July 16, 2020

Automotive Composites Market Trends, Analysis and Forecasts, 2020-2030

The global automotive composites market was valued at US$ 6,748 million in 2019 and is expected to reach a market valuation of approximately US$ 13,126 million by 2030 growing at a CAGR of 6.2% during the forecast period. Depleting fossil fuel resources and rising awareness about the pollution caused fossil fuels, have led to the inception of a revolutionizing trend being witnessed in the automotive sector, which is energy efficiency. Composites, are basically composition of two of more constituents, forming a substantial part of a vehicle and can lead to lighter vehicles which are safer and better in terms of fuel efficiency. Composites consist of high-performance glass or carbon fiber. In the foreseeable years, these materials are expected to replace steel in the automotive sector, resulting in a booming market opportunity. As demand for cars is growing around the world, there will also be a substantial growth in demand for high-level vehicles. Car manufacturers worldwide are working to reduce vehicle weight. In addition, emission control and improved performance are other objectives to be achieved by global car manufacturers. The above factors are expected to significantly increase demand for lightweight materials, such as carbon fiber composites, which is expected to foster growth on the market for automobile composites in the near future.

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High-performance vehicles are also being witnessed by the rising demand for automotive vehicles around the globe. Globally, automotive manufacturers focus on reducing vehicle weight to achieve better performance and fuel efficiency. In addition, emission control and enhanced performance characteristics are the other primary factors to be achieved by automotive manufacturers worldwide. Because of the above-mentioned factors, demand for lightweight composite materials, including carbon fiber composites, is expected to witness substantial demand in the predictable years, thereby promoting the growth of the automotive composite market during the forecast period. Automotive composite sales relate directly to the production of automobiles and the fleet. The global automotive industry has seen successful growth despite unstable economic conditions in the recent past.

The global automotive composites market can be bifurcated on the basis of fiber type, resin type, application, vehicle type and geography. Based on fiber type, the global automotive composites market can be categorized into carbon, glass and others. Considering resin type, the global automotive composites market can be sub-segmented into thermoplastic and thermoset. Based on application, the global automotive composites market can be categorized into interior, exterior, powertrain and chassis. Considering vehicle type, the global automotive composites market can be sub-segmented into electric and non-electric. Geographically, the global automotive composites market can be divided into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.

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Major players operating in the global automotive composites market include Toho Tenax Co., Ltd., SGL Group, Toray Industries, Inc., Solvay S.A., Owens Corning and Gurit among others.