The global automotive composites market was valued at US$ 6,748 million in 2019 and is expected to reach a market valuation of approximately US$ 13,126 million by 2030 growing at a CAGR of 6.2% during the forecast period. Depleting fossil fuel resources and rising awareness about the pollution caused fossil fuels, have led to the inception of a revolutionizing trend being witnessed in the automotive sector, which is energy efficiency. Composites, are basically composition of two of more constituents, forming a substantial part of a vehicle and can lead to lighter vehicles which are safer and better in terms of fuel efficiency. Composites consist of high-performance glass or carbon fiber. In the foreseeable years, these materials are expected to replace steel in the automotive sector, resulting in a booming market opportunity. As demand for cars is growing around the world, there will also be a substantial growth in demand for high-level vehicles. Car manufacturers worldwide are working to reduce vehicle weight. In addition, emission control and improved performance are other objectives to be achieved by global car manufacturers. The above factors are expected to significantly increase demand for lightweight materials, such as carbon fiber composites, which is expected to foster growth on the market for automobile composites in the near future.
Request a PDF Sample Report: https://www.insightslice.com/request-sample/248
High-performance vehicles are also being witnessed by the rising demand for automotive vehicles around the globe. Globally, automotive manufacturers focus on reducing vehicle weight to achieve better performance and fuel efficiency. In addition, emission control and enhanced performance characteristics are the other primary factors to be achieved by automotive manufacturers worldwide. Because of the above-mentioned factors, demand for lightweight composite materials, including carbon fiber composites, is expected to witness substantial demand in the predictable years, thereby promoting the growth of the automotive composite market during the forecast period. Automotive composite sales relate directly to the production of automobiles and the fleet. The global automotive industry has seen successful growth despite unstable economic conditions in the recent past.
The global automotive composites market can be bifurcated on the basis of fiber type, resin type, application, vehicle type and geography. Based on fiber type, the global automotive composites market can be categorized into carbon, glass and others. Considering resin type, the global automotive composites market can be sub-segmented into thermoplastic and thermoset. Based on application, the global automotive composites market can be categorized into interior, exterior, powertrain and chassis. Considering vehicle type, the global automotive composites market can be sub-segmented into electric and non-electric. Geographically, the global automotive composites market can be divided into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
Request a Discount: https://www.insightslice.com/request-discount/248
Major players operating in the global automotive composites market include Toho Tenax Co., Ltd., SGL Group, Toray Industries, Inc., Solvay S.A., Owens Corning and Gurit among others.
Article source: https://article-realm.com/article/Finance/6834-Automotive-Composites-Market-Trends-Analysis-and-Forecasts-2020-2030.html
URL
https://www.insightslice.com/report/Automotive-Composites-Market/248Automotive Composites Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030
Reviews
Comments
Most Recent Articles
- Sep 13, 2024 Why SIP in ELSS is a Win-Win for Tax Saving and Wealth Creation by sandeepkumar
- Sep 12, 2024 How Does the Portfolio Overlap Tool Work in Top Mutual Fund Software in India? by Wealth Elite
- Sep 5, 2024 Wealth management versus financial planning by Anna Paquin
- Sep 2, 2024 How Does the Compare Funds Feature in Mutual Fund Software Work? by Wealth Elite
- Aug 29, 2024 How Mutual Fund Software for IFA Helps in Selecting the Right Mutual Fund for Investors? by Wealth Elite
Most Viewed Articles
- 11085 hits How to Start an Invention Idea by Edwin Poul
- 9064 hits How to Download and Install Facebook Messenger on Firestick by Hope Mikaelson
- 2615 hits Brief discussion about Water by kavin prasath
- 2115 hits Importance of Proofreading While You Write an Assignment by clara
- 1891 hits Sleeping Pillow Market by Trisha Kumari
Popular Articles
In today’s competitive world, one must be knowledgeable about the latest online business that works effectively through seo services....
77367 Views
Are you caught in between seo companies introduced by a friend, researched by you, or advertised by a particular site? If that is the...
32686 Views
Walmart is being sued by a customer alleging racial discrimination. The customer who has filed a lawsuit against the retailer claims that it...
13708 Views
If you have an idea for a new product, you can start by performing a patent search. This will help you decide whether your idea could become the...
11085 Views
Statistics
Members | |
---|---|
Members: | 15316 |
Publishing | |
---|---|
Articles: | 63,054 |
Categories: | 202 |
Online | |
---|---|
Active Users: | 54 |
Members: | 0 |
Guests: | 54 |
Bots: | 1645 |
Visits last 24h (live): | 1852 |
Visits last 24h (bots): | 25982 |