Automotive Composite Market By Application, By Process Type, By Vehicle Type, By Material Type, By Geography – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2019 – 2026

The Global Automotive Composites Market is valued to reach USD 14.2 Billion by 2022, and is projected to witness a CAGR of 14.2% over forecast period 2020-2026. Rising demand for lightweight fuel-efficient vehicles and implementation of cost effective measures to reduce carbon emission are some of the factors that will positively influence the market growth.

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It is also clear that the large-scale adoption of polymer matrix composites for automobile imparts a leaning impact on assembly, fabrication and the supply chain. Extensive demand for PMCs in the automotive sector necessitates the progress of supply industries that enlarge growth opportunities under two approaches. First, the automotive sector undoubtedly uses plastics and its products that would enable the PMCs to maintain their business agendas. Secondly, the polymer matrix composite industry can help in generating novel companies with a desiring supply capability. Therefore, there can be new industries developed such as repair facilities, recycling units supported by new technologies.

Currently, sheet molding compounds (SMC) are the best performing composites in the automotive sector. In other terms, sheet molding compounds can account upto 30 percent of glass fibers. Usually, SMCs are used for panels in auto lines and closure panels on selective models. In another aspect, the use of PMCs in the automotive business is extending the structural applications such as basic body structure, chassis and suspension systems. Also, the automotive composites should be in a position to offer enhanced vehicle dynamics and result in enhanced passenger ride. Automotive composite structures are therefore used in a variety of functional vehicles in the last three decades.