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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 ... Continue reading →
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