The report “Automotive Composites Market by Fiber Type (Glass, Carbon), Resin Type (Thermoset, Thermoplastic), Manufacturing Process (Compression Molding, Injection Molding, Rtm), Application, Vehicle Type, Region – Global Forecast to 2028″, is projected to grow from USD 7.2 billion in 2022 to USD 14.3 billion by 2028, at a CAGR of 12.1% during the forecast period. A significant growth observed in the market is because of the government initiatives for the reduction of carbon emission and shift towards electric vehicles. The demand for lightweight material due to increase in the demand for fuel efficient and electric vehicles are expected to drive the growth of the automotive composites market.
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• 333 Market data Tables
• 59 Figures
• 281 Pages and in-depth TOC on “Automotive Composites Market – Global Forecast to 2028”
Some of the prominent key players are:
· Toray Industries Inc. (Japan)
· SGL Carbon (Germany)
· Teijin Limited (Japan)
· Mitsubishi Chemical Holding Corporation (Japan)
· Owen Cornings (US)
· Hexcel Corporation (US)
· Solvay SA (Belgium), Gurit (Switzerland)
· UFP Technologies Ltd. (US)
· Huntsman Corporation (US)
· Hexion (US)
Opportunities: Increasingly stringent government regulations
Vehicles are considered one of the prime contributors to air pollution. Governments across the globe have laid stringent standards to be followed by OEMs regarding CO2 emissions from vehicles. These government norms, if not met by the OEMs, may lead to penalty payments for excess emissions. For instance, in Europe, if the average CO2 emitted from the OEM vehicle exceeds its limit value, then the OEM has to pay an excess premium charge ranging from Euro 5 to Euro 95 for each of its registered cars. OEMs are, thus, focusing on enhancing the fuel efficiency of their vehicles by manufacturing lightweight cars. OEMs have considered composite materials as the best substitute for traditional heavyweight materials such as steel and aluminum to manufacture lightweight, fuel-efficient, and impact-resistant cars.