(MENAFN- Alliance News) Regardless of a companys size or income, the most recent research study offers an exhaustive analysis of the Automotive Composites market for 2023-2032. This survey study discusses the key market trends and the industrys outlook for the forecast years.?
Global Automotive Composites Market presents a variety of new trends that have a significant impact on market growth dynamics as well as the most recent industry knowledge. According to the most recent projection, global growth will reach its lowest point this year at 2.8% before edging up to 3.0% in 2024. Although more slowly than expected, the rate of global inflation will drop from 8.7% in 2022 to 7.0% this year and 4.9% by 2024. Notably, growth rates for emerging markets and developing economies have increased significantly in many cases, from 2.8 percent in 2022 to 4.5% this year.
The global automotive composites market size was US$ 23.1 billion in 2021. The global automotive composites market is forecast to grow to US$ 39.9 billion by 2030 by registering a compound annual growth rate (CAGR) of 7.1% during the forecast period from 2022 to 2030.
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Lightweight materials called composites for autos are frequently utilized in cars, trucks, and other vehicles. These materials are mostly recommended for lightening the weight of automobiles. Automotive interior, exterior, structural, and other applications all use composite materials.
Factors Influencing the Market
The growing demand for lightweight and fuel-efficient vehicles will primarily drive the growth of the global automotive composites market during the forecast period. The beneficial properties of automotive composites, such as low coefficients of thermal expansion, shape retention, resistance to corrosion, and ease of production, will also fuel the growth of the automotive composites market during the analysis period.
Growing fuel prices will also offer growth opportunities for the automotive composites market. In addition, manufacturers are constantly focusing on integrating safety and comfort into their vehicles. Thus, it will accelerate the growth of the automotive composites market.
Growing consumer disposable income and rising innovations in the automotive industry are forecast to be opportunistic for the market. Apart from that, governments are also imposing strict regulations to curb vehicular pollution. As a result, it will drive the demand for lightweight vehicles, thereby boosting the growth of the overall automotive composites market.
On the flip side, high manufacturing and processing cost may limit the market growth during the study period.
COVID-19 Impact Analysis
The entire automotive sector went through an abrupt fall due to the COVID-19 disease outbreak. During the initial phase of the pandemic, manufacturing units closed operations. Moreover, it also affected consumer purchasing power, which ultimately hampered the growth of the automotive composites market.
Regional Analysis
The Asia-Pacific automotive composites market is forecast to record the highest growth of all the regions. Developing countries, including India, China, Japan, etc., are maintaining a strong foothold in the automotive sector. As a result of the presence of a large number of automotive manufacturers, the demand for automotive composites is expected to rise in the forthcoming years. Apart from that, other factors like the growing population and increasing living standards will significantly benefit the automotive composites market during the analysis period.
Governments in the region have also imposed strict regulations on the fuel efficiency of vehicles. Therefore, it will drive the demand for lightweight vehicles. In addition, the easy availability of raw materials such as engineering plastics and rubber will be opportunistic for the key players in the region.
Competitors in the Market
? SGL Carbon
? Teijin Limited
? Hexcel Corporation
? Solvay
? Toray Industries, Inc.
? Mitsubishi Chemical Carbon Fiber and Composites, Inc.
? Johns Manville
? Gurit
? Plasan Carbon Composites
? TPI Composites
? GMS Composites
? IDI Composites International
? Revchem Composites
? Formaplex
? Other prominent players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Automotive Composites industry experienced notable growth in its workforce. Starting in January, employment within the Automotive Composites sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Automotive Composites output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector's production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Automotive Composites output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Automotive Composites market, remains both its largest producer and consumer. Remarkably, China's market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation's GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Automotive Composites market.
Market Segmentation
The global automotive composites market segmentation focuses on Fiber, resin, Manufacturing Process, Application, and Region.
By Fiber:
? Glass-reinforced plastic (GRP)
? Carbon fiber reinforced plastic (CFRP)
? Natural fiber (NF)
By Resin:
? Thermoset
? Thermoplastic
By Manufacturing Process:
? Compression molding
? Injection molding
? RTM
? Other
By Application:
? Interior
? Exterior
? Structural
? Others
By Region
? North America
o The U.S.
o Canada
o Mexico
? Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America
Table of Contents:
Chapter 1: Introduction to the Global Automotive Composites Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Automotive Composites Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Automotive Composites Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Automotive Composites Market Size (2023-2032)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Automotive Composites market revenues, extending projections until 2032. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Automotive Composites market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Automotive Composites business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
? Assisting businesses in gauging the viability of new or existing products or services.
? Facilitating business enterprises in the identification and cultivation of novel market segments.
? Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
? Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
? Analyzing market trends to aid businesses in devising adaptive strategies.
? Guiding businesses in the optimal placement of their products.
About Report Ocean: Report Ocean is a renowned provider of market research reports, offering high-quality insights to clients in various industries. Their goal is to assist clients in achieving their top line and bottom line objectives, thereby enhancing their market share in today's competitive environment. As a trusted source for innovative market research reports, Report Ocean serves as a comprehensive solution for individuals, organizations, and industries seeking valuable market intelligence.
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