The automotive composites market is predicted to grow from its current value of US$ 8.17 billion in 2021 to US$ 12.35 billion by 2029, registering a CAGR of more than 5.30 percent over the forecast period (2022-2029). Around 8.2% of sales in the global composites market are anticipated to come from the automotive composites sector.
Sales of automotive composites are directly correlated to automotive production and vehicle parc. Despite fluctuating economic conditions in the recent past, on an average, the global automotive market has observed reasonable growth. Efforts to reduce the weight of vehicular components will increase, thereby providing substantial opportunities for the growth of automotive composites market.
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Key Takeaways from Global Automotive Composites Market
- Glass fiber has been observed to be the most preferred composite material in the automotive industry, owing to low cost and high structural strength.
- Demand for high-performance automotive vehicles is increasing across the globe, along with the growing demand for emission control. As a result, manufacturers are focusing on using advanced composite materials due to the high temperature generating components that are required.
- The demand for passenger cars has seen a surge in regions such as India and China. This is expected to further increase the demand for automotive composites in the coming years.
- Natural fibers are also gaining popularity in the designing and manufacturing of door panels, seat backs, bolsters, and load floor, among others.
- Most automakers have started to position and re-brand their respective car models with aesthetic and stylish interior features, which demands the increased adoption of lightweight automotive composites.
While the demand for automotive composites is primarily driven by elevated automotive production, the trend of lightweight components in the aftermarket will further increase inclination towards automotive composites.
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Automotive Composites Market Participants
The market for automotive composite has remained competitive, with the presence of giant players with expertise in advanced manufacturing technologies. In order to sustain in the global automotive composites market in the long run, product development is the key growth strategy being adopted by market participants. Launching advanced products that provide numerous operational benefits, and at the same time complying with existing emission norms and other regulations in the market, will help market players maintain product differentiation and strengthen their presence in the global automotive composites market.
Some of the key participants mentioned in the automotive composites market report are Mitsubishi Chemical, Teijin Limited, SGL Carbon SE, Solvay Group (Cytec Solvay Group), and Holding Toray Industries Inc.
Automotive Composites Market by Category
The global automotive composites market is segmented into five segments in detail to cover every aspect of the market and present a complete market intelligence approach in front of the reader.
Material:
- Glass Fiber Composites
- Natural Fiber Composites
- Carbon Fiber Composites
- Aramid Fiber Composites
- Others
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Application:
- Interior
- Exterior
- Underbody
- Chassis
- Power Train
- Engine Components
Resin:
- Thermoplastic
- Thermoset
Vehicle Type:
- Passenger Cars
- Compact
- Luxury
- Mid-Size
- SUVs
- LCVs
- HCVs
- Straight Trucks
- Dump Trucks/Garbage Trucks
- Semi-Trailers
- Fire Trucks
- Others
- Agricultural
- Tractors
- Tillers
- Rotavators
- Harvesters
- Threshers
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia & Pacific
- India
- China
- Japan
- MEA
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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