Automotive Composites Market Anticipated to Cross USD 10.6 Billion by 2024.

New York, USA, 2018-Nov-01 — /EPR Network/ —Global automotive composites market is expected to expand at a compound annual growth rate (CAGR) of 8.7% over the forecast period i.e. 2016-2024.

Global automotive industry is striving towards developing light weight and advanced automotive components in order to produce fuel efficient and safe vehicles. Development of light weight 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 automobile industry in order to produce light weight 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 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 year 2016, however, there exists a huge potential of 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, competitive analysis includes the in-depth analysis of the major players and leaders in 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 market.

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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 & power train 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)}
• Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of 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 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, high production cost of novel composite materials such as carbon fiber composites is the major challenge for the market growth. Cost of carbon fiber composites are at least 20 times as much as steel and aluminum, and the automotive industry is suspect to utilize them at mass scale until the price of carbon fiber drops considerably.

“Global Automotive Composite Market Report” has been prepared based on an in-depth market analysis from industry experts. The market research report covers the competitive landscape and current position of major players in the market space. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global automotive composite market report also recognizes value chain analysis to understand the cost differentiation to provide 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 Market 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?

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