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Market Research Report

Latin America Market Insights on Automotive Composite Materials, 2019-2025: Emphasis on Material Type, Manufacturing Process

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Latin America Market Insights on Automotive Composite Materials, 2019-2025: Emphasis on Material Type, Manufacturing Process
Published: August 1, 2019 Content info: 148 Pages
Description

The automotive industry of Latin America is witnessing growth in the number of new vehicle registrations in the past few years. Brazil, Argentina, Chile, and Colombia are the top automotive markets in Latin America. The growing potential in the automotive industry increases the demand of the automotive parts and components, thereby creating an opportunity for component suppliers in the region. However, the increasing number of vehicles on the road has increased the content of Greenhouse Gases (GHG), thus deteriorating the quality of the air. In Latin America, transport industry is considered to be the primary contributor to the CO2 emissions. This is one of the important environmental concerns in the region, owing to which several countries in LATAM vowed to reduce the GHG emissions to a certain levels in the coming years. For instance, Brazil pledged to reduce GHG emissions by 37% (intended reduction of 43%) by 2025 as compared to 2005 levels. Similarly Argentina targeted to reduce GHG emissions by 15% by 2030. Further to comply with these emission standards, automakers are using composite materials to reduce the vehicular weight thereby increasing the fuel efficiency. Composite materials exhibit superior physical, mechanical and chemical properties as a result they are rapidly replacing steel and aluminum in a range of automotive parts and products. Besides this the use of composite materials in Electric Vehicles (EV) in Latin America has also increased. These materials are widely adopted by the EV manufacturers to compensate the weight increased by the batteries. Composite materials also tend to increase the vehicle speed by reducing the overall vehicular weight. In addition to this, several composite material manufacturers and automotive OEMs see Latin America as a potential opportunity area; hence they are expanding their businesses in the region. For instance, Gurit Holdings AG, a German composite supplier entered into a strategic alliance with Barracuda Advanced Composites for distribution in Brazil. Moreover, Technical Research Institute and Latin America Composite Materials Association (ALMACO) collaborated to strengthen the composite materials market in Brazil. Hence the factors such as stringent emission standards, increasing demand of composites in EV segment and also the expansion of some of the prominent automotive OEMS and material suppliers within the region are attributed to be the factors propelling Latin America automotive composite materials market. Besides promising growth opportunities in the region the high cost of the raw material and manufacturing process, are the major factors hampering the market growth?

Latin America automotive composite materials market is segmented based on different materials such as Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC), Ceramic Matrix Composite (CMC) and Hybrid Composite. Due to high flexibility, high insulation, lower density and lighter weight than other composite materials, the adoption of PMCs is more than the other composites. Therefore PMCs held the maximum market share in 2017 and their dominance is expected to prevail during the forecast period. PMC was valued at US $288.9 million in 2017 and are anticipated to reach to US $562.0 million by 2024 at a CAGR of 10.1% during the forecast period (2018-2024). To get a better understanding of the market, PMCs are further segmented by matrix types, which include thermosets and thermoplastics. In this segment, thermosets are anticipated to be the largest market on the other side thermoplastics will be the fastest growing matrix type during the forecast period. Further, due to low cost and high flexural and tensile strength of hybrid composites as compared to single fiber composites, the hybrid composites are anticipated to be the fastest growing composite type during the forecast period.

The market is further fragmented across different manufacturing processes. This includes hand lay-up, compression molding, injection molding, and resin transfer molding (RTM). Injection molding process dominated the market in 2017 and is expected to continue its dominance over the forecast period. The injection molding process was valued at US $175.2 million in 2017 and is anticipated to reach US $343.3 million by 2024 at a CAGR of 10.2% during the forecast period (2018-2024). On the other hand, due to RTM's capability of low cost and high volume manufacturing, this segmented is anticipated to be the fastest growing segment during the forecast period (2018-2024). RTM is poised to grow at a CAGR of 11.4% during the forecast period.

