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According to the latest report by IMARC Group, titled“ Automotive Composite Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” provides an extensive analysis of the industry, including automotive composite market report . The report also covers competitor and regional analysis and the latest advancements in the global market.
The global automotive composite market size reached US$ 26.3 Billion in 2023 . Looking forward, IMARC Group expects the market to reach US$ 53.4 Billion by 2032 , exhibiting a growth rate (CAGR) of 8.2% during 2024-2032 .
Automotive Composite Market Overview:
Automotive composites refer to materials used in the construction of automobile components and structures, composed of a combination of two or more different materials, typically a reinforcement material, such as fibers and a matrix material. These composites are designed to provide enhanced performance characteristics, including improved strength-to-weight ratios, durability, and resistance to corrosion. Automotive composites find applications in various vehicle parts, such as body panels, chassis components, interior elements, and even engine components. Their adoption has been driven by the desire to reduce vehicle weight, which improves fuel efficiency and reduces emissions while still maintaining or even enhancing safety and performance standards.
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Global Automotive Composite Market Trends:
The global market is driven by stringent government regulations aimed at reducing emissions and improving fuel efficiency. Moreover, the growing demand for electric and hybrid vehicles is another pivotal factor. With the rise of electric mobility, automakers are striving to enhance the energy efficiency of their vehicles. Composites offer a crucial solution by reducing the weight of EVs, thus extending their range, and improving overall performance. Additionally, consumer preferences for sleek and futuristic vehicle designs have driven the utilization of composites, which allow for innovative and aerodynamic shapes that are both visually appealing and functionally efficient. The superior strength-to-weight ratio of composites enhances vehicle safety, contributing to their popularity among consumers. Also, advancements in composite materials technology, such as carbon fiber reinforced polymers (CFRPs) and natural fiber composites, have made these materials more affordable and accessible for automakers.
Key Players in the Automotive Composite Industry
The competitive landscape of the industry has also been examined along with the profiles of the key players being:
Gurit Holding AG Hexcel Corporation Hexion Huntsman Corporation Johns Manville (Berkshire Hathaway) Mitsubishi Chemical Carbon Fiber and Composites Inc. (Mitsubishi Chemical Holdings Corporation) Scott Bader Company Ltd SGL Carbon Solvay Teijin Limited Toray Industries Inc. UFP Technologies Inc.
Market Segmentation:
Breakup by Material Type:
Glass Fiber Carbon Fiber Thermoset Thermoplastic Others
Breakup by Manufacturing Process:
Compression Molding Injection Molding Resin Transfer Molding (RTM) Others
Breakup by Application:
Exterior Interior Powertrain Chassis Others
Breakup by Region:
North America (United States, Canada) Europe (Germany, France, United Kingdom, Italy, Spain, Others) Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
Market Performance Market Outlook Porter's Five Forces Analysis Market Drivers and Success Factors SWOT Analysis Value Chain Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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