Product ID: UCMIG25A2099
Automotive Composites Market Size, Share, Growth Analysis, By Fiber(Glass Reinforced Plastic (GRP), Carbon Fiber Reinforced Plastic (CFRP)), By Resin(Thermoset, Thermoplastic), By Manufacturing Process(Compression molding, Injection molding), By Application(Interior, Exterior) - Industry Forecast 2024-2031
Report ID:
UCMIG25A2099 |
Region:
Global |
Published Date: Upcoming |
Pages:
165
| Tables: 55 | Figures: 60
Automotive Composites Market Insights
Market Overview:
The Automotive Composites Market, surpassing USD 3.80 billion in 2020, is poised for consistent growth with a projected compound annual growth rate (CAGR) of 6.9% from 2021 to 2027. This growth is predominantly driven by the increasing demand for lightweight vehicles in the United States and major European countries, fostering the consumption of composite materials in the automotive sector. The correlation between vehicle weight reduction and fuel efficiency is a critical factor. A decrease of 10% in vehicle weight can lead to significant gains of 6% to 8% in fuel economy for passenger cars and approximately 10% for electric vehicles. These trends not only contribute to emissions reduction but also align with the automotive industry's drive towards sustainable production practices by 2027. As automakers seek to improve fuel efficiency, reduce carbon emissions, and enhance overall vehicle performance, the adoption of automotive composites is anticipated to play a pivotal role in reshaping the industry landscape and driving growth throughout the forecast period.
Automotive Composites Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.
Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.
The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Auto Parts & Equipment by segment aggregation, the contribution of the Auto Parts & Equipment in Automobiles & Components and vendor share.
To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
Automotive Composites Market Report Snapshots
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