Market Size of Australia Automotive Composites Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Australia Automotive Composites Market Analysis
The Australia Automotive Composites Market is projected to grow with a CAGR of more than 7% during the forecast period.
- Presently, composite materials, like thermoplastics and reinforced glass, have drawn the attention of carmakers, making them focus on sourcing better, tensile, and lighter components in the manufacture of automobile units.
- Factors such as increasing demand for lightweight material from the automotive industry and growing focus on fuel economy are expected to be major drivers for the market. However, high costs associated with carbon fiber composites, and glass fiber composites is hindering the growth of the market, as their usage in low-cost vehicles could drastically increase the prices of such vehicles.
- The low recyclability of composites is also a restraint for their penetration in entry-level passenger vehicles. However, collaborations of the OEMs with suppliers (due to rising demand for fuel-efficient vehicles, growing lightweight electrical vehicle segment, and major automobile giants, like BMW and Nissan, trying to replace their existing metal parts with composite fibers) imply the scope and booming opportunity that the market is anticipated to offer over the forecast period.
Australia Automotive Composites Industry Segmentation
The Australia automotive composites market covers the latest trends and technological development and provides analysis on the market demand by application type, process type, material type, and market share of major automotive composite manufacturing companies across Australia.
| By Application Type | |
| Structural Assembly | |
| Power-train Components | |
| Interior | |
| Exterior | |
| Other Application Types |
| By Process Type | |
| Hand Layup / Manual Process | |
| Compression Molding | |
| Injection Molding | |
| Continuous Process |
Australia Automotive Composites Market Size Summary
The Australia Automotive Composites Market is experiencing significant growth, driven by the increasing demand for lightweight materials in the automotive industry. As car manufacturers focus on enhancing fuel efficiency and reducing vehicle weight, composite materials such as thermoplastics and reinforced glass are gaining traction. These materials offer the advantage of being tensile and lighter, which is crucial for improving fuel economy and meeting stringent emission regulations. However, the high costs associated with carbon and glass fiber composites pose challenges, particularly in the production of low-cost vehicles, where their use could substantially increase prices. Despite these challenges, collaborations between original equipment manufacturers (OEMs) and suppliers are fostering opportunities for market expansion, as major automotive players like BMW and Nissan seek to replace metal parts with composite fibers.
The automotive industry is undergoing a transformation, with a strong emphasis on reducing vehicle weight to enhance fuel efficiency and meet regulatory standards. The use of continuous fiber-reinforced thermoplastic composites (CFRTP) is becoming more prevalent, as these materials offer a sustainable and recyclable solution for lightweight vehicle design. Companies are actively engaging in collaborative efforts to standardize and demonstrate cost-effective production methods for CFRTP composites, aiming to integrate them into high-volume applications. Notable industry players, including DuPont and SABIC, are advancing technologies to produce lightweight and recyclable vehicle panels, further driving market growth. The adoption of carbon fiber-reinforced plastic (CFRP) in vehicles, as seen with manufacturers like BMW and Audi, highlights the industry's commitment to leveraging advanced materials for improved vehicle performance and sustainability.
Australia Automotive Composites Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Application Type
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2.1.1 Structural Assembly
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2.1.2 Power-train Components
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2.1.3 Interior
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2.1.4 Exterior
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2.1.5 Other Application Types
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2.2 By Process Type
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2.2.1 Hand Layup / Manual Process
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2.2.2 Compression Molding
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2.2.3 Injection Molding
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2.2.4 Continuous Process
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Australia Automotive Composites Market Size FAQs
What is the current Australia Automotive Composites Market size?
The Australia Automotive Composites Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Australia Automotive Composites Market?
Hexcel Corporation, Mitsubishi Chemical Carbon Fiber and Composites, Inc., SGL Carbon, Toho Tenex (Teijin Ltd) and Toray Industries Inc are the major companies operating in the Australia Automotive Composites Market.
