Latin America Market Insights on Automotive Composite Materials, 2019-2025: Emphasis on Material Type (Polymer Matrix Composites, Metal Matrix Composites, Ceramic Matrix Composites and Hybrid Composites), Manufacturing Process (Hand Lay up, Compression Molding, Injection Molding, Resin Transfer Molding)
August 2019
148
About the Report
About the Report
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 USD 288.9 million in 2017 and are anticipated to reach to US USD 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 USD 175.2 million in 2017 and is anticipated to reach US USD 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 USD 258.7 million in 2017 and is anticipated to grow to US USD 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 USD 374.1 million in 2017 and is anticipated to reach US USD 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 USD 203.2 million in 2017 and is expected to reach US USD 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.
Products
Companies
BASF SE, DowDuPont Inc., Gurit Holding AG, Magna International Inc., Mitsubishi Chemical Holdings Corporation, Owens Corning, SGL Group, Solvay SA, Teijin Limited, Toray Industries Inc.
Table of Contents
Table of Contents
1. MARKET INTRODUCTION
1.1 Market Definition 11
1.2 Objective of the Study 11
1.3 Limitation 11
1.4 Stakeholders 11
1.5 Currency used in the Report 12
2. RESEARCH METHODOLOGY OR ASSUMPTION 13
2.1 Secondary Data 13
2.1.1 Key Secondary Sources 13
2.2 Primary Data 13
2.2.1 Sampling Techniques & Data Collection Methods 13
2.2.2 Primary Participants 13
3. INDUSTRY PERFORMANCE 14
4. EXECUTIVE SUMMARY 15
5. MARKET OVERVIEW 18
5.1 Introduction 18
5.2 Market Dynamics 19
5.2.1 Market Trends & Drivers 19
5.2.1.1 Stringent Government Regulations on GHG emission 19
5.2.1.2 Increasing Demand of Composites in Hybrid and Electric Vehicles 20
5.2.1.3 Crashworthiness Capability 20
5.2.2 Market Restraints 21
5.2.2.1 High Cost of the Raw Materials 21
5.2.3 Market Opportunities 22
5.2.3.1 Growing scope of hybrid composite materials 22
5.2.3.2 Evolving Brazilian Automotive Composite Market 23
5.3 Key Market Indicators (Demand & Supply) 23
5.3.1 Demand & Supply Side Analysis 23
6. BENEFITS OF COMPOSITE MATERIALS 29
7. MARKET INSIGHTS, BY MATERIAL TYPE 31
7.1 General Overview 31
7.2 Polymer Matrix Composite (PMC) 32
7.2.1 Polymer Matrix Composite (PMC), by Matrix Type 34
7.2.1.1 Thermoset Matrix 34
7.2.1.2 Thermoplastic Matrix 35
7.3 Metal Matrix Composite (MMC) 36
7.4 Ceramic Matrix Composite (CMC) 37
7.5 Hybrid Composites 38
8. MARKET INSIGHTS, BY MANUFACTURING PROCESS 40
8.1 General Overview 40
8.1.1 Compression Moulding 41
8.2 Hand Lay up (Manual) 42
8.3 Injection Moulding 43
8.4 Resin Transfer Moulding 44
9. MARKET INSIGHTS, BY APPLICATION 46
9.1 General Overview 46
9.2 Interior 47
9.3 Exterior 48
9.4 Chassis, Powertrain and Under the Hood 49
9.5 Structural 50
10. MARKET INSIGHTS, BY VEHICLE TYPE 52
10.1 General Overview 52
10.2 Passenger Cars 53
10.3 Super cars 54
10.4 Others (Light Commercial Vehicles, Buses, Trucks and Others) 55
11. MARKET INSIGHTS, BY COUNTRY 57
11.1 General Overview 57
11.1.1 Brazil Automotive Composite Materials Market 58
11.1.1.1 Brazil Automotive Composite Materials Market, by Material Type 59
