December 14, 2021 04:03 ET | Source: Market Research Future Market Research Future
New York, Dec. 14, 2021 (GLOBE NEWSWIRE) -- Automotive Composites Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Composites Market Research Report: Information By Fiber Type (Glass Fiber, Carbon Fiber, Others) By Manufacturing Process (Compression Molding, Injection Molding, Resin Transfer Molding, Others), Application (Exterior, Interior, Powertrain, Chassis) Forecast till 2028”, the market is expected to exhibit a CAGR of over 11.2% to reach a value of around USD 15.08 billion by the end of the forecast period of 2022-2028.
List of the companies profiled in the global Automotive Composites Market research report are –
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The key players are engaged in strategic initiatives such as product launches, mergers, and acquisitions. For instance, in July 2021, Toray opened Resins Technical Center in Germany. This helps Toray Resins Europe GmbH market and sell high-performance resin compounds and Toray to strengthen it's position in Europe.
The Global Automotive Composites Market is expected to exhibit a CAGR of over 11.2% to reach a value of around USD 15.08 billion by the end of the forecast period of 2022-2028.
One of the automotive industry's biggest challenges is reducing automobiles weight to reduce fuel consumption. Due to their high fuel consumption, road transport vehicles are believed to contribute more than a quarter of all greenhouse gas emissions. The weight of automobiles is a key factor in their fuel consumption. In addition, the growing consumer interest in energy security issues and the increasing customer awareness of alternate materials for automobiles are expected to drive the global automotive composites market.
Automotive composites offer many advantages over traditional steel and injection-molded parts. Because of their properties, composites are being considered as alternatives to steel and aluminum for automobile manufacturing. Automotive composites are made of two or more materials with different properties. The individual materials in an automotive composite are distinct and do not blend into one another, so they are not considered mixtures or solutions. The properties of a composite made from two materials are frequently superior to those of the individual materials.
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The increased use of composite materials in automobiles fuels the quality and inspection standards. To ensure quality and consistency, engineers control manufacturing by adhering to standards, testing components to confirm material conformance with design specifications, and inspecting the components for quality standards. Industry associations such as ASTM, CDA, and SAE control automobiles' alloys' composition.
According to the U.S.-Environmental Protection Agency (EPA), the transportation industry in America accounts for nearly one-fourth of the country's greenhouse gas emissions. US automakers follow the average miles per gallon standard for their vehicles. Moreover, the automotive industry focuses on stringent government regulations such as the Corporate Average Fuel Economy (CAFE) standards and the European Emission Standards (EES) that mandate specific levels of fuel efficiency and emissions output per vehicle manufactured. This, in turn, will cause the car companies to focus more on producing lightweight vehicles that will reduce the battery weight and thus increase the fuel efficiency of their cars. The safety associated with composites in automotive, lightweight properties, and stringent government rules help drive the global automotive composites market.
After hitting the lowest by the outbreak of COVID-19, the global economy is set to expand 5.6% in 2021. However, the recovery is projected to be uneven owing to the uneven vaccine rollouts, upcoming COVID-19 waves, and withdrawal of monetary support measures. The recovery is envisioned to continue into 2022, with global growth moderating to 4.3%.
The economic impact of COVID-19 on end-use industries has been significant. Travel restrictions have caused a downturn in many markets, and growth has slowed as a result. The lockdowns have forced production facilities to remain closed, negatively impacting the polymer automotive composites due to revenue loss from lower adoption of the composites in automotive industry. All major industries face disruptions, such as supply chain failures, slow technological adoptions, and office closures. Since lifting travel restrictions, growth across application markets has gained significant traction.
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The automotive composites market has seen a drop during 2020 due to the COVID-19 ordinance. Lockdowns in various countries have impacted automobile manufacturers, which has played an important role in declining the automotive composites market. The outbreak of the COVID-19 virus has had a major impact on the automotive industry, and carmakers are currently struggling with unprecedented uncertainty. The disruption of supply chain activities has also slowed down manufacturing, delaying the production of motor vehicles and thus hampering the growth of the global composites market. In addition, the decreased demand in the automotive industry was caused by the COVID-19 pandemic, which is affecting the growth of the global automotive composites market. The automotive composites market is expected to recover from 2021 onwards with the increasing demand for electric vehicles, especially in Asia Pacific. The cutback in spending delayed many projects in the automotive composites market, which affected growth in the industry. Now that the spending lockdown has been lifted, automotive composites makers are likely to resume their expansion plans, which will boost markets for these products.
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Segmentation of Market covered in the research:
Automotive Composites Market Research Report: Information By Fiber Type (Glass Fiber, Carbon Fiber, Others) By Manufacturing Process (Compression Molding, Injection Molding, Resin Transfer Molding, Others), Application (Exterior, Interior, Powertrain, Chassis) Forecast till 2028
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