Based on several application areas in automobiles, Latin America automotive composite materials market is segmented into interior, exterior, chassis, powertrain & under the hood and structural. Among different application areas, exterior application held the highest market share and was valued at US $258.7 million in 2017 and is anticipated to grow to US $501.5 million by 2024 at a CAGR of 10.0% during the forecast period (2018-2024), followed by the structural application segment.

Based on different vehicle types, Latin America automotive composite materials market is segmented into super cars, passenger cars and others (commercial vehicles and others). Passenger cars segment is the largest segment in LATAM automotive industry, hence held the highest market share in automotive composites industry as well. Latin America automotive composite materials market in passenger cars segment was valued at US $374.1 million in 2017 and is anticipated to reach US $717.6 million by 2024 at a CAGR of 9.9%.

For the better understanding of the market, Latin America's automotive composite materials market is further segmented across different countries, which includes, Brazil, Argentina, Chile and rest of LATAM. Brazil dominated the market in 2017 and is expected to prevail over the others during the forecasted period. Brazil's automotive composite materials market was valued at US $203.2 million in 2017 and is expected to reach US $320.6 million by 2024 at CAGR of 6.8% during the forecast period.

Some of the major local and foreign key players active in Latin America automotive composite materials market include BASF, DowDupont, Gurit Holding AG, Magna International Inc., Mitsubishi Chemicals Holding Corporation, Owens corning, SGL Group, Solvay S.A., Teijin Limited and Toray Industries Inc. These players are entering into several competitive strategies (partnerships, merger-acquisitions, joint venture, new product launch, business expansion and others) with each other or other supplier or automotive OEMs to strengthen their position in Latin America automotive composite materials market.

Table of Contents
Product Code: UMAU19171

Table of Contents

1. MARKET INTRODUCTION

  • 1.1. Market Definition
  • 1.2. Objective of the Study
  • 1.3. Limitation
  • 1.4. Stakeholders
  • 1.5. Currency used in the Report

2. RESEARCH METHODOLOGY OR ASSUMPTION

  • 2.1. Secondary Data
    • 2.1.1. Key Secondary Sources
  • 2.2. Primary Data
    • 2.2.1. Sampling Techniques & Data Collection Methods
    • 2.2.2. Primary Participants

3. INDUSTRY PERFORMANCE

4. EXECUTIVE SUMMARY

5. MARKET OVERVIEW

  • 5.1. Introduction
  • 5.2. Market Dynamics
    • 5.2.1. Market Trends & Drivers
      • 5.2.1.1. Stringent Government Regulations on GHG emission
      • 5.2.1.2. Increasing Demand of Composites in Hybrid and Electric Vehicles
      • 5.2.1.3. Crashworthiness Capability
    • 5.2.2. Market Restraints
      • 5.2.2.1. High Cost of the Raw Materials
    • 5.2.3. Market Opportunities
      • 5.2.3.1. Growing scope of hybrid composite materials
      • 5.2.3.2. Evolving Brazilian Automotive Composite Market
  • 5.3. Key Market Indicators (Demand & Supply)
    • 5.3.1. Demand & Supply Side Analysis

6. BENEFITS OF COMPOSITE MATERIALS

7. MARKET INSIGHTS, BY MATERIAL TYPE

  • 7.1. General Overview
  • 7.2. Polymer Matrix Composite (PMC)
    • 7.2.1. Polymer Matrix Composite (PMC), by Matrix Type
      • 7.2.1.1. Thermoset Matrix
      • 7.2.1.2. Thermoplastic Matrix
  • 7.3. Metal Matrix Composite (MMC)
  • 7.4. Ceramic Matrix Composite (CMC)
  • 7.5. Hybrid Composites

8. MARKET INSIGHTS, BY MANUFACTURING PROCESS

  • 8.1. General Overview
    • 8.1.1. Compression Moulding
  • 8.2. Hand Lay up (Manual)
  • 8.3. Injection Moulding
  • 8.4. Resin Transfer Moulding

9. MARKET INSIGHTS, BY APPLICATION

  • 9.1. General Overview
  • 9.2. Interior
  • 9.3. Exterior
  • 9.4. Chassis, Powertrain and Under the Hood
  • 9.5. Structural