11.1.1.1.1 Brazil Polymer Matrix Composites Market, by Matrix Type 59
11.1.1.2 Brazil Automotive Composite Market, by Manufacturing Process 60
11.1.1.3 Brazil Automotive Composite Materials Market, by Application 61
11.1.1.4 Brazil Automotive Composite Materials Market, by Vehicle Type 61
11.1.2 Argentina Automotive Composite Materials Market 62
11.1.2.1 Argentina Automotive Composite Materials Market, by Material Type 62
11.1.2.1.1 Argentina Polymer Matrix Composites Market, by Matrix Type 63
11.1.2.2 Argentina Automotive Composite Market, by Manufacturing Process 64
11.1.2.3 Argentina Automotive Composite Materials Market, by Application 64
11.1.2.4 Argentina Automotive Composite Materials Market, by Vehicle Type 65
11.1.3 Chile Automotive Composite Materials Market 65
11.1.3.1 Chile Automotive Composite Materials Market, by Material Type 67
11.1.3.1.1 Chile Polymer Matrix Composites Market, by Matrix Type 67
11.1.3.2 Chile Automotive Composite Market, by Manufacturing Process 68
11.1.3.3 Chile Automotive Composite Materials Market, by Application 69
11.1.3.4 Chile Automotive Composite Materials Market, by Vehicle Type 69
11.1.4 Rest of Latin America Automotive Composite Materials Market 70
11.1.4.1 Rest of LATAM Automotive Composite Materials Market, by Material Type 70
11.1.4.1.1 Rest of LATAM Polymer Matrix Composites Market, by Matrix Type 71
11.1.4.2 Rest of LATAM Automotive Composite Market, by Manufacturing Process 71
11.1.4.3 Rest of LATAM Automotive Composite Materials Market, by Application 72
11.1.4.4 Rest of LATAM Automotive Composite Materials Market, by Vehicle Type 73
12. COMPETITIVE SCENARIO 74
12.1 Latin America Automotive Composite Materials Market Share Analysis, 2017 74
13. COMPANY PROFILES 76
13.1 BASF SE 76
13.1.1 Key Facts 76
13.1.2 Business Description 76
13.1.3 Key Product/Services Offerings 77
13.1.4 SWOT Analysis 78
13.1.5 Key Financials 78
13.1.5.1 Revenue Split 79
13.1.6 Recent Developments 81
13.2 DowDuPont Inc. 82
13.2.1 Key Facts 82
13.2.2 Business Description 82
13.2.3 Key Product/Services Offerings 83
13.2.4 SWOT Analysis 84
13.2.5 Key Financials 84
13.2.5.1 Revenue Split 86
13.2.6 Recent developments 87
13.3 Gurit Holding AG 88
13.3.1 Key Facts 88
13.3.2 Business Description 88
13.3.3 Key Product/Services Offerings 89
13.3.4 SWOT Analysis 90
13.3.5 Key Financials 90
13.3.5.1 Revenue Split 91
13.3.6 Recent developments 92
13.4 Magna International Inc. 92
13.4.1 Key Facts 92
13.4.2 Business Description 93
13.4.3 Key Product/Services Offerings 94
13.4.4 SWOT Analysis 94
13.4.5 Key Financials 95
13.4.5.1 Revenue Split 96
13.4.6 Recent developments 97
13.5 Mitsubishi Chemical Holdings Corporation 98
13.5.1 Key Facts 98
13.5.2 Business Description 98
13.5.3 Key Product/Services Offerings 99
13.5.4 SWOT Analysis 99
13.5.5 Key Financials 100
13.5.5.1 Revenue Split 101
13.5.6 Recent developments 102
13.6 Owens Corning 103
13.6.1 Key Facts 103
13.6.2 Business Description 103
13.6.3 Key Product/Services Offerings 104
13.6.4 SWOT Analysis 104
13.6.5 Key Financials 105
13.6.5.1 Revenue Split 106
13.6.6 Recent developments 107
13.7 SGL Group 108
13.7.1 Key Facts 108
13.7.2 Business Description 108
13.7.3 SWOT Analysis 110
13.7.4 Key Financials 110
13.7.4.1 Revenue Split 111
