Dublin, Feb. 27, 2024 (GLOBE NEWSWIRE) -- The "Automotive Composites - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Automotive Composites Market to Reach $58.5 Billion by 2030
The global market for Automotive Composites estimated at US$24 Billion in the year 2022, is projected to reach a revised size of US$58.5 Billion by 2030, growing at a CAGR of 11.8% over the analysis period 2022-2030. Glass Fiber, one of the segments analyzed in the report, is projected to record a 11.8% CAGR and reach US$38.2 Billion by the end of the analysis period. Growth in the Carbon Fiber segment is estimated at 13.1% CAGR for the next 8-year period. 
The report underscores the pivotal role of developing and adopting new materials in propelling the expansion of the automotive composites sector. It emphasizes the ongoing transformation and elevation of the market driven by advancements in materials science. The competitive landscape is explored through insights into the global key competitors' market share in 2023, along with an assessment of competitive market presence for 92 players worldwide.
The evolution and diverse applications of automotive composites are reviewed to provide context, followed by influencer insights and recent market activity. The section concludes with highlights of innovations driving the sector forward, reflecting a dynamic and evolving industry landscape.
The U.S. Market is Estimated at $4.9 Billion, While China is Forecast to Grow at 15.7% CAGR
The Automotive Composites market in the U.S. is estimated at US$4.9 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$17.3 Billion by the year 2030 trailing a CAGR of 15.7% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.6% and 9.7% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 10.4% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$8.9 Billion by the year 2030.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 507 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $24 Billion |
| Forecasted Market Value (USD) by 2030 | $58.5 Billion |
| Compound Annual Growth Rate | 11.8% |
| Regions Covered | Global |
MARKET TRENDS & DRIVERS
- Encouraging Outlook for Automobile Production in 2024, Despite Disruptions, Bodes Well for the Growth of Automotive Composites
- Encouraging Recovery in Automobile Production, Notwithstanding the Many Challenges, Offers Hope for Players in the Value Chain Including Manufacturers of Automotive Composites
- Focus on Automotive Lightweighting Drives Demand for Composites
- Disappointing Progress Made in Vehicle Weight Reduction Strengthens Business Case for Composites, Accelerating their Usage in Vehicle Production Processes
- Automotive Composite Manufacturers Embrace Industry 4.0, but Challenges Remain
- Increasing Adoption of Automotive Industrial Internet of Things (IIoT) for Design, Production, & Quality Inspection Exerts Pressure on Automotive Composite Manufacturers to Follow Suit
- Growing EV Adoption & Production to Open up New Opportunities for the Use of Automotive Composites
- Robust Sales of EVs Mean Increased Application Possibilities for Automotive Composites as the Material's Benefits Become More Widely Acknowledged
- Nanocomposites Rise in Prominence in the Manufacturing of Automobile Parts & Components
- Growing Use of Plastics in Automobiles in Response to the Lightweighting Trend to Drive Strong Demand for Nanocomposite Reinforced Plastic Parts & Components
- All Attention Centers on Metal Matrix Composites. Here's Why
- Continuous-Fiber-Reinforced Thermoplastic Composites Rise in Popularity
- Hybrid Composites Attract Greater R&D Interests
- Focus on Sustainability & the Ensuing Pressure to Reduce Carbon Footprint to Drive New Opportunities for Sustainable Composites
- With Transport Emissions Continuing to Increase, Pressure Builds on the Automotive Industry for Charting a Roadmap for Achieving Sustainability
- Natural Fiber Composites Emerge as the Greatest Beneficiary of the New Race Towards Sustainability
- Composite Recycling Storms Into the Spotlight
- Carbon Fiber Recycling Emerges Into a Socially and Environmentally Responsible Practice
FOCUS ON SELECT PLAYERS (Total 92 Featured)
- Continental Structural Plastics, Inc.
- Gurit Holding AG
- Koninklijke Ten Cate BV
- Mitsubishi Chemical Corporation
- Plasan Carbon Composites, Inc.
- SGL Group - The Carbon Company
- Solvay SA
- Toho Tenax Co., Ltd.
- Toray Industries, Inc.
- UFP Technologies, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ni4hv5
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