As per Stratview Research, the automotive under the hood composites market is likely to grow at an impressive growth rate over the next five years to reach US$ 6,667.3 million in 2023. The global auto industry has efficaciously been ushering in a new era of lightweight vehicles with a meticulous investment into composite components in under the hood areas that can address the changing business requirements in the most effective manner.

The author of the report cited that passenger car is expected to remain the growth engine of the global automotive under the hood composites market during the forecast period of 2018 to 2023. Increasing production of passenger cars coupled with increasing penetration of composites in passenger cars is likely to elevate the demand for under the hood composites in the passenger car segment in the foreseeable future.

As per the study, air intake manifold is likely to remain the largest application of composites in under the hood market during the forecast period. It is also the largest thermoplastic composite component in the automotive industry. However, charge air cooler (includes end caps and end tanks) is likely to be the fastest-growing component in the market during the same period.

Based on the resin type (PA, PP, PBT, PPS and Others), PA (Polyamide) is expected to remain the largest resin type in the market during the forecast period. Major under the hood composite components, such as air intake manifold, radiator end tank, and engine cover, are largely made with PA composites only, PA6 and PA66 being the major resin grades.

In terms of region, Asia-Pacific is likely to remain the largest automotive under the hood composites market during the forecast period. The region is the largest automobile producer accounting for more than 50% of vehicles produced worldwide. China and India are the growth engines of the regional demand for automobiles as well as composites for under the hood applications. North America and Europe are also likely to generate sizeable growth opportunities in the coming five years.

Major automotive component manufacturers for under the hood applications are Aisin Seiki, Calsonic Kensai, Denso Corporation, MAHLE GmbH, Mann+Hummel, Magneti Marelli, and Röchling Group. Development of lightweight composite components and forming strategic alliances with the automakers are the key strategies adopted by the major players to gain a competitive edge in the market.