Automotive Composites Market to Expect 6%+ Growth to 2024

SELBYVILLE, Del., Nov. 28, 2018 /PRNewswire-PRWeb/ -- Automotive composites market from compression is expected to dominate the revenue share surpassing USD 9 billion over the next eight years owing to high usage of this process in glass fiber composites. Moreover, this process is used for mass production of composites, further supporting the industry dominance.

RTM is likely to exhibit around 7% CAGR till 2024 owing to regular innovations in this process over the past years. Moreover, it is increasingly being used by the manufacturers to create low cost products, further propelling the industry growth.

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Automotive composites market size from exterior applications is slated to be around USD 9 billion by 2024, owing to the prominent use of composites for manufacturing external automotive parts. The increasing importance for light-weight exterior parts is also a contributing factor toward using natural fiber based composite materials for exterior parts.

Structural and powertrain application will exhibit around 7% CAGR owing to high usage of glass and carbon fibers in vehicle's structural components. Enhanced fuel efficiency is another factor supporting the industry growth over the coming years.

Automotive composites market from glass fiber accounted for over USD 9 billion in 2016 and is anticipated to continue its dominance over the forecast timeframe. The substantial revenue generation is attributed to its advantages over the counterparts such as higher strength, and resistance to heat & chemical attacks. Better thermal insulation is another factor supporting the industry dominance.

Natural fibers will exhibit over 7.5% CAGR from 2017 to 2024 owing to their high usage in exterior vehicle applications as a replacement of glass fibers. This shifting preference is attributable to its light weighing capabilities as compared to the counterparts.

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Thermoset resins are expected to generate a demand of over 2,500 kilo tons and capture over 55% of the automotive composites market revenue share till 2024. Ease of manufacturing and convenient impregnation of reinforced fibers will primarily drive the industry growth. Benefits such as resistance to high temperatures and corrosives & solvents, enhanced adhesion and finishing, and tailored elasticity will further support the revenue generation.

Thermoplastic resins are likely to witness over 6.5% CAGR owing to their rising adoption due to reforming abilities and higher impact resistance as compared to its counterpart.

Regionally, Asia Pacific will cover more than 45% share of automotive composites industry over the coming timeframe. The establishment of a strong automotive manufacturing base across this region is one of the primary factors contributing toward APAC automotive composites market size. China and India have been forecast to be Asia's prominent revenue pockets.

Europe will pose around 6% CAGR owing to extensive usage of composites due to stringent regulations regarding carbon emissions from vehicles. Rising R&D investments along with established automobile industry will further propel the regional growth ver the forecast timeframe.

Automotive composites market witnessing companies making long-term strategic deals to gain a competitive edge. Some of the prominent participants in the industry are DowAksa, Hexcel Corporation, SGL Group, ACP Composites, Owens Corning, Johns Manville Corporation, and Revchem Composites.

Browse key industry insights spread across 350 pages with 443 market data tables & 10 figures & charts from the report, "Automotive Composites Market Industry Size By Fiber (Glass, Carbon, Natural), By Resin (Thermoset, Thermoplastic), By Manufacturing Process (Compression, Injection, Resin Transfer Moulding (RTM)), By Application (Interior, Exterior, Structural) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Russia, Italy, Poland, Spain, China, India, Japan, South Korea, Australia, Taiwan, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-composites-market

Table of Contents (ToC) of the report:
Chapter 6.     Automotive Composites Market, By Manufacturing Process
6.1. Global industry share by manufacturing process, 2016 & 2024
6.2. Compression molding
6.2.1. Market estimates and forecast, 2013-2024
6.2.2. Market estimates and forecast, by region, 2013-2024
6.3. Injection molding
6.3.1. Market estimates and forecast, 2013-2024
6.3.2. Market estimates and forecast, by region, 2013-2024
6.4. RTM
6.4.1. Market estimates and forecast, 2013-2024
6.4.2. Market estimates and forecast, by region, 2013-2024
6.5. Others
6.5.1. Market estimates and forecast, 2013-2024
6.5.2. Market estimates and forecast, by region, 2013-2024
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/automotive-composites-market

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