The Market of Automotive Composites to grow beyond US$ 15.6 billion by 2024
February 11, 2020
Automotive Composites Market Overview:
Automotive composites market is projected to reach an estimated value of US$ 15.6 billion in 2024. In the coming five years, the growth rate of composites in automotive is likely to outpace the growth rate of the automotive industry, catching the significant attention of the industry stakeholders. Organic growth in the automobile production; strict government regulations regarding carbon emission reductions and fuel efficiency enhancements such as CAFÉ Standards; an excellent weight reduction offered by composite materials, a shift towards all-composites parts, a significant reduction in number of parts, and excellent chemical as well as corrosion resistance are some of the factors that are driving the demand for composite materials in the automotive industry.
Report Overview:
Stratview Research continues its voyage in developing comprehensive market reports on the attractive subjects in the Composites Industry Domain. After conducting a deep-dive study on automotive under-the-hood composites market and automotive exterior composites market, this time, we have come up with a full-fledged comprehensive report on Automotive Composites Market. The report is designed in such a way that it offers the maximum benefits to market stakeholders including raw material suppliers, composite material manufacturers, compounders, and investors, with regard to the identification of low-hanging fruits and formulation of growth strategies.
Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
- Strategic segmentation
- Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Detailed Competitive Rivalry landscaping
- Market trend and forecast analysis
- Future Growth Boulevards
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Automotive Composites Market Segment Insights:
Passenger car: The growth engine
The automotive composites market is broadly segmented based on vehicle type as Passenger Car, LCV, and M&HCV. Passenger car is expected to remain the growth engine of the automotive composites market during the forecast period. The high production of cars coupled with good composites penetration is the prime factor behind the dominance of the passenger car segment in the automotive composites market.
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https://www.stratviewresearch.com/toc/581/automotive-composites-market.html
Dominance of: polyamide resin
Composites are used in all major application areas in the automotive industry, such as interiors, exteriors, and under the hood. Composites have the highest level of penetration in under-the-hood application areas, such as air intake manifold, radiator end tanks, engine oil pan, engine cover, aero ducts, and charge-air-cooler end caps. Temperature and heat resistance are the major requirements of the materials used in under-the-hood applications. Amongst resins, polyamide resin is the perennial choice as it can withstand temperature about 260o C and is lightweight, resistant to road salt and engine fluids, and offers excellent mechanical properties.
Exterior applications of composites generally include large-sized components and are relying more on LFRT and SMC compounds, unlike the under-the-hood segment that predominantly uses SFRT compounds. Front-end module, fender, bumper, liftgate, door module, and hood are key applications of composites in exteriors. Apart from interior, exterior, and under the hood, composite materials are also gaining sheet interest in various other applications such as leaf springs, pressure vessels, underbody shield, and driveshaft.
A highly/moderately/fragment consolidated Market
The supply chain of this market is convoluted and comprises several nodes including raw material suppliers, composite material manufacturers, compounders, distributors, part fabricators, tier players, and OEMs. The key automotive composite manufacturers are Ashland Global Holdings Inc., AOC, LLC , BASF SE, Continental Structural Plastics Inc. (CSP), Solvay S.A., Koninklijke DSM N.V., E. I. du Pont de Nemours and Company, Hexion Inc., Huntsman Corporation, Lanxess GmbH, SABIC (Saudi Basic Industries Corporation) , Toray Industries, Inc., and Owens Corning Corporation.
Regional Hegemony of Europe and North America
Europe and North America capture a large chunk of the global automotive composites market. The average composite content per vehicle is higher in Europe and North America as compared to the Asia-Pacific region, which led to a low share of Asia-Pacific despite being the largest vehicle producer across the globe. The USA, Canada, Mexico, Germany, France, China, and Japan are some key countries across the globe, accounting for a significant share in the market.
Click here for other high value market reports from Stratview Research in the Automotive Industry: https://www.stratviewresearch.com/market-reports/Automotive-Transportation.html
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