The global automotive exterior materials market is expected to reach USD 19.21 billion in 2025, according to a new report by Grand View Research, Inc. Steel which was predominantly the material of choice for various exterior components is expected to witness rising competition from plastics and carbon composite materials.
High prices of these composites have limited use of these materials to certain components. Sustainability is expected to emerge as key megatrend which is likely to shape the future of materials used for manufacturing car exteriors and will pose greater challenges for automobile designers.
Increasing environmental concerns and stringent norms have forced automotive manufacturers to control automotive pollution. One of the most important factors affecting fuel efficiency and vehicular pollution is the curb weight. Reduction in curb weight drastically increases fuel efficiency and reduces vehicular pollution.
Application of carbon fiber has been limited to high performance cars because of high carbon fiber cost. However, extensive R&D work is being undertaken by several manufacturers to develop low-cost carbon fiber grade with similar mechanical properties as that of high-cost variants. This is expected to spur carbon fiber demand in the automotive industry over the forecast period.
The market is characterized by the presence of major companies with a minimal difference in their shares, making each of them capable of gaining market leader position. The degree of competition is expected to remain high over the next five years.
Further key findings from the report suggest:
- The global market was valued at USD 10.46 billion in 2016 and is projected to reach USD 19.2 billion by 2025, growing at an estimated CAGR of 7.0% from 2017 to 2025
- Asia Pacific is expected to be the fastest growing region and will probably register a demand of 8.87 million tons by 2025
- Steel holds 36% of the global market and is projected to retain its dominance over the forecast period as well. Although, development of lightweight substitutes for light and electric vehicles remains a major area of growth in this market.
- In terms of application, doors dominate the market with 29% of the market revenue
- Key players operating in the market include Magna International Inc., Toyota Boshoku Corporation,
- Kirchhoff Automotive GmbH, Trinseo S.A., DURA Automotive Systems, LLC, Plastic Omnium Co., etc.
Grand View Research has segmented the automotive exterior materials market on the basis of product, application and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
- Glass composites
- Carbon composites
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- Middle East and Africa
- Central & South America