We dig deep, looking at the market from all angles, using both number-crunching (quantitative) and understanding the "why" (qualitative) through careful segmentation, considering economic realities and other important influences. We'll give you the market size in USD Billion for every segment and sub-segment, plus, we'll pinpoint the region and segment poised for explosive growth and market leadership. Our geographical analysis highlights product/service consumption, revealing the factors shaping each regional market. You'll get a clear picture of the competitive scene, including market rankings of the top players, their latest service/product launches, strategic partnerships, business expansions, and acquisitions over the last five years. Expect detailed company profiles, featuring overviews, insights, product benchmarking, and SWOT analyses for the key market participants. We'll give you both the current and future market outlook, taking into account recent developments, growth opportunities, drivers, and challenges in both emerging and developed regions. We even break down the market using Porter's five forces analysis for a comprehensive understanding. We also provide insight into the market through the Value Chain, looking at market dynamics and future growth opportunities. And to top it off, you'll receive 6 months of post-sales analyst support.

Customization of the Report

• In case of any please connect with our sales team, who will ensure that your requirements are met.