June 12, 2020
As per the report titled ‘Automotive Composites Market Size By Fiber, By Resin, By Manufacturing Process By Application Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global automotive composites market is expected to register significant growth during 2020-2026.
The report cites that the key reason for growth of automotive composites market is the growing demand of electric vehicles (EV) and autonomous cars. Automotive composites offer high strength, superior durability, and lightweight, making them preferred choice among the automakers.
However, due to the ongoing coronavirus outbreak, global automotive production has been affected, which may act as restraint to market growth. But, once the global situation revives, auto-makers are expected to gear up production of electric vehicles (EV) and self-drive cars to match the increasing public demand.
Depending on the manufacturing process, automotive composites market share is classified into injection, RTM (resin transfer molding), compression, and others. Due to growing use of composite materials in structural element of vehicles and adoption of advanced manufacturing techniques, the others segment is projected to record a CAGR of over 5% during the analysis timeframe.
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Speaking of the application spectrum, the market is bifurcated into interior, exterior, structural & powertrain, and other. The others application segment is expected to record a CAGR of 5% through 2026. Strict government regulations pertaining to vehicular emissions will propel the market scenario. Also, demand for environment friendly, fuel efficient and light weight vehicles is expected to boost the usage of composites in the automotive industry. Besides, the government in many regions have encouraged the use of electric vehicles which will further add momentum to the market growth.
From a geographical point of view, Middle East & Africa automotive composites market is poised to register a CAGR of over 5.5% during the study period. This growth is associated with growing adoption of high-end and luxury cars over the past few years. Owing to vigorous economic growth and surge in disposable incomes, the demand of premium and luxury cars has significantly increased in the region.
MEA region is of utmost importance for automakers across the globe. Ranging from premium automakers to new entrants, every player is eyeing to record substantial gains by expanding their bases in the region.
Moreover, governments in MEA countries are readily adopting to the changing preferences and trends. Focus towards encouraging the use of electric mobility is impelling the automotive industry, thereby stimulating the automotive composites market share.
Leading companies operating in automotive composites market are Toho Tenax America, Jushi Group, ACP Composites, Cytec Solvay Group, Clearwater Composites LLC, Johns Manville Corporation, DowAksa, Hitco Carbon Composites, Inc., Hexcel Corporation, Koninklijke Ten Cate BV, Co., Ltd., Mitsubishi Rayon Co., Ltd., Polar Manufacturing, Owens Corning Corp., Rock West Composites, Revchem Composites, Scott Bader, Teijin Limited, SGL Group, Wolf Composite Solutions, Toray Industries, Inc., Protech Composites, and Zoltek Carbon Fiber among others.