Overview:

The global automotive composites market is valued for more than US$ XXX.X Mn in 2019 and expected to reach a value of US$ XXX.X Mn by 2029 with a significant CAGR of around XX.X% over the forecast period of 2019-2029. Composite material is a mixture of two different materials having different chemical and physical properties. The mixture is developed to perform a specific job with certain properties such as high resistance, high strength, and light weight.

The composited material that are used in automotive vehicles for various applications are referred as automotive composite materials. These materials include polymer matrix composites, metal matrix composites, and ceramic matrix composites.

Market Dynamics:

The growing sales of passenger cars across the globe is a primary factor driving growth of the global automotive composites market. Rising use of composite materials in vehicles to reduce weight, reduce cost, and increase the recyclability. Also, use of automotive composites increases the work safety conditions during manufacturing and reduces many steps in manufacturing process. These are some benefits associated with automotive composites that are fueling growth of the target market.

In addition, rising implementation of government standard related with vehicle pollution is resulting in development of light weight vehicles. Light weight vehicles reduce fuel consumption and thereby supports to reduce the pollution. Hence, use of automotive composites is growing year on year.

Moreover, rising consumer income level, growing advanced vehicle launches, and increasing fuel cost are some other factors supporting growth of the global automotive composites market. The economic development is driving vehicle sales however, the increasing fuel cost is resulting in high demand for light-weight fuel efficient vehicles.

Key Trends:

Increasing focus on strategic tie ups and partnerships among key market players to strengthen the market position is a key trend driving growth of the global automotive composites market. For example, Teijin Group has announced partnership with AZL Partner New York in October 2020. Through this partnership the company is going to develop advanced lightweight composite material production technology to address the growing demand for automotive composites from next generation lightweight vehicle manufacturers.

Regional Analysis:

For detailed understanding of market dynamics, the global automotive composites market is analyzed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Europe region dominated the global market in the year 2019 with largest market share. The strong market presence of key end users in countries in the region is major factor supporting growth of the target market in the region. Also, increasing stringent government norms related with vehicle pollution and emission standards is driving the demand for automotive composites in the region.

However, the target market in Asia Pacific region is expected to witness highest growth during the forecast period. Rising entry of key automotive manufacturers in countries such as India and growing sales of passenger cars are key factors supporting target market growth.

Scope of the Report:

Detailed Segmentation:

Global Automotive Composites Market, By Matrix Composites:

• Polymer Matrix Composites
• Ceramic Matrix Composites
• Metal Matrix Composites

Global Automotive Composites Market, By Resin Type:

• Thermoset
• Thermoplastic

Global Automotive Composites Market, By Application:

• Body Components
• Interior Components
• Engine & Drivetrain Components
• Other Components

Key Players Covered:

Key players operating in the global automotive composites market includes Toray Industries Inc., Teijin Limited, SGL Carbon SE, Mitsubishi Chemical Holding Corporation, Hexcel Corporation, Solvay SA, Huntsman Corporation, Hexion Inc., TPI Composites Inc., and Plasan Carbon Composites, Inc.

Key Features of the Study:

Foresight Market Research provides detailed analysis on global market in our report- Global Automotive Composites Market by matrix composites, resin type, application, and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2019 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the global automotive composites market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, market expansion, and marketing tactics used overall the globe.