The global market for automotive composite is estimated to account for US$ 7,231.7 Mn by the end of 2018 and while increasing at a CAGR of 5.4% during the forecast period (2018–2028), the global Automotive Composite Market is projected to reach a market value of by US$ 12,202.5 Mn by 2028 end. As the demand for automotive vehicles increase across the globe, the demand for high performance vehicles will also increase significantly. Automotive manufacturers across the world are focusing on reducing the weight of vehicles. That apart, emission control and improved performance characteristics are the other objectives that global automotive manufacturers aim to achieve. Due to the aforementioned factors, the demand for lightweight materials, such as carbon fiber composites, is expected to increase significantly in the coming years, which is expected to promote the growth of the automotive composites market in near future.
Factors Influencing the Growth of the Global Automotive Composite Market
Sales of automotive composites is directly related to the automotive production and vehicle parc. Despite unstable economic conditions in the market in the recent past, on an average, the global automotive industry has witnessed satisfactory growth. Automotive production is anticipated to increase with a modest CAGR of 3%-3.5% during the forecast period, thereby consequently leading to growth of the global Automotive Composite Market.
Automotive production is expected to be higher in emerging economies as compared to that in developed economies. This can mainly be attributed to increasing urbanization and stable economic conditions in these regions. During the forecast period, the fleet on road is also expected to grow with modest CAGR, thereby providing marginal opportunities for growth of automotive composites and their further customization.
Market penetration in untapped markets coupled with market expansion of existing bases has been the pivotal strategy employed by automotive composite manufacturers for fortifying their market share. Major players involved in the Automotive Composite Market are emphasising on acquisitions, partnerships, collaborations & expansions to enhance their operational efficiency. Also, strategic collaborations and joint ventures will improve companies’ sales & distribution network, which will further lead to the demand for automotive composites gaining momentum during the forecast period.
Global Automotive Composite Market Segmentation and Forecast
The global Automotive Composite Market is segmented on the basis of material, resin, application, vehicle type and region. On the basis of material, the global Automotive Composite Market is segmented into glass fiber, natural fiber, carbon fiber composite, aramid fiber and others. On the basis of resin, the global Automotive Composite Market is segmented into thermoset and thermoplastic. Key regions covered in this report on automotive composites include North America, Latin America, Western Europe, Eastern Middle East & Africa, China, India, Japan and South East & Pacific.
Global Automotive Composite Market Analysis, by Region
From a regional perspective, the Automotive Composite Market in North America is projected to witness relatively fast growth rate over the forecast period. North America is estimated to account for a share of more than 18.8% in the overall market value by 2028 end. The market in Western Europe is expected to register a CAGR of 5.6% in terms of value over the forecast period. The Automotive Composite Market in Middle East and Africa is expected to reach US$ 234.9 Mn by the end of 2028 while growing at a CAGR of 3.5% over the forecast period. Market growth in Latin America and Japan is expected to remain moderate as compared to the global average between 2018 and 2028.
MRRSE offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.Get A Free Custom Research Quote