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Asia Pacific Automotive Composites Market Size, By Fiber (Glass, Carbon, Natural), By Resin (Thermosetting, Thermoplastic), By Manufacturing Process (Compression, Injection, Resin Transfer Molding), By Application (Interior, Exterior, Structural & Powertrain) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: November 2020 | Publisher: Graphical Research Report ID: GR1511 | Delivery : PDF

Industry Trends

Asia Pacific Automotive Composites Market Size was USD 2,131.0 million in 2019 and will grow at a CAGR of 7.3% up to 2026.

Asia Pacific Automotive Composites Market

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The growing penetration of electric vehicles will considerably impact the Asia Pacific automotive composites market growth. The increasing adoption of electric vehicles can be credited to governmental initiatives & support to improve the environment and to overcome the dependence on fossil fuels. Governments of different Asia Pacific countries are encouraging the adoption of emission-free vehicles by providing concessions in the registration tax of electric vehicles. In November 2019, the Ministry of Heavy Industries and Public Enterprises (MHIPE) announced that more than 285,00 buyers of electric & hybrid vehicles have received subsidies provided under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme in India.

In addition, the Indian government aims to bring seven million electric vehicles on the road by 2020. This intent was primarily to improve the air quality and the development of such vehicles will bolster industry penetration. Industry players in the region are concentrating on the development of electric vehicles. In 2019, BYD, a major Chinese electric vehicle manufacturing company, held around 10% share in the global electric vehicle sales with 225,757 units sold. Partnerships and mergers with emerging Asian brands in countries including India will further spur sales in the region.

The outbreak of coronavirus across the globe has significantly affected the automobile industry in Asia Pacific mainly in India and China. Disruption in the supply chain has affected the import-export of key materials as most of the product manufacturing takes place in the region. Furthermore, the ban on the transportation of non-essential goods is likely to reduce road traffic, which, in turn, reduces automotive sales and affects the sales of automotive composites. The slowdown of production facilities with a limited workforce is also expected to limit Asia Pacific automotive composites industry growth in 2020.

The glass fiber segment accounts for a significant market share in APAC market size. Fiber has high stiffness and superior strength, making it suitable for composite manufacturing. Additionally, glass fibers consist of a wide range of grades that exhibits excellent heat resistance.

The thermosetting resin segment accounted for the highest market share of over 60% in 2019. The resin exhibits exceptional properties such as enhanced flexibility at a low raw material cost. Tailored elasticity, excellent finishing of thermoset resins, and fatigue strength are other factors positively influencing the demand for thermosetting resins in the Asia Pacific automotive composites market.

Based on the manufacturing process, the Resin Transfer Molding (RTM) process is projected to grow at the highest rate by 2026. The RTM process is essentially used for molding components with a large surface and smooth finishes. Its advantages, such as less material wastage, improved surface quality, low environmental impact, and dimensional tolerances, are also majorly responsible for the shifting preference of manufacturers.

Based on application, the exterior application segment dominated the market with over 45% share due to the high usage of composites on the vehicle’s exterior and the increasing demand for high-strength components. Materials meeting stringent norms regarding emissions and vehicle weight will further strengthen the market growth.

The Asia Pacific market accounted for the highest share in the global market. This is mainly attributed to rising vehicle production in the region. The presence of established industry participants, such as Mitsubishi Rayon Co., Ltd. and Toray Industries, Inc., will further contribute to the substantial revenue generation. China is the major consumer of automotive composites across Asia Pacific. The demand for fuel-efficient and lightweight vehicles across the country has shifted the focus of OEMs to use composites, especially carbon fibers.

The major players in the market are Jushi Group Co., Ltd., Mitsubishi Rayon Co., Ltd., Teijin Limited, and Toray Industries, Inc. Automotive composite manufacturing companies are majorly focusing on product launches and capacity expansion to expand their product portfolio and increase their global footprint.
 

Frequently Asked Question(FAQ) :

The market size of Asia Pacific Automotive Composites was valued over USD 2,131.0 million in 2019.
The growing penetration of electric vehicles will considerably impact the Asia Pacific automotive composites market growth.
The major players in the Asia Pacific automotive composites market are Jushi Group Co., Ltd., Mitsubishi Rayon Co., Ltd., Teijin Limited, and Toray Industries, Inc.

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Asia Pacific Automotive Composites Market Value & Share 2026, Extensive Analysis


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