The report titled “Automotive Composites Market : Global Demand Analysis & Opportunity Outlook 2027” delivers the detailed overview of the global automotive composites market in terms of market segmentation by fiber, by resin, by manufacturing process, by composite components and by region.
The global automotive composites market is segmented on the basis of fiber, resin, manufacturing process and composite components. On the basis of fiber, the market is segmented into glass, carbon and natural. On the basis of resin, the market is segmented into thermoset and thermoplastic. On the basis of manufacturing process, the market is segmented into compression moulding, injection moulding and continuous moulding. On the basis of composite components, the market is segmented into exterior, interior and engine. Carbon fiber in the fiber segment is anticipated to lead the global automotive composites market on account of its excellent strength to weight ratio and its low weight which makes the vehicle highly efficient. The automotive composites industry is majorly focusing on providing advanced technologies to enhance the efficiency of vehicles by not harming the environment. This in turn is anticipated to drive the growth of the sub-segment during the forecast period.
The market is anticipated to expand at a CAGR of 8.3% during 2019-2027. Increasing demand for light weight automobiles coupled with rise in the demand of fuel efficient vehicles across the globe are the important factors which are supporting the growth of the market. Rising disposable income and growing urbanization are some of the factors which are expected to propel the growth of the market.
By region, global automotive composites market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is anticipated to observe significant growth in the automotive composites market on the back of increasing trend of motorization. North America is predicted to be followed by Asia Pacific in terms of consumption on the account of booming economic conditions across the countries such as, China, India, and others with China’s highest sales as per the reports of OICA. Europe is anticipated to amplify the demand and display a budding regional automotive composites market growth on the account of the presence of some of the highest motorization rate countries across the region for instance, Iceland, Luxembourg and others
Increasing Initiatives in order to reduce Carbon Emissions
Government and private organizations are taking different initiatives to reduce the overall carbon emissions to protect the environment from harmful emission. Increasing demand for high performance and fuel efficient vehicles is anticipated to sponsor the automotive composites market substantially
However, high initial set up cost can possibly result in enhanced product prices affecting the penetration rate of products. This is anticipated to serve as a potential restraining factor for the market.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model. This report also provides the existing competitive scenario of some of the key players of the global automotive composites market which includes company profiling of key companies such as Cytec Solvay Group, Hexcel Corporation, Johns Manville Corporation, Koninklijke Ten Cate, Owens Corning Corp., Protech, Toho Tenax America, Toray Industries, Zoltek Carbon Fiber and ACP Composites. The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive composites market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.