The use of automotive composites has grown significantly over the past decade. They are being considered to produce lighter, safer and more fuel-efficient vehicles owing to their significant advantages over traditional steel and other injection moulded automotive parts. Today, use of composites is not limited to luxury car or sport car they are now making their way into passenger and commercial vehicle industry. Growing stringent environmental regulations to curb CO2 emission, emerging low-cost composite grade, booming electric car industry is expected to boost the demand for composites in the automotive industry over the forecast period.
This report analyses the global market for Automotive Composite. The report will enable the user to understand and gain insights into the current and forecast market situation. The market is comprehensively analyzed by geography to give complete information on the global scenario. The qualitative and quantitative data provided in this study can help user understand which market segments, regions are expected to grow at higher rates, factors affecting the market and key opportunity areas. The report also includes competitive landscape of key players in the industry along with emerging trends in the market.
This Automotive Composite market report provides insights on new trade regulations, import export analysis, industry value chain analysis, market size, consumption, production analysis, regional and segment market share, product launches, product pipeline analysis, impact of Covid-19 on supply chain, key regions, untapped markets, patent analysis, product approvals, continuous innovations and developments in the market.
Asia Pacific dominates global automotive Composites market. Expanding automotive industry, growing capital investments, low cost labor and growing government initiatives for automotive sector are some major factors driving the growth of automotive composites market in this region. China is world’s largest vehicle manufacturer. The region has witnessed slow growth in the last few years due to US china trade wars and significant rise in competition from other Asian countries but the market is expected to rise in forecast period. As per Chinese government automobile production will reach more than 35 million units by 2025. Country is largest exporter of vehicle components and other spare parts to the world. China’s specialty auto parts market reached approximately $3.5 million in 2018, registering an annual growth rate of about 30%. Thriving electric car manufacturing in china will boost the growth of automotive Composites market in coming years.
Growing need for lightweight materials in manufacturing of automobiles is driving the growth of global automotive composites market. Automobile manufacturers around the world are incorporating lightweight materials for production of body, chassis and other important parts to increase performance and efficiency. 10 percent reduction in vehicle weight can result in 8% improvement in fuel economy. In 2019 General Motors launched Chevy Silverado 1500 truck which was manufactured by extensive use of composites, the new truck weighs less than 450 pounds than other trucks. However, high cost of composite is major restraining factor for the growth of global automotive composites market. Technological advancements in composite manufacturing, growing demand for automotive composites in electric cars to decrease the weight, strength & durability of components is expected to offer new growth opportunities in forecast period.
oGlass Reinforced Plastic (GRP)
oCarbon Fiber Reinforced Plastic (CFRP)
oNatural Fiber (NF)
oResin Transfer Molding (RTM)
•An overview of the global Automotive Composite market
•In depth analysis of market dynamics and major factors such as drivers, restraints, opportunities and trends influencing the global market
•Global Automotive Composite market revenue data historic and forecast analysis (2016 to 2026)
•Characterization and quantification of the market segments for Automotive Composite market
•Market share analysis of key market participants and their competitive landscape