Global Automotive Composite Market increasing at a CAGR of 5.4% during the forec

Posted by Arslan on December 27th, 2018

In order to study the various trends and patterns prevailing in the concerned market, Market Research Reports Search Engine (MRRSE) has included a new report titled “Automotive Composite Market” to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future.

The global market for automotive composite is estimated to account for US$ 7,231.7 Mn by the end of 2018 and while increasing at a CAGR of 5.4% during the forecast period (2018–2028), the global Automotive Composite Market is projected to reach a market value of by US$ 12,202.5 Mn by 2028 end. As the demand for automotive vehicles increase across the globe, the demand for high performance vehicles will also increase significantly. Automotive manufacturers across the world are focusing on reducing the weight of vehicles. That apart, emission control and improved performance characteristics are the other objectives that global automotive manufacturers aim to achieve. Due to the aforementioned factors, the demand for lightweight materials, such as carbon fiber composites, is expected to increase significantly in the coming years, which is expected to promote the growth of the automotive composites market in near future.

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Sales of automotive composites is directly related to the automotive production and vehicle parc. Despite unstable economic conditions in the market in the recent past, on an average, the global automotive industry has witnessed satisfactory growth. Automotive production is anticipated to increase with a modest CAGR of 3%-3.5% during the forecast period, thereby consequently leading to growth of the global Automotive Composite Market.

Automotive production is expected to be higher in emerging economies as compared to that in developed economies. This can mainly be attributed to increasing urbanization and stable economic conditions in these regions. During the forecast period, the fleet on road is also expected to grow with modest CAGR, thereby providing marginal opportunities for growth of automotive composites and their further customization.

Market penetration in untapped markets coupled with market expansion of existing bases has been the pivotal strategy employed by automotive composite manufacturers for fortifying their market share. Major players involved in the Automotive Composite Market are emphasising on acquisitions, partnerships, collaborations & expansions to enhance their operational efficiency. Also, strategic collaborations and joint ventures will improve companies’ sales & distribution network, which will further lead to the demand for automotive composites gaining momentum during the forecast period.