Automotive Composites Market Growth & Forecast Report by 2026; Major Growth Opportunities Fortune Business Insights
The global automotive composites market size is
projected to reach USD 13.5 billion by the end of 2026. The growing demand for
lightweight automobile will bode well for the market in the coming years.
According to a report published by Fortune Business Insights, titled “Automotive Composites Market Size, Share
& Industry Analysis, By Fiber (Glass, Carbon and Natural), By Resin Type
(Thermoset and Thermoplastics), By Application (Exterior, Interior, Structure
& Power train, and Other), and Regional Forecast, 2019-2026,”
The automotive
composites market size was worth USD 7.67 billion in 2018 and will exhibit
a CAGR of 7.56% during the forecast period, 2019-2026.
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Automotive composites are widely used in the
manufacture of several body parts of an automobile. The product possesses some
exceptional properties that have led to its wide adoption. It is light weight
in nature and has low coefficient of thermal expansion, making it suitable for
applications in automotive body parts. The light weight of the material has a
direct impact on the overall efficiency of the automobile. Moreover, increased
reliability and safety of the automobiles equipped with composite body
structures will contribute to the growing demand for the product across the
world. Stringent government policies to curb carbon emission and adverse
effects of automobile on the environment will aid the growth of the overall
market in the coming years. Moreover, low cost of the product will encourage
manufacturers towards its adoption in automobile body parts and surfaces.
Browse
Summary of This Research:
https://www.fortunebusinessinsights.com/automotive-composites-market-102711
Increasing Number of
Company Mergers and Collaborations Will Provide Impetus to Market Growth
The report encompasses several factors that
have made a positive impact on the growth of the market in recent years. Along
with this, the report discusses the influence of major company collaborations
in regional markets, particularly in areas where these companies are primarily
operating. In September 2019, Martinrea International Inc. announced that it
has signed a deal with Metalsa S.A. The deal is estimated to be around USD 19.5
million. Through this agreement, Martinrea will acquire the structural
component manufacturing unit of Metalsa S.A. Through this acquisition, the
company will look to strengthen its global footprint and subsequently widen its
consumer range across the world.
Asia
Pacific Dominates the Market; Heavy Automobile Use in Emerging Countries to Aid
Growth
The report analyzes the ongoing
automotive composites market trends across North America, Latin America, Asia
Pacific, the Middle East and Africa, and Europe. Among these regions, the
market in Asia Pacific is likely to emerge as the dominant region. The
increasing use of automobile; driven by constantly rising population in
emerging countries across this region will aid the growth of the market.
Besides Asia Pacific, the market in North America will also witness
considerable growth in the coming years, owing to the presence of several large
scale companies in several countries across this region. As of 2018, the market
in North America was worth USD 2.30billion and this value is likely to increase
further in the coming years.
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Sample PDF Brochure:
List of companies profiled in the report:
• Teijin Ltd.
• Mitsubishi Chemical Corporation
• Toray Industries, Inc.
• SGL Carbon
• RTP Company
• Plasan Carbon Composites
• Owens Corning
• Solvay S.A.
• UFP Technologies, Inc.
• BASF SE
• Other Players
Industry
Developments:
September 2019: Martinrea International Inc. announced that it has signed a deal with Metalsa S.A. de C.V. worth US$ 19.5 million. The deal was aimed at buying a unit of the company that makes the structural components for passenger cars.
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