Global Automotive Composites Market Size and Growth Forecast till 2030

The report "Global Automotive Composites Market, By Matrix Composites (Polymer MC, Ceramic MC, and Metal MC), By Components (Body Components, Interior Components, Engine & Drive train Components, and Other Components), and Region - Global Forecast to 2029" Global automotive composites market is projected to grow from US$ 18.5 million in 2019 to US$ 47.3 million by 2029. Growing demand for fuel efficient vehicles globally is the major factor driving growth of the global automotive composites market. Rising adoption of environmentally friendly hybrid and electric vehicles across the globe is propelling growth of the target market. In addition, share of Battery Electric Vehicles BEVs in the overall electric car stock continued to grow at moderate rates, rising from 58% in 2013 to 62% in 2017 and Plug-in Hybrid Electric Vehicles (PHEVs) sales shares have increased in the same time frame in the European and Chinese Market. Nevertheless, production process of automotive composites takes long time; optimization of the production process for automotive composite can create lucrative growth opportunities for the key players operating in the global automotive composite market. Moreover, growing use of thermoplastics in the production of automotive composites is a key trend witnessed in the global automotive composite market.

Key Highlights:

In March 2017, Safran and Toray signed a master contract for the purchasing of high performances composite materials. This has established the frame for the supply of high performance composite materials.
In January 2015, Toray Industries reached an agreement with Italian manufacturer Saati S.p.A. to acquire its European polymer MC fibre fabric and prepeg business
In 2017, Gurit Holdings AG Company has announced that it has won a contract for the production and supply of polymer MC fibre-based exterior car body panels from an Italian premium automotive OEM.

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Key Market Insights from the report:

The global automotive composites market accounted for US$ 18.5 million in 2019 and is projected to register a moderate CAGR of 9.8% over the forecast period. The market report has been segmented on the basis of matrix composites, component, and region.

By matrix composites, the polymer MC segment is accounted for major revenue share of 83% in 2019. This can be attributed to increasing demand for this matrix composite in the automotive sector for various end-use applications.
By component, the interior component segment is accounted for major revenue share 32% in 2019. This is attributed to rising adoption of interior components, owing the growing advancement in these components.
By region, the Asia Pacific is accounted for major revenue share 30.0% in 2019. This is attributed to increased investment of automotive industry in Asia Pacific region especially in countries such as China, and India which is expected to favor the growth of automotive composite market.

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The prominent player operating in the global automotive composites market includes Binani Industries Limited, Cytec Industries Inc., SGL Group, Toray Industries, Teijin Limited, DowDupont Inc., Gurit Holdings, and Saertex Company

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This release was published on openPR.