Automotive Composites Market Share

Market Share of Automotive Composites Industry

Companies, such as Toho Tenex (Teijin Ltd), Toray Industries Inc, Mitsubishi Chemical Carbon Fiber and Composites, Inc., and SGL Carbon, are some of the major players in the market studied. Companies are trying to invent new composites that can reduce the vehicle's total weight to much lower proportions. For instance,

• In June 2021, Mitsubishi Chemical Co., Ltd. announced the development of a new carbon fiber prepreg that can be used as a part of an automotive engine.
• In March 2021, Hexcel joined ASCEND Project, aiming to improve high-rate manufacturing and processing technologies to develop lightweight advanced composite materials for the automotive and aerospace industry.

BMW has adopted carbon fiber reinforced plastic in a mixed-material approach. Its German competitor, Audi, is also using the material to produce the rear wall of the space frame for its A8 luxury sedan. This part provides around 40% of the vehicle's overall torsional rigidity, making it suitable for manufacture with CFRP. The part is around 50% lighter in weight than its metallic predecessor.

Automotive Composites Market Leaders

1. Hexcel Corporation

2. Mitsubishi Chemical Carbon Fiber and Composites, Inc.

3. SGL Carbon

4. Toray Industries Inc

5. Teijin Ltd

*Disclaimer: Major Players sorted in no particular order