10. MARKET INSIGHTS, BY VEHICLE TYPE

  • 10.1. General Overview
  • 10.2. Passenger Cars
  • 10.3. Super cars
  • 10.4. Others (Light Commercial Vehicles, Buses, Trucks and Others)

11. MARKET INSIGHTS, BY COUNTRY

  • 11.1. General Overview
    • 11.1.1. Brazil Automotive Composite Materials Market
      • 11.1.1.1. Brazil Automotive Composite Materials Market, by Material Type
        • 11.1.1.1.1. Brazil Polymer Matrix Composites Market, by Matrix Type
      • 11.1.1.2. Brazil Automotive Composite Market, by Manufacturing Process
      • 11.1.1.3. Brazil Automotive Composite Materials Market, by Application
      • 11.1.1.4. Brazil Automotive Composite Materials Market, by Vehicle Type
    • 11.1.2. Argentina Automotive Composite Materials Market
      • 11.1.2.1. Argentina Automotive Composite Materials Market, by Material Type
        • 11.1.2.1.1. Argentina Polymer Matrix Composites Market, by Matrix Type
      • 11.1.2.2. Argentina Automotive Composite Market, by Manufacturing Process
      • 11.1.2.3. Argentina Automotive Composite Materials Market, by Application
      • 11.1.2.4. Argentina Automotive Composite Materials Market, by Vehicle Type
    • 11.1.3. Chile Automotive Composite Materials Market
      • 11.1.3.1. Chile Automotive Composite Materials Market, by Material Type
        • 11.1.3.1.1. Chile Polymer Matrix Composites Market, by Matrix Type
      • 11.1.3.2. Chile Automotive Composite Market, by Manufacturing Process
      • 11.1.3.3. Chile Automotive Composite Materials Market, by Application
      • 11.1.3.4. Chile Automotive Composite Materials Market, by Vehicle Type
    • 11.1.4. Rest of Latin America Automotive Composite Materials Market
      • 11.1.4.1. Rest of LATAM Automotive Composite Materials Market, by Material Type
        • 11.1.4.1.1. Rest of LATAM Polymer Matrix Composites Market, by Matrix Type
      • 11.1.4.2. Rest of LATAM Automotive Composite Market, by Manufacturing Process
      • 11.1.4.3. Rest of LATAM Automotive Composite Materials Market, by Application
      • 11.1.4.4. Rest of LATAM Automotive Composite Materials Market, by Vehicle Type

