The automotive composites market, the global market was estimated to be worth US$ 6.35 billion in 2021 and is anticipated to reach US$ 20 billion by 2032, growing at an impressive CAGR of 11% over the following ten years.
Glass fibre composite demand is anticipated to soar and reach a valuation of approximately US$ 11 billion, while carbon composite demand is anticipated to soar at a rate of 12%.
Which are Some Prominent Drivers of Automotive Composites Market?
Demand for higher manufacturing efficiency is fueling market expansion.
Over the following ten years, there will be a strong increase in the demand for automotive composites on a global scale. Improvements in the production of automobiles have revealed a number of market expansion prospects.
Additionally, the automotive industry favours composites over steel because they outperform their steel counterparts.
Automotive composites are now a necessity for vendors in the automotive sector to increase manufacturing productivity. As a result, in the coming years, the global market for automotive composites is anticipated to reach new heights.
Market Competition
Manufacturers of automotive composites are entering into collaborations and partnerships with OEMs. 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 in a move to further consolidate their market position.
Furthermore, several players are focused on developing advanced structural automotive composites to gain a better foothold in the market.
Some of the key developments are
- In October 2020, Teijin Group strategically partnered with AZL Partner New York for their lightweight production technology. This technology is aimed at transforming their business model to closely realize multifunctional and more lightweight next generation vehicles.
- In August 2020, SGL Carbon, along with joint coordinator Consortium, succeeded in improving the thermal insulation properties for the new composite materials by around 120 % and have made commercially available carbon materials.
- In July 2019, Teijin signed a joint agreement with an Australian venture AEV Robotics for co-development of lightweight automotive components and solutions for next generation transportation which will redefine forms of aging transportation.
These insights are based on a report on Automotive Composites Market by Fact.MR.
