Automotive Composites Market Size Insights
The booming automotive industry is also opening the skies for the growth of Automotive Composites Market Sizes. The new research report about the global Automotive Composites Market Size published by Market Research Future (MRFR) measures proliferation for this market at 10.6% CAGR between 2017 and 2023.
Monitoring the market structure, this report mensurates the future growth potential of the market. It characterizes the strategies of the major market players in the market and aids the competitive developments like research & developments (R&D), new product developments, mergers & acquisitions, and joint ventures, in the market.
The major player operating in the market of global automotive carbon Fiber composites are Cytec Industries (U.S.), SGL Carbon SE (Germany), Toray Industries, Inc. (Japan), ACP Composites, Inc (U.S.), Clearwater Composites, LLC (U.S.), Owens Corning (U.S.), HITCO Carbon Composites Inc (U.S.), Mitsubishi Rayon Carbon Fibber and Composites, Inc. (U.S.), Polar Manufacturing Limited (U.K.) and Rock West Composites (U.S.).
Drivers & Trends
In recent times, the global automotive carbon fiber market is reported with a considerable upswing when it comes to size and valuation. This is happening due to the continual expansion in the automotive industry around the world. With the rising demand for automobiles, the global market of automotive carbon fiber composites is likely to remain robust by registering a high rise over the years to come.
Spotting towards more crucial factors, it is stated that growing demand for carbon fiber-reinforced plastics in leisure cars, race cars, and other high-performance cars is also pushing the market towards growth. The current trend shows that the development of technologies and physical systems to make carbon fiber parts for mass-volume vehicles have a direct impact on the dynamics of the automotive composites carbon fiber industry.
Global Automotive Carbon Fiber Composites Segmentation
In the reports of MRFR, the global Automotive Composites Market Size has been segmented as product type, application type, and region.
By the mode of product type, the market has been segmented as hand layup, resin transfer molding, vacuum infusion processing, injection molding, compression molding.
By the mode of application, the market includes structural assembly, power train components, interior, exterior, and others.
Region wise, Asia Pacific is accounted to be the fastest and largest growing market for automotive carbon fiber composites due to countries such as China and India. They are onto the growth path due to the existence of lightweight vehicles as well as enhanced fuel efficiency. With the increased production capacity in terms of volume and new facilities and innovative technological advancements, these are driving the market of automotive carbon fiber composites on positive notes over Asia Pacific region and is expected to capture over 45% revenue share through 2023.
On the other hand, Europe region will also grow at a higher CAGR in concern with Automotive Composites Market Size owing to extensive use of composites. There have been stringent regulations regarding carbon emissions from vehicles and due to that increasing R&D investment along with established automobile industry is noticed and will further propel the regional growth over the forecast timeframe.
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