Glass Fiber Automotive Composites Hold 75% Revenue Share, States Fact.MR
Published : 21 Jul 2021 Industry: Chemical & Materials
As per a new report published by Fact.MR - a market research and competitive intelligence provider, the global automotive composites market was valued at US$ 9 Bn in 2020, and is projected to top US$ 20 Bn by 2031, expanding at an impressive CAGR of 11%. Sales of glass fiber composites are projected to reach a valuation of around US$ 11 Bn, increasing at a CAGR of 11% through 2031.
Fact.MR anticipates significant surge in demand for automotive composites, attributable to factors such as increasing demand for lightweight materials in the automotive industry coupled with favourable emission control regulations and growing demand for electric vehicles.
Composites have been popularly used in a range of internal and external automotive components to provide distinct structural and weight advantages.
Growing focus on design innovations to enhance vehicle functionalities is bolstering demand for automotive composites made from aluminium and fiber. A number of governmental mandates and legislations on reducing carbon emissions in several developing and developed countries is a notable factor nudging the demand for automotive composites.
Over the next few years, this space is expected to witness a surge in innovations, providing significant opportunities for growth market growth.
Key Takeaways from Market Study
- The global market for automotive composites is projected to top a valuation of US$ 20 Bn by 2031.
- Key factors driving sales of automotive composites are rising demand for lightweight materials in automotive, favourable emission control regulations, and surging sales of electric vehicles.
- Asia Pacific dominates the market with a revenue share of 47% on account of the region having a large automotive industry.
- Glass fiber composites account for around 75% of the overall market share for automotive composites.
- Exterior application of automotive composite accounts for 55% in terms of revenue of the overall market.
“Increasing need for lightweight materials to be used in the automotive industry surging demand for automotive composites,” says a Fact.MR analyst.
Manufacturers of automotive composites are entering into collaborations and partnership with OEMs (original equipment manufacturers). Automakers are incorporating composites in their product lines in a move to gain a competitive edge over others. A number of established companies are acquiring small players to further consolidate their market share.
New and upcoming companies will be benefitted by investing in developing advanced structural automotive composites to gain a better foothold in the market. Also, collaborations and partnership with established OEMs will prove to be beneficial in the long run.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the automotive composites market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of fiber (glass fiber and carbon fiber), resin (thermoset and thermoplastic), application (exterior, interior, powertrain, and chassis), manufacturing process (compression moulding, injection moulding, and resin transfer moulding), and vehicle type (non-electric and electric), across major regions of the world (North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Chemicals & Materials
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned consumer products team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemical industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Sr. Consultant – Chemicals & Materials