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.
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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.
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.
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
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