Global Automotive Composites Market Size, By Production Type (Hand Layup, Resin Transfer Molding, Vacuum Infusion Processing, Injection Molding, Compression Molding), By Application (Structural Assembly, Power Train Components, Interior, Exterior and other) and Region- Forecast 2017-2023.
Automotive Composites Market Insights
Emerging trends of development of hybrid cars, recyclable carbon fiber have directly impacted in the global automotive industry. The analysts of Market Research Future forecasts that the global automotive carbon fiber composites are expected to remain the largest market by value owing to the increasing demand for automotive applications.
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The major player operating in the market of global automotive carbon Fiber composites are Cytec Industries (U.S.), SGL Carbon SE (Germany), Toray Industries, Inc. (Japan), ACP
Drivers & Trends
In recent times, the global Automotive Composites Market Size is reported with a considerable upswing when it comes to size and valuation. This is happening due to the continual expansion in the automotive industry around the world. With the rising demand for automobiles, the global market of automotive carbon fiber composites is likely to remain robust by registering a high rise over the years to come.
In the reports of MRFR, the global Automotive Composites Market Size has been segmented as product type, application type, and region.
By the mode of product type, the market has been segmented as hand layup, resin transfer molding, vacuum infusion processing, injection molding, compression molding.
Region wise, Asia Pacific is accounted to be the fastest and largest growing market for automotive carbon fiber composites due to countries such as China and India. They are onto the growth path due to the existence of lightweight vehicles as well as enhanced fuel efficiency. With the increased production capacity in terms of volume and new facilities and innovative technological advancements, these are driving the market of automotive carbon fiber composites on positive notes over Asia Pacific region and is expected to capture over 45% revenue share through 2023.
On the other hand, Europe region will also grow at a higher CAGR in concern with Automotive Composites Market Size owing to extensive use of composites. There have been stringent regulations regarding carbon emissions from vehicles and due to that increasing R&D investment along with established automobile industry is noticed and will further propel the regional growth over the forecast timeframe.
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