Evolving Trends in Automotive Composite Market for Light Weighting through Innovative Materials has Amplified the Demand for Composite Materials

Posted on 2018-08-28 by Goldstein Research in Automotive // 0 Comments

New York, USA, 2018-Aug-28 — /EPR Network/ —The global automotive composite market is expected to expand at a compound annual growth rate (CAGR) of 8.7% over the forecast period i.e. 2016-2024.

The global automotive industry is striving towards developing lightweight and advanced automotive components in order to produce fuel efficient and safe vehicles. Development of lightweight automotive components has significantly augmented the demand for innovative functional materials such composites. Moreover, stringent government regulations for the vehicular emission have further impelled the demand for composite materials in the automobile industry in order to produce lightweight vehicles.

Research and development activities to develop more innovative composite materials such as carbon fibre have made a significant impact on the automotive industry. Carbon fibre, being 2 times strong and 30% lighter compared to glass fibre has been used in automobiles for some time. However, due to the high cost, these advanced materials are majorly employed in high-end products such as sports vehicles or luxury cars. Though the automotive sector was using only 2250 tonnes, about 7%, of total global carbon fibre use in the year 2016, however, there exists a huge potential for growth in this industry.

“Global automotive composite market outlook, 2016-2024” covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, the competitive analysis includes the in-depth analysis of the major players and leaders in the automotive composite industry.

The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler and others. Our primary research team conducted various interviews, surveys and group discussions of industry professionals, automotive composite manufacturers, aftermarket vendors and component suppliers to analyze the future prospects of the overall automotive composite industry.

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Market Segmentation

Global Automotive Composite Market Segmentation can be classified on the basis of:-

By Product Type

Metal Composites
Polymer Composites
Natural Fiber Composites
Glass Fiber Composites
Carbon Fiber Composites
Ceramic Matrix Composites

By Resin Type

Thermoplastic Composites
Thermoset Composites

By Application Type

Interior
Exterior
Chassis & powertrain components
Others (Electrical and Electronics, etc.)

By Geography

North America (US, Canada) {Market Share (%), Market Size (USD Billion)}
Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion)}
The Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of the Middle East & Africa) {Market Share (%), Market Size (USD Billion)}
Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion)}
Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion)}

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Market Trends, Drivers and Challenges

Manufacturers of composite materials are uninterruptedly spending on the development of advanced composite materials in order to make them more efficient and low cost. The trend of constant enhancements in technologies to improve the performance and price competitiveness gap between conventional composites and advance composite materials will continue over the next five to six years. Moreover, the improvement of low-cost manufacturing procedures for automotive composites is gaining huge traction, which is the key factor that can boost the growth of the automotive composite market.

However, the high production cost of novel composite materials such as carbon fibre composites is the major challenge for the market growth. Cost of carbon fibre composites are at least 20 times as much as steel and aluminium, and the automotive industry is suspect to utilize them at mass scale until the price of carbon fibre drops considerably.

“Global Automotive Composite Market Report” has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space.

The market analysis report also includes Porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. The global automotive composite market report also recognizes value chain analysis to understand the cost differentiation to provide a competitive advantage to the existing and new entry players.

Overall, the report represents the global automotive composite market trends along with the market forecast that will help market consultants, technology providers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.

Key questions answered in this Global Automotive Composite Report

What is the Global Automotive Composite Market Size by 2024 and what would be the expected growth rate of the market?
What is the total revenue per segment and region in 2015-16 and what would be the expected revenue per segment and region over the forecast period?
What are the automotive composite market trends?
What are the factors which are driving this market?
What are the major barriers to automotive composite market growth?
Who are the key vendors in this market space?
What are the market opportunities for the existing and entry-level players?
What are the recent developments and business strategy of the key players?

About Goldstein Research

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Our mission is simple: to develop insightful business solutions, help our clients make powerful future decisions to keep them well ahead of the game which is the industry, and leave a mark across businesses and communities through our well-defined ideas and clear-cut forecasts.

Our industry research reports provide in-depth analysis of global and regional variations along with competitors’ overview. Our analysts working on automotive industry analysis report to help various tech-giants, tech start-ups and entry players to assess the current and upcoming business scenario. We believe in the rigorous examination of the current industry scenario and build around creative ideas and approaches that are most suitable for our clients’ needs and business agenda.

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