Global Automotive Composite Market is expected to foresee significant growth. APAC to lead the growth!

• Vikas Kumar
• September 13, 2021
• AUTOMOTIVE, NEWS
• Automotive Composite, Automotive Composite Market, Automotive Composite Market analysis, Automotive Composite Market forecast, Automotive Composite Market growth, Automotive Composite Market share, Automotive Composite Market size, Automotive Composite Market trend
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Automotive composites are materials used in the manufacturing of cars, trucks, and other vehicles that are made by combining two or more materials to create a new material with improved properties. Composites used in the automotive industry typically consist of a reinforcing material, such as carbon fiber or glass fiber, embedded in a matrix material, such as a polymer resin.

The use of composites in automotive applications has grown in recent years due to their ability to provide improved strength, stiffness, and weight reduction compared to traditional materials such as steel or aluminum. This can result in improved fuel efficiency, better performance, and increased safety.

The Automotive Composite Market is expected to grow at a steady rate of around 7.3% owing to the increasing production of the vehicle. For instance, according to OICA, 57,054,295 passenger cars were manufactured in 2021.

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Based on material type, the market is segmented into polymer matrix composite (PMC), metal matrix composite (MMC), ceramic matrix composite (CMC), and others. PMCs are the most popular composite type among the automakers, as they have high flexibility, high insulation, lower density, and lighter weight than other composite material types and are expected to maintain their dominance during the forecast period.

Based on polymer matrix composite, the market is categorized into thermoset and thermoplastic. Among these, the thermoset held the largest market share of the market. Moreover, high strength, stiffness, and durability, making them ideal for a wide range of applications, including aerospace, automotive, and construction. Here are some factors that can increase demand for thermoset composites.

Based on the manufacturing process, the market is segmented into manual, compression moulding, injection moulding, and resin transfer moulding (RTM). Among all these, injection moulding held the largest share of the market in 2021. The factors such as Increasing demand for plastic products, the growing automotive industry, and growing strategic alliances like mergers and acquisitions, and partnerships to increase the production of lightweight vehicles are driving the growth of the market. For instance, in 2020, Teijin Group partnered with AZL partner network to increase the production of automotive composite with lightweight technology for next generation.

For a detailed analysis of the Global Automotive Composite Market browse through– https://univdatos.com/report/global-market-insights-on-automotive-composite-materials-insights-and-forecast-2019-2025/

For a better understanding of the market adoption of the automotive composite industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Mexico, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Russia, Rest of Europe), Asia-Pacific (China, Japan, India, Singapore, South Korea, Australia, Rest of Asia-Pacific), MEA ( UAE, KSA, Algeria, Kuwait, Egypt, Qatar, Rest of MEA), Latin America ( Brazil, Argentina, Chile, Rest of LA). APAC is anticipated to grow at a substantial CAGR during the forecast period due to the rising demand for vehicles in these countries Asia Pacific is witnessing high economic growth. APAC is home to several major players in the automotive composite market, such as Toray Industries, Teijin Limited, and Mitsubishi Chemical Holdings Corporation. These companies have significant manufacturing capabilities and have been actively investing in research and development to improve their composite materials.

Some of the major players operating in the market include BASF SE, DuPont, Gurit, Magna International Inc., Mitsubishi Chemical Group Corporation, Owens Corning, SGL Group, Solvay, TEIJIN LIMITED, and TORAY INDUSTRIES, INC.

Global Automotive Composite Market Segmentation

Market Insight, by Material Type

• Polymer Matrix Composites
  • Thermoset
  • Thermoplastic
• Metal Composites  
• Ceramic Matrix Composites
• Others         

Market Insight, by Manufacturing Process

• Compression moulding
• Manual
• Injection moulding
• Resin Transfer Moulding

Market Insight, by Application

• Interior
• Exterior
• Powertrain & Under the Hood
• Structural

Market Insight, by Vehicle Type

• Passenger Car
• Super Cars
• Others

Market Insight, by Region

• North America
  •  US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Russia
  • Italy
  • Rest of Euro
• Asia-Pacific
  • China
  • Japan
  • India
  • Singapore
  • South Korea
  • Australia
  • Rest of APAC
• MEA
  • UAE
  • KSA
  • Algeria
  • Kuwait
  • Egypt
  • Qatar
  • Rest of MEA
• Latin America
  • Brazil
  • Argentina
  • Chile
  • Rest of LA.

Top Company Profiles

• BASF SE
• DuPont
• Gurit
• Magna International Inc.
• Mitsubishi Chemical Group Corporation
• Owens Corning
• SGL Group
• Solvay
• TEIJIN LIMITED
• TORAY INDUSTRIES, INC