Automotive Composites Market size is slated to reach USD 6 billion by 2027, according to a new research report by Global Market Insights Inc.
The presence of several automobile manufacturers in Europe will augment automotive composites industry demand. The UK alone comprises nine major premium and sports car manufacturers. High-class engineering, superior technical expertise, and advanced technology have enabled European manufacturers to increase their market share globally. The production of passenger vehicles in Europe is increasing owing to domestic & international demand.
Carbon fiber will project a growth rate of about 10% through 2027. Growing concerns toward carbon footprints and the increasing popularity of lightweight components will drive carbon fiber acceptance at the highest rate. Exceptional impact resistance of these fibers is another factor responsible for their proliferating demand. These fibers are expensive compared to their alternatives, which will further fuel the need for technological advancements in the production of composites to lower costs.
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Browse key industry insights spread across 300 pages with 586 market data tables & 15 figures & charts from the report, “Automotive Composites Market Size By Fiber (Glass, Carbon, Natural), By Resin (Thermoset, Thermoplastic), By Manufacturing Process (Compression, Injection, Resin Transfer Molding [RTM]), By Application (Interior, Exterior, Structural & Powertrain), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027”, in detail along with the table of contents:
Easy recyclability feature to propel the adoption of thermoplastic composites
Thermoplastic resin will hold a considerable share of the global automotive composites market till 2027. The product features high impact resistance, easy molding capabilities, and recyclability compared to thermosetting products, which will support the consumption in the automotive composites sector.
The compression segment is poised to generate around USD 2 billion revenue by 2027 on account of its reasonable cost and ability to produce lightweight components than other manufacturing processes. The industry participants extensively use this production process at a larger level, further fostering product sales.
The exterior segment will occupy a significant market share by 2027. Growing usage of composites on the vehicle’s exterior due to the increasing demand for high-strength components will pave way for the segment growth. These materials meet the stringent norms regarding emissions and vehicle weight.
The Europe automotive composites market is set to grow at above 7% CAGR during 2021 to 2027. Stringent government norms on reducing carbon emissions from the automobile sector will spur the need for lightweight components in automobile part & component manufacturing. This will further accelerate the demand for composites in the European automotive industry. Besides, the region has well-established base for manufacturing fiber composites in-house, which further reduces its dependency on sourcing composite products from foreign markets.
Major automotive composites market players are ACP Composites, Clearwater Composites, Cytec Solvay Group, DowAksa, Hexcel Corporation, Hitco Carbon Composites, John Manville, Mitsubishi Rayon, Owens Corning, Teijin, Toray, etc.