Selbyville, Delaware, Dec. 15, 2021 (GLOBE NEWSWIRE) --
Automotive Composites Market revenue is anticipated to reach a valuation of USD 6 billion by 2027, according to the most recent study by Global Market Insights Inc. Increasing penetration of electric cars worldwide along with the ongoing trend of using composites in automobiles will propel industry development during the study timeframe.
Natural fibers will witness 8.5% CAGR in the global automotive composites market through 2027. Natural fibers including hemp, jute, kenaf, sisal, etc., possess lower density than glass products, which make them an ideal choice for automakers globally. The superior characteristics of natural fibers, such as excellent moisture resistance, reduction in carbon footprint, and eco-friendliness, will again drive product development over the study timeframe.
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Thermoset resin will account for a major stake in the global automotive composites industry during the study timeframe. Key factors including exceptional resistance against chemicals & moisture and improved electrical characteristics of this resin will drive its usage in the industry. Moreover, its extensive use as an alternative due to its enhanced surface appearance and mechanical properties will further enhance industry penetration.
The RTM process will be increasing at a rate of 7.8% during 2021 to 2027. This process is compatible for making molding components with an excellent smooth finish, complex shapes, and large surface areas. Resin transfer molding also provides benefits including low material wastage, low environmental impact, enhanced surface quality, and dimensional tolerances, driving its usage in the industry in the near future.
The interior segment in automotive composites market is projected to cross a market value of USD 850 million in 2027. Rising usage of glass & carbon fibers in producing instrument panels, trims, windows, seats, etc., will enhance composite usage in the segment. Furthermore, the replacement of steel parts with fiber will further boost industry penetration.
Some major findings of the automotive composites market report include:
- Focus on building lightweight components for efficient transportation will increase automotive composites demand in the near future.
- Chinese manufacturers will dominate the global industry share owing to a well-established throughput for car production.
- The carbon fiber segment will capture a substantial share in the industry owing to its excellent strength-to-weight ratio and superior recyclability.
- The industry is highly fragmented owing to the availability of several automotive composite suppliers in the Asian region. Furthermore, there is limited scope for differentiating products of each supplier, which further reduces the competitiveness of the top players.
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Partial chapters of report table of contents (TOC):
Chapter 3 Automotive Composites Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2017 to 2027
3.2.1 COVID-19 impact on industry landscape
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
3.3.2 Manufacturers
3.3.3 Profit margin analysis
3.3.4 Distribution channel analysis
3.3.4.1 End-users
3.3.4.2 E-commerce
3.3.5 Application
3.3.6 Vendor matrix
3.4 Pricing analysis
3.4.1 By region
3.4.1.1 North America
3.4.1.2 Europe
3.4.1.3 Asia Pacific
3.4.1.4 Latin America
3.4.1.5 Middle East & Africa
3.5 Cost structure analysis
3.5.1 R&D cost
3.5.2 Manufacturing & equipment cost
3.5.3 Raw material cost
3.5.4 Others
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
3.8.1 U.S.
3.8.1.1 The National Highway Traffic Safety Administration (NHTSA)
3.8.1.2 California Standards
3.8.2 Europe
3.8.2.1 European Commission
3.8.3 APAC
3.8.3.1 China Emission Standards
3.8.3.2 Japan
3.8.3.3 India
3.8.3.4 South Korea
3.8.4 LATAM
3.8.4.1 Brazil
3.8.5 MEA
3.8.5.1 South Africa
3.9 Industry impact forces
3.9.1 Growth drivers by region
3.9.1.1 North America
3.9.1.1.1 Weight reduction trend in vehicles
3.9.1.2 Europe
3.9.1.2.1 Presence of major car manufacturers
3.9.1.3 Asia Pacific
3.9.1.3.1 Increasing penetration of electric and hybrid vehicles
3.9.1.4 Latin America
3.9.1.4.1 Improvement in the automotive industry
3.9.1.5 Middle East & Africa
3.9.1.5.1 High demand for luxury cars
3.9.2 Industry pitfall & challenges
3.9.2.1 Complex designing process
3.9.2.2 Temporary closure of manufacturing facilities due to COVID-19
3.10 Innovation & sustainability
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 Competitive landscape, 2020
3.13.1 Company market share, 2020
3.13.1.1 Top players analysis, 2020
3.13.2 Strategy dashboard
3.13.3 List of manufacturing plants
3.14 PESTLE analysis
About Global Market Insights
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.
