Global Automotive Composites Market Expected to Reach USD 15.75 Billion by 2030, Growing at a CAGR of 12.45%
Summary: The global automotive composites market is forecast to expand significantly, with a projected value of USD 15.75 billion by 2030. The market is anticipated to grow at a compound annual growth rate (CAGR) of 12.45% during the forecast period. The latest market research provides detailed insights into market trends, growth drivers, restraints, and a comprehensive analysis of key industry players. The study aims to help businesses make informed decisions in the growing automotive composites sector.
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A) Market Size: The automotive composites market, valued at USD 6.57 billion in 2023, is expected to reach USD 15.75 billion by 2030. This growth represents a robust CAGR of 12.45% during the forecast period. The increase in demand for lightweight, durable, and fuel-efficient vehicles is driving market expansion, as manufacturers shift toward advanced composite materials for vehicle production.
B) Scope and Research Methodology: This report offers a thorough analysis of the automotive composites market, covering key components, market dynamics, competitive landscape, and regional trends. The research methodology combines primary and secondary research, offering accurate insights through data collected from industry experts, market surveys, and financial reports of major players.
C) Report Coverage:
- Market Overview: The automotive composites market’s trajectory, current size, and projected growth.
- Market Segmentation: Detailed analysis of the market divided by material type, application area, manufacturing processes, and end-users.
- Competitive Landscape: Overview of key players, mergers, acquisitions, and product innovations.
D) Overview: Automotive composites are becoming increasingly popular due to their superior properties such as lightweight, high strength, and corrosion resistance. These materials are gaining prominence in automotive manufacturing as they contribute to improved fuel efficiency, better performance, and overall vehicle longevity. With growing consumer demand for electric and fuel-efficient vehicles, the market for automotive composites is expected to witness substantial growth in the coming years.
E) Dynamics:
- Drivers: Increased focus on reducing vehicle weight to improve fuel efficiency, rising demand for electric vehicles (EVs), and stringent environmental regulations are major drivers propelling market growth.
- Restraints: High production costs of automotive composites and the limited availability of advanced composite materials can potentially hamper the market’s expansion.
- Opportunities: Ongoing innovations in manufacturing processes and the development of advanced composite materials offer promising opportunities for growth.
F) Segmentation: The market is segmented based on:
- Fiber Type: Glass Fiber, Carbon Fiber, Natural Fiber.
- Resin Type: Thermoset Resin, Thermoplastic Resin.
- Manufacturing Process: Compression Molding, Injection Molding, Resin Transfer Molding (RTM).
- Application: Interior, Exterior, Structural Powertrain components.
G) Key Players Include: The automotive composites market is highly competitive, with key players including:
- ACP
- Cytec Solvay Group
- Hexcel Corporation
- Owens Corning Corp.
- Protech
- SGL Group
- Toray Industries
- Mitsubishi Chemical Holding Corporation
- Solvay SA
- Gurit (Switzerland)
- Huntsman Corporation (US)
- TPI Composites
H) Reason to Buy: This report is an essential tool for industry stakeholders to:
- Gain a deep understanding of the automotive composites market’s current trends and future potential.
- Make informed decisions based on comprehensive market insights.
- Identify growth opportunities and emerging trends in the automotive composites industry.
I) Table of Contents:
- Market Introduction
- Executive Summary
- Market Dynamics
- Competitive Landscape
- Market Segmentation
- Regional Analysis
- COVID-19 Impact Analysis
- Key Player Profiles
- Future Outlook and Market Projections
- Conclusion
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