Ocean View, DE -- (SBWIRE) -- 06/22/2020 -- The automotive composites market share is segmented into injection, compression, RTM resin transfer molding, and others, depending on the manufacturing process. The others segment is slated to register a CAGR of more than 5% during the forecast period. This can be associated with growing implementation of composites in the structural elements of vehicles and the need for advanced and innovative manufacturing processes to meet the global automotive demand.
In the automotive industry, composite materials are used in interior, exterior, structural & powertrain, and other applications. The others application segment is projected to grow at a CAGR of 5% through 2026. This growth can be largely attributed to tightening regulations pertaining to vehicular emissions. Growing focus towards environmental sustainability and demand for fuel-efficient and light weight vehicles has increased the use of composites in numerous automotive applications. Governments in many regions have introduced favorable norms to encourage the adoption of electric vehicles, which will complement the automotive composites market outlook.
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Growing consumer inclination towards fuel efficient hybrid and electric vehicles will drive global automotive composites market outlook. Automotive composites are light weight structures that are utilized in place of traditional manufacturing materials for several interior, exterior and other auxiliary parts in vehicle in order to reduce overall vehicle weight.
Favorable governmental initiatives to support light weighting of vehicles to reduce the environmental impact quality will fuel the adoption of automotive composites by vehicle manufacturers. It is estimated that every 10% reduction in vehicle weight results in 7% increase in fuel economy, and with add-on compounded weight savings, there can be 9.5% improvement in the fuel economy.
Automotive composites market share in the Middle East and Africa (MEA) region is expected to experience a CAGR of over 5.5% during the analysis period. The region has witnessed a significant rise in the adoption of high-end and luxury vehicles over the past few years. With robust economic growth and a notable uptick in people's disposable incomes, the preference for premium and luxury cars has increased tenfold in recent years.
The MEA region is one of the most crucial markets for automakers around the world. Right from some of the world's largest automakers with a premium product portfolio to new entrants that focus on mass-market components, every player is eyeing the region to expand their presence and gain a larger automotive composites market share.
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With the presence of favorable government indicatives, MEA countries are ready to adapt to the constantly changing trends and preferences. Governments in these countries are actively encouraging the adoption of electric mobility, as the region takes a step further towards a major shift in automotive usage patterns.
Table of Contents (ToC) of the report:
Chapter 4 Automotive Composites Market, By Fiber
4.1 Automotive composites market share by fiber, 2019 & 2026
4.2 Glass fiber composites
4.2.1 Market estimates and forecast, 2016 – 2026
4.2.2 Market estimates and forecast by region, 2016 – 2026
4.3 Carbon fiber composites
4.3.1 Market estimates and forecast, 2016 – 2026
4.3.2 Market estimates and forecast by region, 2016 – 2026
4.4 Natural fiber composites
4.4.1 Market estimates and forecast, 2016 – 2026
4.4.2 Market estimates and forecast by region, 2016 – 2026
Chapter 5 Automotive Composites Market, By Resin
5.1 Automotive composites market share by resin, 2019 & 2026
5.2 Thermoset
5.2.1 Market estimates and forecast, 2016 – 2026
5.2.2 Market estimates and forecast by region, 2016 – 2026
5.3 Thermoplastic
5.3.1 Market estimates and forecast, 2016 – 2026
5.3.2 Market estimates and forecast by region, 2016 – 2026
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