SELBYVILLE, Delaware, May 28, 2020 /PRNewswire/ -- According to latest report "Automotive Composites Market by Fiber (Glass, Carbon, Natural), Resin (Thermoset, Thermoplastic), Manufacturing Process (Compression, Injection, Resin Transfer Moulding), Application (Interior, Exterior, Structural & Powertrain), Regional Outlook, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of automotive composite will cross $5.5 billion by 2026. Growing use of composites to reduce vehicle weight will primarily propel the market demand.
Automotive composites are light weight structures used in the manufacturing of several interior, exterior, and other auxiliary applications in vehicle. Rising adoption of hybrid and electric vehicles globally in line with governmental initiatives and support for enhancing the environmental quality will surge the automotive composites market size.
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Glass fiber segment dominates the market in 2019 and is anticipated to grow at the CAGR of around 6% from 2020 to 2026, led by high stiffness and relative strength over other fibers. Further, high heat resistance, low dielectric constant and cost effective nature these fibers will positively influence the product sales over the study period.
Injection manufacturing process segment in the automotive composites market accounts a fair share of over 15% in 2019 and is estimated to grow at significant rate till 2026. This is because it is considered to be a cost-effective solution for large-scale molding projects. Further, less energy usage coupled with less floor spacing will induce significant growth potential toward the revenue generation.
Automotive composites find usage in interior, exterior, structural and powertrain and other applications such as fenders, tail gate, and lift gate. Here, composites application for structural and powertrains account for one third of the industry due to extensive deployment of glass and carbon fiber for the structural components including chassis and body panels. Thus, introduction of lightweight materials for these components, will induce immense potential to the market growth.
Europe automotive composites market is likely to witness a growth of around 7% during the forecast period, owing to high demand from the countries including Spain, Germany, France, and the UK. Established automobile industry along with mandatory regulations to reduce CO2 emissions in vehicles will further contribute significantly toward the revenue generation in the market.
Prominent companies in the market include Cytec Solvay Group, Hexcel Corporation, Johns Manville Corporation, Toray Industries, Teijin Ltd., Mitsubishi Rayon Co., Ltd., and Owens Corning as key participants. Industry leaders are focusing on technology advancement, merger & acquisitions, and geographic expansion strategies in the long run.
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Table of Contents (ToC) of the report:
Chapter 3 Automotive Composites Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2026
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
3.3.3 Profit margin analysis
3.3.4 Distribution channel analysis
3.3.6 Vendor matrix
3.4 Pricing analysis
3.4.1 By region
3.5 Cost structure analysis
3.5.1 R&D cost
3.5.2 Manufacturing & equipment cost
3.5.3 Raw material cost
3.6 Technology landscape
3.6.1 Carbon fiber reinforced thermoplastic composites (CFRTP) technology
3.6.2 Predictive engineering tools
3.7 COVID-19 impact on automotive composites industry
3.8 Regulatory landscape
126.96.36.199 The National Highway Traffic Safety Administration (NHTSA)
188.8.131.52 California Standards
184.108.40.206 European Commission
220.127.116.11 China Emission Standards
18.104.22.168 South Korea
22.214.171.124 South Africa
3.9 Industry impact forces
3.9.1 Growth drivers by region
3.9.2 Industry pitfall & challenges
3.10 Innovation & sustainability
3.11 Growth potential analysis
3.12 Porter's analysis
3.13 Competitive landscape, 2019
3.13.1 Company market share
126.96.36.199 Top players analysis
3.13.2 Strategy dashboard
3.13.3 List of manufacturing plants
3.14 PESTLE analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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