12. COMPETITIVE SCENARIO

  • 12.1. Latin America Automotive Composite Materials Market Share Analysis, 2017

13. COMPANY PROFILES

  • 13.1. BASF SE
    • 13.1.1. Key Facts
    • 13.1.2. Business Description
    • 13.1.3. Key Product/Services Offerings
    • 13.1.4. SWOT Analysis
    • 13.1.5. Key Financials
      • 13.1.5.1. Revenue Split
    • 13.1.6. Recent Developments
  • 13.2. DowDuPont Inc.
    • 13.2.1. Key Facts
    • 13.2.2. Business Description
    • 13.2.3. Key Product/Services Offerings
    • 13.2.4. SWOT Analysis
    • 13.2.5. Key Financials
      • 13.2.5.1. Revenue Split
    • 13.2.6. Recent developments
  • 13.3. Gurit Holding AG
    • 13.3.1. Key Facts
    • 13.3.2. Business Description
    • 13.3.3. Key Product/Services Offerings
    • 13.3.4. SWOT Analysis
    • 13.3.5. Key Financials
      • 13.3.5.1. Revenue Split
    • 13.3.6. Recent developments
  • 13.4. Magna International Inc.
    • 13.4.1. Key Facts
    • 13.4.2. Business Description
    • 13.4.3. Key Product/Services Offerings
    • 13.4.4. SWOT Analysis
    • 13.4.5. Key Financials
      • 13.4.5.1. Revenue Split
    • 13.4.6. Recent developments
  • 13.5. Mitsubishi Chemical Holdings Corporation
    • 13.5.1. Key Facts
    • 13.5.2. Business Description
    • 13.5.3. Key Product/Services Offerings
    • 13.5.4. SWOT Analysis
    • 13.5.5. Key Financials
      • 13.5.5.1. Revenue Split
    • 13.5.6. Recent developments
  • 13.6. Owens Corning
    • 13.6.1. Key Facts
    • 13.6.2. Business Description
    • 13.6.3. Key Product/Services Offerings
    • 13.6.4. SWOT Analysis
    • 13.6.5. Key Financials
      • 13.6.5.1. Revenue Split
    • 13.6.6. Recent developments
  • 13.7. SGL Group
    • 13.7.1. Key Facts
    • 13.7.2. Business Description
    • 13.7.3. SWOT Analysis
    • 13.7.4. Key Financials
      • 13.7.4.1. Revenue Split
    • 13.7.5. Recent developments
  • 13.8. Solvay SA
    • 13.8.1. Key Facts
    • 13.8.2. Business Description
    • 13.8.3. Key Product/Services Offerings
    • 13.8.4. SWOT Analysis
    • 13.8.5. Key Financials
      • 13.8.5.1. Revenue Split
    • 13.8.6. Recent developments
  • 13.9. Teijin Limited
    • 13.9.1. Key Facts
    • 13.9.2. Business Description
    • 13.9.3. Key Product/Services Offerings
    • 13.9.4. SWOT Analysis
    • 13.9.5. Key Financials
      • 13.9.5.1. Revenue Split
    • 13.9.6. Recent developments
  • 13.10. Toray Industries Inc.
    • 13.10.1. Key Facts
    • 13.10.2. Business Description
    • 13.10.3. Key Product/Services Offerings
    • 13.10.4. SWOT Analysis
    • 13.10.5. Key Financials
      • 13.10.5.1. Revenue Split
    • 13.10.6. Recent developments

