Japan Automotive Composite Market Size Insights Forecasts to 2032

• The Japan Automotive Composite Market Size was valued at USD 1.65 Billion in 2022.
• The Market Size is Growing at a CAGR of 8.93% from 2022 to 2032.
• The Japan Automotive Composite Market Size is Expected to Reach USD 3.88 Billion by 2032.

The Japan Automotive Composite Market Size is Expected to Reach USD 3.88 Billion by 2032, at a CAGR of 8.93% during the forecast period 2022 to 2032. 

Market Overview

A composite material is composed of two or more integral materials. Composite materials are used in the automotive industry because they are lightweight, strong, less expensive, and more durable than traditional materials. A variety of automotive components, including the body and other parts, use composite materials. Carbon-fiber composites are one-fifth the weight of steel while maintaining or exceeding rigidity and strength. The use of composite materials in the automotive industry has grown in recent years. The use of thermoset compound goods is growing, and Mar-Bal, a thermoset compound product leader, meets the advanced requirements of this highly engineered industry. Thermoset compounds are used on exterior and interior vehicle parts and offer original equipment manufacturers (OEMs) lower weight, durability, and a variety of other benefits.

Report Coverage

This research report categorizes the market for the Japan automotive composite market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Japan automotive composite market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Japan automotive composite market.

Driving Factors

The rising demand for fuel-efficient and light-weight vehicles is expected to propel the Japanese automotive composite market. Reinforced glass and thermoplastic composite materials are attracting the interest of automakers due to their lighter, better, and tensile components, which are expected to drive the market during the forecast period. In addition, rising demand for eco-friendly and lightweight electric vehicles is expected to drive the Japan automotive composite market. Furthermore, major corporations such as BMW and Nissan are attempting to replace existing parts with composite materials.  

Restraining Factors

The high cost of composite material is expected to hamper market growth, as is the low recyclability of composite material in the Japan automotive composite market.

Market Segment

• In 2022, the injection molding segment accounted for the largest revenue share over the forecast period.

Based on the production type, the Japan automotive composite market is segmented into hand layup, resin transfer molding, vacuum infusion molding, injection molding, and compression molding. Among these, the injection molding segment has the largest revenue share over the forecast period. Injection molding (IM) is a polymeric part manufacturing process that involves injecting molten thermoplastic polymer into a mold cavity. It primarily produces geometrically complex parts with high dimensional accuracy. The numerical investigation of injection molding of carbon fiber composite automotive wheels with complex shapes.  

In 2022, the thermoset polymer segment accounted for the largest revenue share over the forecast period.

Based on material type, the Japan automotive composite market is segmented into thermoset polymer, thermoplastic polymer, carbon fiber, glass fiber, and others. Among these, the thermoset polymer segment accounted for the largest revenue share over the forecast period. Manufacturers of racing cars and luxury sports cars use thermoset polymer to make parts. These composite parts are lightweight, which improves vehicle fuel efficiency. In addition to their low cost and ease of fabrication, polymer matrix composites are popular in the automotive industry. They have a high strength-to-weight ratio, high abrasion resistance, high tensile strength, and good corrosion resistance, among other desirable mechanical properties.

• In 2022, the exterior segment accounted for the largest revenue share over the forecast period.

Based on the application, the Japan automotive composite market is segmented into structural assembly, power train components, interior, exterior, and others. Among these, the exterior segment has the largest revenue share over the forecast period. The major components of the car body, such as the bumper beam, door panels, front end module, and hood, are made of composite materials. Some of the most important are composite parts with a higher strength-to-weight ratio, excellent surface finish, corrosion and abrasion resistance, and durability. The combined effects of the aforementioned factors provide automakers with multiple advantages, as these factors not only help automakers meet stringent regulations regarding fuel efficiency enhancements and carbon emission reductions but also provide more durable parts with the benefit of low maintenance costs.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Japan automotive composite market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 3B Fiberglass
• Base Materials Ltd
• BASF SE
• Cytec Industries Inc
• Mitsubishi Chemical Carbon Fiber and Composites, Inc.
• Nippon Sheet Glass Co Ltd.
• SGL Group
• Toray Industries Inc
• Teijin Limited
• Hexcel Corporation
• Solvay

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In February 2023, Teijin announced plans to focus on reform in three areas in Japan: composite forming materials, aramids, and health care.

• In May 2022, Hexcel created a new product line that combines Hexcel resin systems with bio-derived resin content and natural fiber reinforcements to create material solutions for Automotive, Winter Sports, Marine, and Wind Energy applications.

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the Japan Automotive Composite Market based on the below-mentioned segments:

Japan Automotive Composite Market, By Production Type

• Hand Layup
• Resin Transfer Molding
• Vacuum Infusion Molding
• Injection Molding
• Compression Molding

Japan Automotive Composite Market, By Material Type

• Thermoset Polymer
• Thermoplastic Polymer
• Carbon Fiber
• Glass Fiber
• Others

Japan Automotive Composite Market, By Application

• Structural Assembly
• Power Train Components
• Interior
• Exterior
• Others