13.7.5 Recent developments 113
13.8 Solvay SA 114
13.8.1 Key Facts 114
13.8.2 Business Description 114
13.8.3 Key Product/Services Offerings 115
13.8.4 SWOT Analysis 116
13.8.5 Key Financials 116
13.8.5.1 Revenue Split 117
13.8.6 Recent developments 118
13.9 Teijin Limited 119
13.9.1 Key Facts 119
13.9.2 Business Description 119
13.9.3 Key Product/Services Offerings 120
13.9.4 SWOT Analysis 121
13.9.5 Key Financials 121
13.9.5.1 Revenue Split 122
13.9.6 Recent developments 124
13.10 Toray Industries Inc. 125
13.10.1 Key Facts 125
13.10.2 Business Description 125
13.10.3 Key Product/Services Offerings 126
13.10.4 SWOT Analysis 127
13.10.5 Key Financials 127
13.10.5.1 Revenue Split 128
13.10.6 Recent developments 129
List of Figure
FIG. 1 Latin America Automotive Composites Market Size, 2014-24 (USD Mn) 17
FIG. 2 GHG Emissions Worldwide, 2017 19
FIG. 3 Distribution of Crash Positions on the Sides of the Vehicle 21
FIG. 4 Cost Comparison of Automotive Materials 22
FIG. 5 Supply Chain of Automotive Composite Materials Market 25
FIG. 6 Different Stages in Value Chain of Automotive Composite Materials Industry 25
FIG. 7 Benefits of Composite Materials 29
FIG. 8 Latin America Automotive Composites Market Share, by Material type, 2017 & 2024 (%) 31
FIG. 9 Latin America Automotive Composites Market Size, by Material type 2017-2024 (USD Mn) 32
FIG. 10 Latin America PMC Market Size, by Country, 2017-24 (USD Mn) 33
FIG. 11 Latin America PMC market, by Matrix Type, 2017-24 (USD Mn) 34
FIG. 12 Latin America Thermoset Matrix Market Size, by Country, 2017-24 (USD Mn) 35
FIG. 13 Latin America Thermoplastic Matrix Market Size, by Country, 2017-24 (USD Mn) 36
FIG. 14 Latin America Metal Matrix Composite Market Size, by Country, 2017-24 (USD Mn) 37
FIG. 15 Latin America Ceramic Matrix Composite Market Size, by Country, 2017-24 (USD Mn) 38
FIG. 16 Latin America Hybrid Composites Market Size, by Country, 2017-24 (USD Mn) 39
FIG. 17 Latin America Automotive Composites Market Share, by Manufacturing Process, 2017 & 2024 (%) 40
FIG. 18 Latin America Automotive Composites Market Size, by Manufacturing Process, 2017-24 (USD Mn) 41
FIG. 19 Latin America Compression Moulding Market Size, by Country, 2017-24 (USD Mn) 42
FIG. 20 Latin America Hand Lay-Up Market Size, by Country, 2017-24 (USD Mn) 43
FIG. 21 Latin America Injection Moulding Market Size, by Country, 2017-24 (USD Mn) 44
FIG. 22 Latin America Resin Transfer Moulding Market Size, by Country, 2017-24 (USD Mn) 45
FIG. 23 Latin America Automotive Composites Market Size, by Application Type, 2017 & 2024 (%) 46
FIG. 24 Latin America Automotive Composites Market Size, by Application Type, 2017-24 (USD Mn) 47
FIG. 25 Latin America Interior Application Market Size, by Country, 2017-24 (USD Mn) 48
FIG. 26 Latin America Exterior Application Market Size, by Country, 2017-24 (USD Mn) 49
FIG. 27 Latin America Chassis, Powertrain and Under the Hood Application Market Size, by Country, 2017-24 (USD Mn) 50
FIG. 28 Latin America Structural Application Market Size, By Country, 2017-24 (USD Mn) 51
FIG. 29 Latin America Automotive Composites Market Share, by Vehicle Type, 2017 & 2024 (%) 52
FIG. 30 Latin America Automotive Composites Market Size, by Vehicle Type, 2017-24 (USD Mn) 53