List of Tables

  • FIG. 1 Latin America Automotive Composites Market Size, 2014-24 (US$ Mn)
  • FIG. 2 GHG Emissions Worldwide, 2017
  • FIG. 3 Distribution of Crash Positions on the Sides of the Vehicle
  • FIG. 4 Cost Comparison of Automotive Materials
  • FIG. 5 Supply Chain of Automotive Composite Materials Market
  • FIG. 6 Different Stages in Value Chain of Automotive Composite Materials Industry
  • FIG. 7 Benefits of Composite Materials
  • FIG. 8 Latin America Automotive Composites Market Share, by Material type, 2017 & 2024 (%)
  • FIG. 9 Latin America Automotive Composites Market Size, by Material type 2017-2024 (US$ Mn)
  • FIG. 10 Latin America PMC Market Size, by Country, 2017-24 (US$ Mn)
  • FIG. 11 Latin America PMC market, by Matrix Type, 2017-24 (US$ Mn)
  • FIG. 12 Latin America Thermoset Matrix Market Size, by Country, 2017-24 (US$ Mn)
  • FIG. 13 Latin America Thermoplastic Matrix Market Size, by Country, 2017-24 (US$ Mn)
  • FIG. 14 Latin America Metal Matrix Composite Market Size, by Country, 2017-24 (US$ Mn)
  • FIG. 15 Latin America Ceramic Matrix Composite Market Size, by Country, 2017-24 (US$ Mn)
  • FIG. 16 Latin America Hybrid Composites Market Size, by Country, 2017-24 (US$ Mn)
  • FIG. 17 Latin America Automotive Composites Market Share, by Manufacturing Process, 2017 & 2024 (%)
  • FIG. 18 Latin America Automotive Composites Market Size, by Manufacturing Process, 2017-24 (US$ Mn)
  • FIG. 19 Latin America Compression Moulding Market Size, by Country, 2017-24 (US$ Mn)
  • FIG. 20 Latin America Hand Lay-Up Market Size, by Country, 2017-24 (US$ Mn)
  • FIG. 21 Latin America Injection Moulding Market Size, by Country, 2017-24 (US$ Mn)
  • FIG. 22 Latin America Resin Transfer Moulding Market Size, by Country, 2017-24 (US$ Mn)
  • FIG. 23 Latin America Automotive Composites Market Size, by Application Type, 2017 & 2024 (%)
  • FIG. 24 Latin America Automotive Composites Market Size, by Application Type, 2017-24 (US$ Mn)
  • FIG. 25 Latin America Interior Application Market Size, by Country, 2017-24 (US$ Mn)
  • FIG. 26 Latin America Exterior Application Market Size, by Country, 2017-24 (US$ Mn)
  • FIG. 27 Latin America Chassis, Powertrain and Under the Hood Application Market Size, by Country, 2017-24 (US$ Mn)
  • FIG. 28 Latin America Structural Application Market Size, By Country, 2017-24 (US$ Mn)
  • FIG. 29 Latin America Automotive Composites Market Share, by Vehicle Type, 2017 & 2024 (%)
  • FIG. 30 Latin America Automotive Composites Market Size, by Vehicle Type, 2017-24 (US$ Mn)
  • FIG. 31 Latin America Passenger Cars Composites Market Size, by Country, 2017-24 (US$ Mn)
  • FIG. 32 Latin America Performance Car Composites Market Size, by Country, 2017-24 (US$ Mn)
  • FIG. 33 Latin America Other Vehicles Composites Market Size, by Country, 2017-24 (US$ Mn)
  • FIG. 34 Latin America Automotive Composites Market Share, by Country, 2017 & 2024 (%)
  • FIG. 35 Latin America Automotive Composite Materials Market Size, by Country, 2017-24 (US$ Mn)
  • FIG. 36 Brazil Automotive Composite Materials Market Size, by Material Type, 2017-24 (US$ Mn)
  • FIG. 37 Brazil Polymer Matrix Composites Market Size, by Material Type, 2017-24 (US$ Mn)
  • FIG. 38 Brazil Automotive Composite Market Size, by Manufacturing Process, 2017-24 (US$ Mn)
  • FIG. 39 Brazil Automotive Composite Materials Market Size, by Application, 2017-24 (US$ Mn)
  • FIG. 40 Brazil Automotive Composite Materials Market Size, by Vehicle Type, 2017-24 (US$ Mn)
  • FIG. 41 Argentina Automotive Composite Materials Market Size, by Material Type, 2017-24 (US$ Mn)
  • FIG. 42 Argentina Polymer Matrix Composites Market Size, by Material Type, 2017-24 (US$ Mn)
  • FIG. 43 Argentina Automotive Composite Market Size, by Manufacturing Process, 2017-24 (US$ Mn)
  • FIG. 44 Argentina Automotive Composite Materials Market Size, by Application, 2017-24 (US$ Mn)
  • FIG. 45 Argentina Automotive Composite Materials Market Size, by Vehicle Type, 2017-24 (US$ Mn)
  • FIG. 46 Chile Automotive Composite Materials Market Size, by Material Type, 2017-24 (US$ Mn)
  • FIG. 47 Chile Polymer Matrix Composites Market Size, by Material Type, 2017-24 (US$ Mn)
  • FIG. 48 Chile Automotive Composite Market Size, by Manufacturing Process, 2017-24 (US$ Mn)
  • FIG. 49 Chile Automotive Composite Materials Market Size, by Application, 2017-24 (US$ Mn)
  • FIG. 50 Chile Automotive Composite Materials Market Size, by Vehicle Type, 2017-24 (US$ Mn)
  • FIG. 51 Rest of LATAM Automotive Composite Materials Market Size, by Material Type, 2017-24 (US$ Mn)
  • FIG. 52 Rest of LATAM Polymer Matrix Composites Market Size, by Material Type, 2017-24 (US$ Mn)
  • FIG. 53 Rest of LATAM Automotive Composite Market Size, by Manufacturing Process, 2017-24 (US$ Mn)
  • FIG. 54 Rest of LATAM Automotive Composite Materials Market Size, by Application, 2017-24 (US$ Mn)
  • FIG. 55 Rest of LATAM Automotive Composite Materials Market Size, by Vehicle Type, 2017-24 (US$ Mn)
  • FIG. 56 Latin America Automotive Composite Materials Market Share, by Company 2017
  • FIG. 57 BASF, SWOT Analysis
  • FIG. 58 Key Financials of BASF
  • FIG. 59 BASF SE Revenue Split, 2018
  • FIG. 60 Dow duPont, SWOT Analysis
  • FIG. 61 Key Financials of Dow DuPont
  • FIG. 62 DowDuPont Inc. Revenue Split, 2018
  • FIG. 63 Gurit Holding, SWOT Analysis
  • FIG. 64 Key Financials of Gurit Holdings AG
  • FIG. 65 Gurit Holding Revenue Split, 2018
  • FIG. 66 Cisco Systems, SWOT Analysis
  • FIG. 67 Key Financials of Magna International
  • FIG. 68 Magna International Revenue Split, 2018
  • FIG. 69 Mitsubishi Chemical, SWOT Analysis
  • FIG. 70 Key Financials of Mitsubishi Chemical
  • FIG. 71 Mitsubishi Chemical Revenue Split, 2018
  • FIG. 72 Owens Corning, SWOT Analysis
  • FIG. 73 Key Financials of Owens Corning
  • FIG. 74 Owens Corning Revenue Split, 2018
  • FIG. 75 SGL Group, SWOT Analysis
  • FIG. 76 Key Financials of SGL Group
  • FIG. 77 SGL Group Revenue Split, 2018
  • FIG. 78 Solvay, SWOT Analysis
  • FIG. 79 Key Financials of Solvay
  • FIG. 80 Solvay Revenue Split, 2018
  • FIG. 81 Teijin Limited, SWOT Analysis
  • FIG. 82 Key Financials of Teijin Limited
  • FIG. 83 Teijin Limited Revenue Split, 2018
  • FIG. 84 Toray Industries, SWOT Analysis
  • FIG. 85 Key Financials of Toray Industries
  • FIG. 86 Toray Industries Revenue Split, 2017

