The global automotivecomposites market size is projected to reach USD 13.5 billion by the end of2026. The growing demand for lightweight automobile will bode well for themarket in the coming years. According to a report published by Fortune BusinessInsights, titled “Automotive CompositesMarket Size, Share & Industry Analysis, By Fiber (Glass, Carbon andNatural), By Resin Type (Thermoset and Thermoplastics), By Application(Exterior, Interior, Structure & Power train, and Other), and RegionalForecast, 2019-2026,” the market was worth USD 7.67 billion in 2018 andwill exhibit a CAGR of 7.56% during the forecast period, 2019-2026.
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Automotive composites are widely usedin the manufacture of several body parts of an automobile. The productpossesses some exceptional properties that have led to its wide adoption. It islight weight in nature and has low coefficient of thermal expansion, making itsuitable for applications in automotive body parts. The light weight of thematerial has a direct impact on the overall efficiency of the automobile.Moreover, increased reliability and safety of the automobiles equipped withcomposite body structures will contribute to the growing demand for the productacross the world. Stringent government policies to curb carbon emission andadverse effects of automobile on the environment will aid the growth of theoverall market in the coming years. Moreover, low cost of the product will encouragemanufacturers towards its adoption in automobile body parts and surfaces.
IncreasingNumber of Company Mergers and Collaborations Will Provide Impetus to MarketGrowth
The report encompasses severalfactors that have made a positive impact on the growth of the market in recentyears. Along with this, the report discusses the influence of major companycollaborations in regional markets, particularly in areas where these companiesare primarily operating. In September 2019, Martinrea International Inc.announced that it has signed a deal with Metalsa S.A. The deal is estimated tobe around USD 19.5 million. Through this agreement, Martinrea will acquire thestructural component manufacturing unit of Metalsa S.A. Through thisacquisition, the company will look to strengthen its global footprint andsubsequently widen its consumer range across the world.
Asia Pacific Dominates the Market; HeavyAutomobile Use in Emerging Countries to Aid Growth
The report analyzes the ongoing automotivecomposites market trends across North America, Latin America, Asia Pacific, theMiddle East and Africa, and Europe. Among these regions, the market in AsiaPacific is likely to emerge as the dominant region. The increasing use ofautomobile; driven by constantly rising population in emerging countries acrossthis region will aid the growth of the market. Besides Asia Pacific, the marketin North America will also witness considerable growth in the coming years,owing to the presence of several large scale companies in several countriesacross this region. As of 2018, the market in North America was worth USD 2.30 billionand this value is likely to increase further in the coming years.
List of companies profiled in thereport:
• 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