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.
Asia Pacific is expected to be the largest market for automotive composites during the forecast period
Asia Pacific is the largest and the fastest growing market for automotive composites. The country is a hub of some major automakers. China is the largest vehicle manufacturer in the world. Demand for automotive composites is increasing with the growing need for fuel-efficient, lightweight, and eco-friendly vehicles. The automakers are focused on producing lightweight car bodies due to emission norms imposed by the governments. The market in this region has in-house presence of well-established raw material suppliers, composite product & components manufacturers, and OEMs in itself consuming these composite solutions in automotive applications.
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