| Automotive Composite Components Market is globally expected to drive growth through 2023-2032 |
The Automotive Composite Components Market growing requirement for lightweight materials is a primary catalyst behind the revenue growth of the Automotive Composite Components market. Automotive Composite Components offer favorable mechanical properties and a high strength-to-weight ratio, making them an excellent choice for manufacturing body panels, engine parts, and suspension components. The utilization of composites in automobile production can significantly reduce the overall weight of vehicles, leading to enhanced performance, reduced carbon emissions, and improved fuel efficiency.
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Further key findings from the report suggest
The metal Composites product segment is expected to register the highest CAGR during the forecast period because of its extensive use in powertrain and chassis components. Metal Composites offer high transverse stiffness and strength, fire resistance, protection from moisture, and radiation resistance.
The compression Molding process is generally used to give shape to fiberglass and thermoplastic resins. The process has a high production rate, low wastage of material, and low maintenance cost is also an advantage of the process.
Automotive composite products would find widespread usage in structural and powertrain components during the forecast period and would substitute metallic underhood parts.
Europe occupies the second largest market share, and this trend is expected to continue throughout the forecast period. The demand is mainly arising from countries like Germany, Spain, France, UK, and Turkey. Stringent emission control regulations in Europe is expected to fuel the market’s demand in this region.
There have been a number of new product launches in the market amongst which integrated production system for CFRP by Toho Tenax, HexPly M79 Prepegs by Hexcel Corporation, SIGRABOND Carbon Fiber-Reinforced Carbon, SIGRACELL Specialty Graphites for Lithium-Ion Batteries, SIGRACET Fuel Cell Components by SGL Carbon require special mention.
Top 10 Companies Operating in the Global Automotive Composite Market:
Owens Corning, Toray Industries Inc, Hexcel Corporation, SGL Carbon, Toho Tenex(Teijin Ltd.), Quantum Composites, Nippon Sheet Glass Co. Ltd., SABIC, Solvay, and Arkema, among others.
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The global market is further segmented into type and application:
Product Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Polymer Matrix Composites
Metal Matrix Composites
Ceramic Matrix Composites
Manufacturing Process Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Compression Molding
Injection Molding
RTM
Others
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Interior Components
Exterior Components
Structural Components
Powertrain Components
Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
Latin America (Brazil, Rest of LATAM)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Takeaways of the Competitive Overview Section:
Overview of the company profiles of each market player
Industrial chain analysis of each player
Revenue share contribution
Sales network and distribution channels and net profits and losses of each company
Key business growth strategies are undertaken by these players
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