Automotive Composite Body Panel Market Pegged for Robust Expansion by 2026

Automotive composite body panels are lightweight materials panels composed of high performance fibers such as carbon and glass and base matrix materials. These composites are widely utilized in exterior automotive systems such as exterior bumpers. They are also extensively employed in interiors such as dashboards and upholsteries.

Restrictive emission standards in Europe and increased Corporate Average Fuel Economy (CAFÉ) in the U.S. are compelling automakers to develop lightweight solutions to meet emission norms. Implementation of stringent emission norms is a prime factor driving the global automotive composite body panel market. Rise in consumer awareness about ill-effects of pollution is boosting the demand for lightweight solutions. This, in turn, is fueling the demand for automotive composite body panels. Increase in demand for durable parts is also boosting the demand for automotive composite body panels. Metal parts are prone to high wear and tear, while composite body parts exhibit longer durability and luster. Thus, the latter is favorable. Increase in demand for esthetics is fueling the demand for automotive composite body panel. Automotive composite body panels are made of resins and fiber. Thus, they possess high molding, as compared to metals. Automotive composites can be molded into intricate shapes. Moreover, they also help improve body esthetics. Therefore, the demand for automotive composites has been rising. Composites can be designed to achieve proper ratio of strength and flexibility in order to absorb and dissipate energy during a collision. The utilization of automotive composites in bumper fascia, fenders, bonnet, and tailgate helps absorb and deflate the collision energy more effectively. Consequently, automotive exteriors are witnessing an increase in the usage of automotive composite body panels.

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Automotive composite body panels made of carbon fiber are expensive. Therefore, high price is a key factor restraining the automotive composite body panel market.

The global automotive composite body panel market can be segmented based on application, fiber type, resin type, manufacturing process type, vehicle type, and region. In terms of application, the global automotive composite body panel market can be classified into five segments. The exterior segment holds a large share of the market owing to the wide usage of composites in bumpers, fenders, and tailgates. The powertrain segment is estimated to witness expansion at a high growth rate during the forecast period.

Based on fiber type, the global automotive composite body panel market can be divided into three segments. Glass fiber and carbon fiber are two prominent fiber type segments.

In terms of resin type, the global automotive composite body panel market can be bifurcated into thermoplastics and thermosets. Thermoplastics is a leading segment due to their easy manufacturing process and high molding ability.

In terms of manufacturing process, the global automotive composite body panel market can be segregated into five segments. Injection molding, reaction injection molding, and blow molding are leading segments.

Based on vehicle type, the global automotive composite body panel market can be split into passenger vehicle and commercial vehicle. Passenger vehicle is the leading segment, owing to the increase in production of these vehicles across the globe.

In terms of region, the global automotive composite body panel market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is the leading market for automotive composite body panel. Easy availability of raw materials and China’s leadership in the plastic industry have boosted the automotive composite body panel market in the region.

Key players operating in global automotive composite body panel market are Magna International, Plastic Omnium, Faurecia, and Plastic Omnium.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materia