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Automotive Composite Market: Global Opportunity Analysis and Industry Forecast, 2020-2027

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Dec 2020 | 44 Views
 
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Automotive Composite Market Analysis 2020-2027:

 

Automotive composite are materials that are used in vehicle parts to reduce the vehicle weight. The other major advantages of the automotive composite market include cost reduction and recyclability. In addition, automotive composite has huge demand in the automotive industry due to its low emission of carbon and reduced material scarp properties. The growing automotive industry requires a huge quantity of automotive composites, and it is expected to witness significant growth of the market over the forecast timeframe.

Market scope and structure analysis:

Report Metric

Details

Market size available for years

2019–2027

Base year considered

2019

Forecast period

2020–2027

Forecast units

Value (USD), Volume (Tons)

Segments covered

Product, Application, and Region

Regions covered

North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM), and the Middle East and Africa

Companies covered

ACP Composites, Hexcel Corporation, Rock West Composites, Toho Tenax America, Toray Industries, Polar Manufacturing, HITCO Carbon Composites, Johns Manville Corporation, Jushi Group Co., Ltd., and Mitsubishi Rayon Co., Ltd.

COVID-19 scenario analysis:

  • In the outbreak of COVID-19, the China automotive market is facing a sharp fall, with impacts for manufacturers of tires, hoses, belts, and other auto parts.
  • The production facilities of the automotive parts have been halted, owing to the logistics slowdown and unavailability of the workforce across the globe. Furthermore, various e-commerce companies across the globe have discontinued the delivery of non-essential items, which is affecting the industry.
  • All large to small industries have stopped working and labor relocation due to social distancing norms has reduced the production rate. These factors negatively impact the market growth.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

The growing automotive industry and demand for automotive composite are the major driving factors for the automotive composite market. The growing need for automotive composite for vehicle parts for proper functioning also boosts the growth of the automotive composite market. Additionally, research on well-understood mechanisms and science-based mechanism drive the growth of the automotive composite market. However, volatility in the process of the automotive composite is expected to hamper the growth of the automotive composite market over the forecast timeframe.

The automotive composite market trends are as follows:           

New product launches to drive the market

New products that contain improved capabilities have been launched by leading market players. They have taken the necessary steps to improve the accuracy of new products and overall functionality. Furthermore, market players seek opportunities to expand their range of automotive composite products in different segments of commercial activities. Additionally, partnerships, acquisitions, and agreements are the main focus of the market’s key manufactures to sustain their position in the competitive landscape. The market players also focus to produce automotive composite on a domestic level and operate by exporting to other regions to expand their business.

Surge in usage in automotive and commercial applications

Manufacturers focus to produce new products for specific applications as there are varying demands based on utilization.  The major applications of automotive composites include making the vehicle part light in weight and manufacturing the vehicles in a cost-effective manner. Lower in weight vehicles have better acceleration, braking, and handling; therefore, owing to this reason, the demand for automotive composites is rising in the market to make automobile components.

Key segments covered:

Segments

Sub-Segments

Product

  • Metal Matrix
  • Polymer Matrix
  • Ceramic Matrix
  • Others

Application

  • Passenger Vehicle
  • Commercial Vehicle
  •  Others

Region

 

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

Key benefits of the report:

  • This study presents the analytical depiction of the automotive composite market along with the current trends and market estimation to determine the imminent investment pockets.
  • The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the automotive composite market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.
  • The report provides a detailed automotive composite market analysis based on competitive intensity and how the competition will take shape in coming years.
  • This report helps users in comprehending the key product segments and their future.

Questions answered in the automotive composite market research report:

  • Which are the leading market players active in the market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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