The worldwide automotive pillar market is anticipated to amass a revenue of US$ 10.6 billion by 2033 as opposed to US$ 7.0 billion in 2023. The market is set to experience a moderate CAGR of 4.3% from 2023 to 2033. An integral part of a vehicle’s body structure, automotive pillars are used to provide support to the vehicle’s body and roof.
Owing to the critical function of automotive pillars, market manufacturers are concentrating on utilizing robust materials for the production of these pillars. It is projected that the global automotive pillar market will generate an absolute dollar opportunity of US$ 3.6 Billion during the forecast period of 2023 and 2033; driven by a heightened demand for passenger cars and the growing awareness of vehicle safety features.
Historically, the market witnessed a CAGR of 2.50% from 2018 to 2022, attaining a value of US$ 6.7 Billion in 2022. During the projection period, there is expected to be a considerable expansion in the global automotive pillar market, largely attributed to the increasing vehicle production in developing countries. This growth is further fueled by the rising disposable incomes of consumers, which is leading to a surge in demand for automobiles, and subsequently, automotive pillars.
Additionally, stringent passenger safety regulations and growing concerns for safety are also driving the growth of the automotive pillar market. The market is also experiencing immense growth potential due to the rising demand for high-end luxury vehicles, as well as the incorporation of advanced technology in automotive design, leading to an increased demand for automotive pillars.
Increasing use of lightweight technologies in the production of luxury, passenger, and commercial vehicles due to their environment-friendly properties will have a positive impact on the automotive pillar market. Manufacturers are, thus, enhancing their products by increasing their load-carrying capacity while simultaneously reducing their weight by using plastic composites in the manufacturing process. This results in automotive pillars that are both lightweight and capable of bearing heavy loads. Hence, a surging preference for lightweight products is anticipated to fuel the growth of the automotive pillar market.
Increased awareness and apprehension about CO2 emissions are projected to drive the demand for composite materials in the production of automotive pillars. Governments across the globe are implementing strict regulations on reducing CO2 emissions from automobiles, which also led to a surge in demand for lightweight vehicles, resulting in a simultaneous increase in demand for composite materials. These factors are key drivers of growth in the automotive pillar market. However, increasing levels of global air pollution may still hinder the rising demand for the automobile pillar market.
- By vehicle type, the passenger car segment will account for over 3/4th of the demand for the automotive pillars in the international marketplace.
- Based on product type, the pillar A category will dominate the global market with a 47.4% share of the market.
- Strict automobile safety regulations will propel the automotive pillars market in the US.
- India’s automotive pillar market will be driven by a surge in favorable government initiatives.
- In a competitive market, significant participants are focusing on increasing investment in research and development efforts to produce novel automotive pillars. These businesses also concentrate on product development and upgrades while also employing strategies to expand their product portfolio. In a recent development, in December 2022, Panasonic Automotive held demonstrations of Systems of Systems (CPSoS) for the automotive pillar.
- Gestamp, Trinseo SA, G-Tekt Corporation, Shiloh Industries, Sewon, and Toyoda Iron Works Co. Ltd., among others, are a few of the key players in the automotive pillar market profiled in the full version of the report.