Global Automotive Composites Market SIze To expand At A CAGR of 8.7% During The Forecast Period

Evolving trends in the automotive industry for lightweight through innovative materials has amplified the demand for composite materials

The global automotive composite market is expected to expand at a compound annual growth rate (CAGR) of 8.7% over the forecast period i.e. 2016-2024.

Market Landscape

The global automotive industry is striving towards developing lightweight and advanced automotive components in order to produce fuel efficient and safe vehicles. Development of lightweight automotive components has significantly augmented the demand for innovative functional materials such composites.Moreover, stringent government regulations for the vehicular emission have further impelled the demand for composite materials in the automobile industry in order to produce lightweight vehicles.  Research and development activities to develop more innovative composite materials such as carbon fibre have made a significant impact on the automotive industry. Carbon fibre, being 2 times strong and 30% lighter compared to glass fibre has been used in automobiles for some time. However, due to high cost, these advanced materials are majorly employed in high-end products such as sports vehicles or luxury cars. Though the automotive sector was using only 2250 tonnes, about 7%, of total global carbon fibre use in the year 2016, however, there exists a huge potential for growth in this industry.

“Global Automotive composite Market Outlook, 2016-2024” covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, the competitive analysis includes the in-depth analysis of the major players and leaders in the automotive composite industry. The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler, and others. Our primary research team conducted various interviews, surveys and group discussions of industry professionals, automotive composite manufacturers, aftermarket vendors and component suppliers to analyze the future prospects of the overall automotive composite industry.

Global Automotive Composite Market Segmentation can be classified on the basis of:-

 

  • By Product Type
    • Metal Composites
    • Polymer Composites
      • Natural Fiber Composites
      • Glass Fiber Composites
      • Carbon Fiber Composites
      • Ceramic Matrix Composites
  • By Resin Type
    • Thermoplastic Composites
    • Thermoset Composites
  • By Application Type
    • Interior
    • Exterior
    • Chassis & powertrain components
    • Others (Electrical and Electronics, etc.)
  • By Geography
    • North America (US, Canada) {Market Share (%), Market Size (USD Billion)}
    • Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion)}
    • Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Billion)}
    • Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion)}
    • Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion)}

 

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Market Trends, Drivers, and Challenges

Manufacturers of composite materials are uninterruptedly spending on development of advanced composite materials in order to make them more efficient and low cost. The trend of constant enhancements in technologies to improve the performance and price competitiveness gap between conventional composites and advance composite materials will continue over the next five to six years.Moreover, the improvement of low-cost manufacturing procedures for automotive composites is gaining huge traction, which is the key factor that can boost the growth of the automotive composite market.

However, the high production cost of novel composite materials such as carbon fiber composites is the major challenge for the market growth. Cost of carbon fiber composites are at least 20 times as much as steel and aluminum, and the automotive industry is suspect to utilize them at mass scale until the price of carbon fiber drops considerably.

The global automotive composite market report has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space. The report also includes Porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. The global automotive composite market report also recognizes value chain analysis to understand the cost differentiation to provide a competitive advantage to the existing and new entry players.

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