Global Automotive Composites market is accounted for $4.84 billion in 2019 and is expected to reach $14.31 billion by 2027 growing at a CAGR of 14.5% during the forecast period. Increase in demand for lightweight and fuel-efficient vehicles, increase in demand for environmentally friendly electric vehicles and increasing use of cost-efficient and eco-friendly natural fibers in automotive applications are the major factors driving the growth of the market.
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By geography, Europe is expected grow at a faster rate during the forecast period as the automotive industry in the region is one of the major industries and is comparatively higher than any other region. The European Union is amongst the world’s biggest producers of motor vehicles and the sector represents the largest private investor in research & development.
Some of the key players profiled in the Automotive Composites Market include BASF, Advanced Composites Group, DOW Inc., Gurit, Hexcel, Huntsman, Mitsubishi Chemical Corporation, Scott Bader, SGl group, Solvey Group, Teijin Limited, Toray and UFP Technologies.
Fiber Types Covered in Automotive Composites Market
• Aramid
• Basalt
• Carbon
• Glass
• Hybrid
• Natural
Vehicle Types Covered:
• Non-Electric
• Electric
Resin Types Covered:
• Thermoset
• Thermoplastic
Manufacturing Processes Covered:
• Compression Molding
• Injection Molding
• Resin Transfer Molding (RTM)
• Other Manufacturing Processes
Products Covered:
• Ceramic Matrix
• Metal Matrix
• Polymer Matrix
Applications Covered:
• Chassis
• Engine Component
• Exterior
• Interior
• Powertrain Component
• Structural Assembly
• Underbody
End Users Covered:
• Passenger Cars
• Light Commerical Vehicles (LCVs)
• Heavy Commercial Vehicle (HCVs)
• Agricultural
Sales Channels Covered:
• Original Equipment Manufacturer (OEM)
• Aftermarket
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