FIG. 31 Latin America Passenger Cars Composites Market Size, by Country, 2017-24 (USD Mn) 54
FIG. 32 Latin America Performance Car Composites Market Size, by Country, 2017-24 (USD Mn) 55
FIG. 33 Latin America Other Vehicles Composites Market Size, by Country, 2017-24 (USD Mn) 56
FIG. 34 Latin America Automotive Composites Market Share, by Country, 2017 & 2024 (%) 57
FIG. 35 Latin America Automotive Composite Materials Market Size, by Country, 2017-24 (USD Mn) 58
FIG. 36 Brazil Automotive Composite Materials Market Size, by Material Type, 2017-24 (USD Mn) 59
FIG. 37 Brazil Polymer Matrix Composites Market Size, by Material Type, 2017-24 (USD Mn) 59
FIG. 38 Brazil Automotive Composite Market Size, by Manufacturing Process, 2017-24 (USD Mn) 60
FIG. 39 Brazil Automotive Composite Materials Market Size, by Application, 2017-24 (USD Mn) 61
FIG. 40 Brazil Automotive Composite Materials Market Size, by Vehicle Type, 2017-24 (USD Mn) 61
FIG. 41 Argentina Automotive Composite Materials Market Size, by Material Type, 2017-24 (USD Mn) 62
FIG. 42 Argentina Polymer Matrix Composites Market Size, by Material Type, 2017-24 (USD Mn) 63
FIG. 43 Argentina Automotive Composite Market Size, by Manufacturing Process, 2017-24 (USD Mn) 64
FIG. 44 Argentina Automotive Composite Materials Market Size, by Application, 2017-24 (USD Mn) 64
FIG. 45 Argentina Automotive Composite Materials Market Size, by Vehicle Type, 2017-24 (USD Mn) 65
FIG. 46 Chile Automotive Composite Materials Market Size, by Material Type, 2017-24 (USD Mn) 67
FIG. 47 Chile Polymer Matrix Composites Market Size, by Material Type, 2017-24 (USD Mn) 67
FIG. 48 Chile Automotive Composite Market Size, by Manufacturing Process, 2017-24 (USD Mn) 68
FIG. 49 Chile Automotive Composite Materials Market Size, by Application, 2017-24 (USD Mn) 69
FIG. 50 Chile Automotive Composite Materials Market Size, by Vehicle Type, 2017-24 (USD Mn) 69
FIG. 51 Rest of LATAM Automotive Composite Materials Market Size, by Material Type, 2017-24 (USD Mn) 70
FIG. 52 Rest of LATAM Polymer Matrix Composites Market Size, by Material Type, 2017-24 (USD Mn) 71
FIG. 53 Rest of LATAM Automotive Composite Market Size, by Manufacturing Process, 2017-24 (USD Mn) 71
FIG. 54 Rest of LATAM Automotive Composite Materials Market Size, by Application, 2017-24 (USD Mn) 72
FIG. 55 Rest of LATAM Automotive Composite Materials Market Size, by Vehicle Type, 2017-24 (USD Mn) 73
FIG. 56 Latin America Automotive Composite Materials Market Share, by Company 2017 74
FIG. 57 BASF, SWOT Analysis 78
FIG. 58 Key Financials of BASF 78
FIG. 59 BASF SE Revenue Split, 2018 79
FIG. 60 Dow duPont, SWOT Analysis 84
FIG. 61 Key Financials of Dow DuPont 85
FIG. 62 DowDuPont Inc. Revenue Split, 2018 86
FIG. 63 Gurit Holding, SWOT Analysis 90
FIG. 64 Key Financials of Gurit Holdings AG 90
FIG. 65 Gurit Holding Revenue Split, 2018 91
FIG. 66 Cisco Systems, SWOT Analysis 94
FIG. 67 Key Financials of Magna International 95
FIG. 68 Magna International Revenue Split, 2018 96
FIG. 69 Mitsubishi Chemical, SWOT Analysis 99
FIG. 70 Key Financials of Mitsubishi Chemical 100
FIG. 71 Mitsubishi Chemical Revenue Split, 2018 101
FIG. 72 Owens Corning, SWOT Analysis 104
FIG. 73 Key Financials of Owens Corning 105
FIG. 74 Owens Corning Revenue Split, 2018 106
