A recent report published by Infinium Global Research on automotive composites market provides in-depth analysis of segments and sub-segments in the global as well as regional automotive composites market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional automotive composites market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global automotive composites market. According to the report, the global automotive composites market is projected to grow at a CAGR of 9.7% over the forecast period of 2019-2025.
Technological advancements in material technology have developed new materials with better physical and chemical properties. Various end-user industries have their specific requirements according to the application. Composite materials have found several applications in the automotive industry including their use in the interior, exterior, powertrain, and chassis. The composite material provides strength to the vehicle along with lightweight. The automotive composites market is highly competitive and fragmented in nature. A number of local as well as multinational players are competing in the market. The key market players including Koninklijke Ten Cate bv, Hexcel Corporation, Toray Industries, Inc., Solvay S.A. and others are focusing on acquiring supply agreements with other companies, developing new products and acquiring small companies to expand their presence and secure their positions in the automotive composites market.
The growing demand for lightweight and fuel-efficient vehicles is majorly driving the automotive composites market. The rise in fuel prices and growing pollution levels due to emission has led to the development of lightweight and fuel-efficient vehicles. The composite materials make the overall weight of the vehicles to be reduced to the minimum and make the vehicles more fuel-efficient. Moreover, the stringent government regulations to reduce carbon emission is expanding the demand for automotive composites. Furthermore, the stabilizing economy and increase in disposable income are supporting the growth of the automotive composites market. The growing industrialization and rapid urbanization have increased the income of the population. However, the high production cost and limited technological advancements associated with automotive manufacturing are the major restraining factor for the growth of the automotive composites market. Nevertheless, the increasing sale of electric vehicles is expected to offer lucrative opportunities for the key players in the automotive composites market.
In terms of region, Europe held the highest market share, dominating the global automotive composites market. The dominance of Europe region attributed to the increased demand for automotive composites from original equipment manufacturers (OEMs) and rising demand for superior performance materials that result in a lightweight, high strength, and reduced CO2 emissions of vehicles. Moreover, the significant presence of global automakers and component vendors are expected to boost the growth of the automotive composites market in Europe.
The report on global automotive composites market covers segments such as fiber type, resin type, application, and vehicle type. On the basis of fiber type, the sub-markets include carbon fiber, glass fiber, and other fibers. On the basis of resin type, the sub-markets include thermoplastic, and thermoset. On the basis of application, the sub-markets include interior, exterior, powertrain, and chassis. On the basis of vehicle type, the sub-markets include passenger vehicles, and commercial vehicles.
The report provides profiles of the companies in the market such as Koninklijke Ten Cate bv, Hexcel Corporation, Toray Industries, Inc., Gurit Holding Co., SGL Carbon SE, Solvay S.A., Cytec Industries Incorporated, Melrose Industries PLC, Teijin Ltd., Mitsubishi Chemical Corporation, and other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of automotive composites market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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