According to the report titled ‘Automotive Composites Market Size By Fiber (Glass, Carbon, Natural), By Resin (Thermoset, Thermoplastic), By Manufacturing Process (Compression, Injection, Resin Transfer Moulding [RTM]) By Application (Interior, Exterior, Structural & Powertrain) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’ available with MarketStudyReport, global automotive composites market is poised to witness notable growth during the forecast period 2020-2026.

 

Growing popularity of composite materials due to their high strength, rigorous durability, and lightweight, as well as increasing penetration of electric vehicles (EVs) and self-driving cars are pushing the growth of global automotive composites market.

 

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The Covid-19 outbreak had become a major impediment to global automotive sector. However, in the aftermath of the crisis, automakers are expected to ramp up the production of EVs and self-driving cars on a large scale to accommodate the increasing public demand for sustainability, which will stimulate the industry outlook. 

 

Based on manufacturing process, the others segment is expected to grow at a 5% annual rate during the forecast period, owing to increasing use of composites in vehicle structural elements, and adoption of innovative manufacturing processes to meet international automotive requirements.

 

In terms of fiber, global automotive composites market is classified into natural, glass, and carbon. Based on resin, the industry is divided into thermoplastic and thermoset. 

 

Concerning application, the others segment is estimated to have a CAGR of 5% though 2026 because of tightened regulations on vehicular emissions. Growing emphasis on environmental sustainability as well as the demand for fuel-efficient and lightweight vehicles have increased the use of composites in a variety of automotive applications.

 

From the regional standpoint, Middle East & Africa market is likely to record 5.5% CAGR during the projected timeframe due to robust economic growth, and a substantial improvement in people's disposable incomes, which has resulted in preference for premium and luxury cars in recent years. Furthermore, supportive government initiatives, such as incentives to adopt EVs, are likely to advance the industry landscape during the analysis period.

 

The competitive landscape of worldwide automotive composites industry is defined by companies like Revchem Composites Inc., Polar Manufacturing Ltd., Hitco Carbon Composites Inc., Mitsubishi Rayon Co. Ltd., Protech Composites, Hexcel Corporation, Owens Corning Corp., DowAksa Advanced Composites Holdings B.V., Johns Manville Corporation, Rock West Composites, Koninklijke Ten Cate B.V., Clearwater Composites LLC, Cytec Solvay Group, Scott Bader Co. Ltd., Jushi Group Jiujiang Co. Ltd., and ACP Composites among others.