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Automotive Composites Market Set to Surpass US$11.44 billion by 2024, With Innovation and Sustainability Driving Robust Growth


DUBLIN, March 19, 2024 /PRNewswire/ — The “Automotive Composites Market Report 2024-2034” report has been added to ResearchAndMarkets.com’s offering.

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World revenue for the Automotive Composites Market is forecast to surpass US$11.44 billion in 2024, with strong revenue growth through to 2034. 

Rising Demand for Fuel-Efficient and Light-Weight Vehicles Driving Market Growth

The market growth of automotive composites is being driven by an increasing demand for vehicles that prioritize both fuel efficiency and lightweight design. This surge in demand is a central catalyst behind the flourishing expansion of the automotive composites market. It is propelled by the automotive industry’s ongoing commitment to finding solutions that enhance fuel efficiency, reduce emissions, and elevate overall vehicle performance. Automotive composites, known for their remarkable strength-to-weight ratio, have become instrumental in achieving these objectives. The necessity to reduce vehicle weight, directly impacting fuel consumption, makes automotive composites an appealing choice for manufacturers seeking innovative materials to construct lighter vehicles.

Moreover, the adoption of automotive composites aligns seamlessly with global concerns about environmental sustainability, positioning these materials as a crucial component in the ongoing effort to address climate change. The intrinsic lightweight nature of automotive composites not only contributes to improved fuel efficiency but also enhances overall vehicle performance, including factors such as acceleration, handling, and braking. Stringent regulatory standards related to emissions and fuel efficiency further incentivize the automotive industry to explore and incorporate innovative materials like automotive composites into vehicle design.

Growing Investments in Research and Development (R&D) to Further Enhance Composite Applications in the Automotive Industry

R&D investments can target cost reduction, a pivotal factor in boosting the competitiveness of composites. Research initiatives can focus on optimizing resin systems, curing processes, and automation technologies, all of which streamline production and reduce costs. This is a critical element in making composites a more appealing choice compared to traditional materials. R&D efforts can lead to the creation of innovative manufacturing techniques, such as automated lay-up, 3D printing, and continuous fibre reinforcement. These cutting-edge methods make production more efficient and allow for the fabrication of complex components. The result is the ability to produce customized, high-performance composite parts that were previously challenging or costly to manufacture.

Key Market Dynamics

Market Driving Factors

  • Growing Demand for Automotive Vehicles, Coupled with a Rebound in Performance
  • Double-Digit Growth in Sales of Electric Vehicles (EVs), Driving Demand for Innovative Materials
  • Increasing Market Preference for Lightweight and Fuel-efficient Vehicles
  • Stringent Government Regulations Aiming to Reduce Carbon Emissions from the Automotive Sector

Market Restraining Factors

  • High Processing and Manufacturing Costs Associated with Automotive Composites
  • Limited Technological Advancements in Composite Materials
  • Challenges in Recycling Composites
  • Availability of Alternative Lightweight Materials Impacting Composite Adoption

Market Opportunities

  • Ongoing Innovations in Automotive Composite Manufacturing Processes
  • Advancements in Technologies for the Recycling of Composite Materials
  • Growing Investments in Research and Development to Further Enhance Composite Applications in the Automotive Industry

Forecasts to 2034 and other analyses reveal commercial prospects

  • In addition to revenue forecasting to 2034, the new study provides you with recent results, growth rates, and market shares.
  • You will find original analyses, with business outlooks and developments.
  • Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising automotive composite prices and recent developments.

Segments Covered in the Report

Polymer Type

  • Thermosetting
  • Thermoplastic

Fiber Type

  • Carbon Fiber
  • Glass Fiber
  • Others

Application

  • Interior Components
  • Exterior Components
  • Powertrain & Chassis
  • Others

Manufacturing Process

  • Compression Moulding
  • Injection Moulding
  • Resin Transfer Molding (RTM)
  • Others

Vehicle Engine Type

  • Electric
  • Non-Electric

Vehicle Type

  • Passenger Vehicles
  • Light Commercial Vehicles (LCV)
  • Heavy Commercial Vehicles (HCV)

In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for five regional and 17 leading national markets.

The report also includes profiles and for some of the leading companies in the Automotive Composites Market, 2024 to 2034, with a focus on this segment of these companies’ operations.

Leading companies profiled in the report

  • Toray Industries
  • SGL Carbon
  • Teijin
  • Mitsubishi Chemical Group
  • Hexcel
  • BASF
  • Solvay
  • Lanxess
  • Voith GmbH
  • Nippon Carbon
  • Formosa Plastics
  • DowAksa Advanced Composite Material Industries
  • Formosa Taffeta Co.
  • ZOLTEK
  • Hyosung Advanced Materials

In summary, the report provides you with the following knowledge:

  • Revenue forecasts to 2034 for Automotive Composites Market, 2024 to 2034 Market, with forecasts for polymer type, fiber type, manufacturing process, vehicle engine type, and vehicle type, each forecast at a global and regional level – discover the industry’s prospects, finding the most lucrative places for investments and revenues.
  • Revenue forecasts to 2034 for five regional and 17 key national markets – See forecasts for the Automotive composites market, 2024 to 2034 market in North America, Europe, Asia-Pacific, Latin America, and MEA. Also forecasted is the market in the US, Canada, Mexico, Brazil, Germany, France, UK, Italy, China, India, Japan, and Australia among other prominent economies.
  • Prospects for established firms and those seeking to enter the market – including company profiles for 14 of the major companies involved in the automotive composites market, 2024 to 2034.

For more information about this report visit https://www.researchandmarkets.com/r/uey6go

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