Australia Automotive Composites Market Size, Share, and COVID-19 Impact Analysis, By Process Type (Hand Layup / Manual Process, Compression Molding, Injection Molding, and Continuous Process), By Application Type (Structural Assembly, Power-Train Components, Interior, Exterior, and Others), and Australia Automotive Composites Market Insights, Industry Trend, Forecasts to 2033.

Australia Automotive Composites Market Insights Forecasts to 2033

• The Australia Automotive Composites Market Size was valued at USD 247.80 Million in 2023.
• The Market Size is Growing at a CAGR of 4.07% from 2023 to 2033
• The Australia Automotive Composites Market Size is Expected to Reach USD 369.40 Million By 2033

The Australia Automotive Composites Market Size is Anticipated to exceed USD 369.40 Million By 2033, Growing at a CAGR of 4.07% from 2023 to 2033. The Australia automotive composites market is increasing due to the growing use of automotive composites in external and interior components, battery enclosures, and chassis.

Market Overview

The automotive industry segment that deals with the usage of composite materials in vehicle manufacturing is known as the Australia automotive composites market. Composites are materials comprised of two or more different components that, when combined, provide improved qualities over traditional materials like metals, such as increased strength, reduced weight, corrosion resistance, and improved longevity. The manufacturing, development, and use of materials such as fiber-reinforced plastics (FRP), carbon fiber composites, glass fiber composites, and others, as well as their uses in the construction of vehicles, including both conventional and electric vehicles, are all included with the Australia automotive composites market. The automobile industry's growing need for lightweight materials and increased focus on fuel economy are anticipated to be key factors driving the Australia automotive composites market. Vehicle weight has been a major concern for the automobile industry for many years due to the direct effects on driving dynamics and fuel efficiency. The extensive use of composites in a variety of applications due to their superior performance, outstanding qualities, and compatibility with resin systems is driving the expansion of the Australia automotive composites market.   

Report Coverage

This research report categorizes the market for the Australia automotive composites market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Australia automotive composites 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 Australia automotive composites market.  

Driving Factors

High-performance automotive components can be produced more quickly and affordably, making them more accessible to Australian automakers. These developments are expected to drive the expansion of the Australia automotive composites market. Fuel-efficient and lightweight automobiles are in high demand, which is the main factor driving the growth of Australia automotive composites market. The strong need for lightweight components in automobile parts for improved fuel efficiency and lower emissions to comply with EU regulations is driving the market for automotive composites in Australia.    

Restraining Factors

The Australia automotive composites market expansion is being restricted by the high costs of glass fiber and carbon fiber composites, as their use in inexpensive cars could significantly raise their pricing.    

Market Segmentation

The Australia automotive composites market share is classified into process type and application type.    

• The compression molding segment accounted for the largest share of the Australia automotive composites market in 2023 and is anticipated to grow at a significant CAGR during the forecast period         

On the basis of process type, the Australia automotive composites market is divided into hand layup / manual process, compression molding, injection molding, and continuous process. Among these, the compression molding segment accounted for the largest share of the Australia automotive composites market in 2023 and is anticipated to significant CAGR during the forecast period. One of the most popular methods is usually compression molding, especially as it involves producing car parts on a wide scale. Its cost-effectiveness in mass production, efficiency, and capacity to create intricate parts are the explanations for success.     

• The exterior segment accounted for the largest share of the Australia automotive composites market in 2023 and is anticipated to grow at a significant CAGR during the forecast period           

On the basis of application type, the Australia automotive composites market is divided into structural assembly, power-train components, interior, exterior, and others. Among these, the exterior segment accounted for the largest share of the Australia automotive composites market in 2023 and is anticipated to significant CAGR during the forecast period. The increasing use of composites in external parts such fenders, door panels, hoods, front-end modules, and bumper beams has caused the outside segment to grow. Further, composites in external components increase longevity, guarantee durability, and save maintenance costs for cars.    

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Australia automotive composites 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

• Toray Industries Inc
• Hexcel Corporation
• Toho Tenex
• SGL Carbon
• Mitsubishi Chemical Carbon Fiber and Composites, Inc
• Others

Key Target Audience

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

Market Segment

This study forecasts revenue at Australia, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Australia automotive composites market based on the below-mentioned segments

Australia Automotive Composites Market, By Process Type

• Hand Layup / Manual Process
• Compression Molding
• Injection Molding
• Continuous Process

Australia Automotive Composites Market, By Application Type  

• Structural Assembly
• Power-train Components
• Interior
• Exterior