Automotive Composites Market Revenue, Future And Business Analysis By Forecast 2033

Posted by Research23 on February 9th, 2024

The automotive composites market is to reach a valuation of US$ 8.3 billion in 2023. Future Market Insights reports say that the market is anticipated to expand at a 12.1% CAGR from 2023 to 2033. The Market is anticipated to reach US$ 26.1 billion by the end of 2033.

The market for automotive composites always remains competitive, due to the prevalence of giant players with expertise in advanced manufacturing technologies for sustainability in the global automotive composites market in the future, where, product development is considered to be the key growth strategy that is being adopted by market participants.

Launching advanced products provides various practical benefits, and at the same time affirms existing emission norms and other regulations in the market, which is going to thus help the market players in strengthening their presence in the global automotive composites market.

Lack of technological advancements and low recyclability of composites acts as a major restraint to hinder the market growth”, comments a Future Market Insights Analyst.

Some of the prominent players in the global market are:

• Toray Industries Inc.
• Gurit Holding AG
• Solvay Group
• SGL Carbon SE
• Teijen Limited
• Mitsubishi Chemical Holding
• Owen Corning
• E.I. du Pont de Nemours & Co.
• UFP Technologies Inc.
• Quantum Composites

Read more: https://www.futuremarketinsights.com/reports/automotive-composites-market 

Some of the important developments of the key players in the market are:

• In February 2023, Belgian chemicals group Solvay (SOLB.BR) forecasted lower earnings this year due to weaker demand from chemicals, coatings, and consumer markets, sending its shares down more than 3% even as it reported record profits for 2022.
• In May 2023, Belgian chemicals group Solvay reported higher-than-expected first-quarter results and lifted its full-year profit and cash outlooks, but lower volumes hit its shares.