FIG. 75 SGL Group, SWOT Analysis 110
FIG. 76 Key Financials of SGL Group 110
FIG. 77 SGL Group Revenue Split, 2018 111
FIG. 78 Solvay, SWOT Analysis 116
FIG. 79 Key Financials of Solvay 116
FIG. 80 Solvay Revenue Split, 2018 117
FIG. 81 Teijin Limited, SWOT Analysis 121
FIG. 82 Key Financials of Teijin Limited 121
FIG. 83 Teijin Limited Revenue Split, 2018 122
FIG. 84 Toray Industries, SWOT Analysis 127
FIG. 85 Key Financials of Toray Industries 127
FIG. 86 Toray Industries Revenue Split, 2017 128
List of Table
TABLE 1 Regulations on GHG Emission 20
TABLE 1 BASF SE Key Facts 76
TABLE 2 Products segmentation of BASF SE 77
TABLE 3 BASF SE Growth Strategy 77
TABLE 4 DowDuPont Inc. key facts 82
TABLE 5 Products segmentation of DowDuPont Inc. 83
TABLE 6 DowDuPont Inc. Growth Strategy 83
TABLE 7 Gurit Holding AG Key Facts 88
TABLE 8 Products segmentation of Gurit Holding AG 89
TABLE 9 Gurit Holding AG Growth Strategy 89
TABLE 10 Magna International Inc. Key Facts 92
TABLE 11 Products segmentation of Magna International Inc. 94
TABLE 12 Mitsubishi Chemical Holdings Corporation Key Facts 98
TABLE 13 Products segmentation of Mitsubishi Chemical Holdings Corporation 99
TABLE 14 Owens Corning Key Facts 103
TABLE 15 Products segmentation of Owens Corning 104
TABLE 16 Owens Corning Growth Strategy 104
TABLE 17 SGL Group key facts 108
TABLE 18 Products segmentation of Cisco Systems 109
TABLE 19 SGL Group, Growth Strategy 109
TABLE 20 Solvay SA key facts 114
TABLE 21 Products segmentation of Solvay SA 115
TABLE 22 Solvay SA Growth Strategy 115
TABLE 23 Teijin Limited name key facts 119
TABLE 24 Products segmentation of Teijin Limited 120
TABLE 25 Teijin Limited Growth Strategy 120
TABLE 26 Toray Industries Inc. name key facts 125
TABLE 27 Products segmentation of Toray Industries Inc. 126
TABLE 28 Toray Industries Inc. Growth Strategy 126
1.
Why Buy From US?
What makes us stand out is that our consultants follows Robust, Refine and Result (RRR) methodology. i.e. Robust for clear definitions, approaches and sanity checking, Refine for differentiating respondents facts and opinions and Result for presenting data with story
We have set a benchmark in the industry by offering our clients with syndicated and customized market research reports featuring coverage of entire market as well as meticulous research and analyst insights.
While we don't replace traditional research, we flip the method upside down. Our dual approach of Top Bottom & Bottom Top ensures quality deliverable by not just verifying company fundamentals but also looking at the sector and macroeconomic factors.
With one step in the future, our research team constantly tries to show you the bigger picture. We help with some of the tough questions you may encounter along the way: How is the industry positioned? Best marketing channel? KPI's of competitors? By aligning every element, we help maximize success.
Our report gives you instant access to the answers and sources that other companies might choose to hide. We elaborate each steps of research methodology we have used and showcase you the sample size to earn your trust.
If you need any support, we are here! We pride ourselves on universe strength, data quality, and quick, friendly, and professional service.