List of Figures

  • TABLE 1 Regulations on GHG Emission
  • TABLE 1 BASF SE Key Facts
  • TABLE 2 Products segmentation of BASF SE
  • TABLE 3 BASF SE Growth Strategy
  • TABLE 4 DowDuPont Inc. key facts
  • TABLE 5 Products segmentation of DowDuPont Inc.
  • TABLE 6 DowDuPont Inc. Growth Strategy
  • TABLE 7 Gurit Holding AG Key Facts
  • TABLE 8 Products segmentation of Gurit Holding AG
  • TABLE 9 Gurit Holding AG Growth Strategy
  • TABLE 10 Magna International Inc. Key Facts
  • TABLE 11 Products segmentation of Magna International Inc.
  • TABLE 12 Mitsubishi Chemical Holdings Corporation Key Facts
  • TABLE 13 Products segmentation of Mitsubishi Chemical Holdings Corporation
  • TABLE 14 Owens Corning Key Facts
  • TABLE 15 Products segmentation of Owens Corning
  • TABLE 16 Owens Corning Growth Strategy
  • TABLE 17 SGL Group key facts
  • TABLE 18 Products segmentation of Cisco Systems
  • TABLE 19 SGL Group, Growth Strategy
  • TABLE 20 Solvay SA key facts
  • TABLE 21 Products segmentation of Solvay SA
  • TABLE 22 Solvay SA Growth Strategy
  • TABLE 23 Teijin Limited name key facts
  • TABLE 24 Products segmentation of Teijin Limited
  • TABLE 25 Teijin Limited Growth Strategy
  • TABLE 26 Toray Industries Inc. name key facts
  • TABLE 27 Products segmentation of Toray Industries Inc.
  • TABLE 28 Toray Industries Inc. Growth Strategy
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