Automotive Composites Market - Forecasts from 2018 to 2023
Automotive Composites Market is expected to reach a global market size of $6.491 billion by the end of forecast period, at a compound annual growth rate of 7.92% from 2016 to 2021. A composite material is made from two or more materials, resulting in superior properties and structural performance better than each of its constituents. This has led to a surge in demand for these materials across various industries. Automotive is one such industry which has embraced composites for various applications like powertrain, interior and exterior furnishing. These composites are being preferred over alloys in vehicles to reduce overall weight and improve performance. Chemical corrosion resistance is another major advantage of these composites augmenting the demand for composites in the automotive industry. These composites also increase the versatility and durability of the vehicle without increasing its weight. Resistance to heat and external impact, low carbon dioxide emission superior fuel efficiency, improved appearance and safety among others are some major advantages of the composites in automobiles.
This report provides a comprehensive analysis of the Automotive Composites Market. The market size and forecast of the global, regional and various segments has been provided in US$ billion.
Under market dynamics section, different drivers, restraints, current trends and opportunities which exist in the market have been discussed with a detailed analysis regarding the same. Market analysis has been provided with the help of Porter’s Five Forces model. The other major sub-sections under this section are supplier outlook, industry outlook, industry lifecycle analysis, and value chain.
Scenario analysis has also been provided considering the different factors affecting the Automotive Composites Market. Under this section, different scenarios like industry regulations and economic factors have been considered to provide market trends over the forecast period.
The report analyses the opportunities which exist in different regions has also been covered by the wide-ranging market segmentation and forecast for Americas, Europe Middle East and Africa and Asia Pacific regions.
Competition analysis section lists vendor market share, recent investments by some of the major players, deals and strategies adopted by them to increase their visibility in the market.