Automotive Composites Market to Grow at over 6% CAGR to 2024
Automotive Composites Market to Grow at over 6% CAGR to 2024
North America automotive composites market share will witness growth at over 6% CAGR during the forecast period impelled by rising innovation in vehicle manufacturing with implementation of light weight component along with strong potential outlook in interior, structural and exterior applications.
SELLBYVILLE, Del., April 3, 2018 /PRNewswire-iReach/ -- Global Automotive Composites Market demand is anticipated to exceed 4,000 kilo tons by 2024 by when the industry revenue will cross USD 24 billion. Shifting trends towards vehicle weight reduction among the manufacturers will drive the industry demand over the forecast timeline. Increasing preference towards low carbon emissions owing to adoption of these composites will positively impact the industry growth.
Increasing usage of the light weight, cost effective and sturdy components will drive the industry demand. Manufacturers are focusing on reducing the production cost boosting the product penetration. Automotive composites will witness positive penetration in electric and hybrid vehicles offering light weight and long-distance travel. Shifting trends towards usage of hybrid and electric vehicles will further fuel the industry demand.
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Carbon fiber will witness robust growth of over 10% during the study timeframe. Superior strength, durability and light weight compared to other counterparts are the key factors driving the product growth. Industry participants are focusing on developing competitive priced precursor material assisting in lowering the price trends.
Natural fibers will witness growth over 7.5% up to 2024 owing to increasing application outlook in vehicle interior and exterior materials. Moreover, the product is used as a preplacement to glass fiber. Moisture degradation along with comparatively low impact resistance may act as challenge to the product penetration.
Thermoset resins dominate the overall industry share and are expected to generate demand of over 2,500 kilo tons by 2024. Ease in manufacturing and processing of the resin with fibers will further boost the automotive composites market Thermoplastic resins are anticipated to witness growth over 6.5% owing to increasing adoption due to superior impact resistance and reforming abilities.
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Compression moulding is expected to dominate the business share generating over USD 9 billion by 2024. Low cost processing along with reduction in cycle time are the key factors driving the automotive composites market growth. Injection moulding process will witness robust growth owing to superior surface finish produced required for the vehicle interior. Automotive manufacturers are developing automated manufacturing process boosting the mass production of the components. RTM is anticipated to witness growth owing to less processing parts requirement.
Automotive composites market from exterior application will generate revenue over USD 9 billion owing to superior strength and light weight properties. The product is replacing conventional metal components in the vehicle. Moreover, these offer superior damage tolerance enhancing the safety feature of the vehicle. Structural and powertrain application will witness growth around 7% owing to high usage of the carbon and glass fiber. Superior thermal properties required by powertrain and structural application will boost the automotive composites market share.
North America automotive composites market share will witness significant gains at over 6% from 2017 to 2024. Rising innovation in vehicle manufacturing with implementation of light weight component will drive the regional growth. Europe led by Germany, Russia, Italy and France will show significant growth owing to stringent government regulations focusing on reducing the carbon emissions and reducing the vehicle weight.
Cytec Solvay Group, Johns Manville Corporation, Owens Corning Corp., ACP, Hexcel Corporation, and Koninklijke Ten Cate and Protech are among key industry players. Other notable participants include Teijin Limited, Toray Industries, SGL Group, Zoltek Carbon Fiber and Toho Tenax America. Industry participants are focusing on reducing the cycle time with adopting automated resin processing.
Buy this research report spread across 350 pages with 443 market data tables & 10 figures & charts from the report, "Automotive Composites Market Industry Size By Fiber (Glass, Carbon, Natural), By Resin (Thermoset, Thermoplastic), By Manufacturing Process (Compression, Injection, Resin Transfer Moulding (RTM)), By Application (Interior, Exterior, Structural) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Russia, Italy, Poland, Spain, China, India, Japan, South Korea, Australia, Taiwan, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024" in detail along with the table of contents @
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Chapter 7. Automotive Composites Market, By Application
7.1. Global automotive composites market share by application, 2016 & 2024
7.2. Interior
7.2.1. Market estimates and forecast, 2013-2024
7.2.2. Market estimates and forecast, by region, 2013-2024
7.3. Exterior
7.3.1. Market estimates and forecast, 2013-2024
7.3.2. Market estimates and forecast, by region, 2013-2024
7.4. Structural and powertrain
7.4.1. Market estimates and forecast, 2013-2024
7.4.2. Market estimates and forecast, by region, 2013-2024
7.5. Others
7.5.1. Market estimates and forecast, 2013-2024
7.5.2. Market estimates and forecast, by region, 2013-2024
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/automotive-composites-market
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