automotive composites market size reached USD 5.33 Billion in 2020 and is expected to register a revenue CAGR of 11.2%, during the forecast period, according to latest analysis by Emergen Research. Need for Original Equipment Manufacturers (OEMs) to comply with increasingly stringent government regulations as well as rising demand for Electric Vehicles (EVs) are some key factors driving global automotive composites market revenue growth. Increased usage of natural fibers in automotive applications, which are both cost-effective and environmentally beneficial, is expected to support revenue growth of the market going ahead. The cost per kilo of weight saved in vehicle weight reduction techniques would be higher with EVs. In standard drive periods, conventional vehicles use more energy while accelerating, but can also recover kinetic energy during braking and slowing down. A braking energy recovery system is available in SEAT cars, in which the kinetic energy released during slowing, and also when coasting, is turned into electrical energy by means of a specially designed generator, which is similar to a dynamo
The report takes a closer look at the historical and current market scenarios to accurately predict the global Automotive Composites market outlook over the forecast duration (2021-2028). Researchers have taken a holistic approach towards the global market analysis and highlighted the factors that influence the overall growth of the market. The study involves the use of efficient analytical tools like SWOT analysis and Porter’s Five Forces to inspect the strengths, weaknesses, opportunities, and threats associated with the growth of the various market segments. The report provides crucial details, such as the market shares of the key players, which help the reader attain a comprehensive outlook of the Automotive Composites market.
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A lighter vehicle body enables battery reduction while maintaining range in electric vehicles. Lowering the weight of vehicle body and battery pack has a compounding impact on overall vehicle weight reduction by allowing other components including the brake system and driving trains to be downsized. At the same powertrain power and torque levels, reduced weight lowers emissions and enhances performance of Internal Combustion Engine (ICE) vehicles.
Competitive Outlook:
The global Automotive Composites market is highly consolidated due to the presence of a large number of companies across this industry. These companies are known to make hefty investments in research and development projects. Also, they control a considerable portion of the overall market share, thus limiting the entry of new players into the sector. The global Automotive Composites market report studies the prudent tactics undertaken by the leading market players, such as partnerships and collaborations, mergers & acquisitions, new product launches, and joint ventures.
Some of the key participants in this industry include:
- SGL Carbon SE, Toray Industries, Inc., Mitsubishi Chemical Holdings Corporation, Teijin Limited, Hexcel Corporation, UFP Technologies, Inc., Solvay S.A., Hexion Inc., Huntsman Corporation, and Gurit Holding
Emergen Research has segmented the global automotive composites on the basis of fiber type, product, resin type, manufacturing process, application, and region:
Fiber Type Outlook (Volume Tons, Revenue, USD Billion; 2018–2028)
- Carbon Fiber Reinforced Plastic (CFRP)
- Glass Fiber Reinforced Plastic (GFRP)
- Natural Fiber (NF)
Product Outlook (Volume Tons, Revenue, USD Billion; 2018–2028)
- Metal Matrix Composites
- Polymer Matrix Composites
- Ceramic Matrix Composites
Resin Type Outlook (Volume Tons, Revenue, USD Billion; 2018–2028)
- Thermoset
- Thermoplastic
Manufacturing Process Outlook (Volume Tons, Revenue, USD Billion; 2018–2028)
- Injection Molding
- Compression Molding
- Resin Transfer Molding (RTM)
- Others
Application Outlook (Volume Tons, Revenue, USD Billion; 2018–2028)
- Structural & Powertrain
- Interior
- Exterior
- Others
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Market Drivers:
The constant efforts of prominent players to develop newer and modern technologies and product advancements are expected to drive the growth of the industry over the coming years. The report studies the extensive business expansion plans and advancements in R&D activities and product portfolio. The report offers a clear understanding of the alliances in the market, such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches and brand promotions, and corporate deals.
Valuable Market Insights:
- The report highlights the latest trends observed in the consumption pattern of each regional segment.
- Extensive market segmentation included in the report helps better understand the revenue and estimated growth of the individual regions.
- The report throws light on the historical and current market scenarios and provides a concise year-on-year growth rate of the global Automotive Composites market.
- The report further entails the current market trends, technological advancements, revenue growth, and other aspects affecting market growth.
Questions addressed in the report:
- What is the estimated market growth rate throughout the forecast period?
- Which end-use industry is expected to witness the highest demand for Automotive Composites in the near future?
- What is the regulatory framework governing the application of Automotive Composites in the food industry?
- Which manufacturing processes are utilized for the production of Automotive Composites?
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