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 market was worth USD 7.67 billion in 2018 and will exhibit a CAGR of 7.56% during the forecast period, 2019-2026.
The use of composites in the automotive industry has increased in recent years as car manufacturers aim to reduce vehicle weight in order to improve fuel efficiency and meet emissions standards. Composites can be used in a variety of automotive applications, including body panels, structural components, and interior parts.
Some common types of composites used in the automotive industry include carbon fiber reinforced polymers (CFRP), glass fiber reinforced polymers (GFRP), and natural fiber reinforced polymers. These composites can be combined with different resins and fibers to achieve specific properties and characteristics.
While the use of composites in the automotive industry has many benefits, there are also challenges to their adoption, such as high production costs and the need for specialized manufacturing processes. However, as technology advances and production costs decrease, the use of composites is expected to continue to grow in the automotive industry.
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 2.30 billion and this value is likely to increase further in the coming years.
Please visit: https://www.fortunebusinessinsights.com/automotive-composites-market-102711
