The global automotive composites market size is projected to reach USD 13.5 billion by the end of 2026. The growing demand for lightweight automobile will bode well for the market in the coming years. According to a report published by Fortune Business Insights,the market was worth USD 7.67 billion in 2018 and will exhibit a CAGR of 7.56% during the forecast period, 2019-2026.
Asia Pacific Dominates the Market; Heavy Automobile Use in Emerging Countries to Aid Growth
The report analyzes the ongoing automotive composites market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in Asia Pacific is likely to emerge as the dominant region.
The report encompasses several factors that have made a positive impact on the growth of the market in recent years. Along with this, the report discusses the influence of major company collaborations in regional markets, particularly in areas where these companies are primarily operating. In September 2019, Martinrea International Inc. announced that it has signed a deal with Metalsa S.A. The deal is estimated to be around USD 19.5 million. Through this agreement, Martinrea will acquire the structural component manufacturing unit of Metalsa S.A. Through this acquisition, the company will look to strengthen its global footprint and subsequently widen its consumer range across the world.
Automotive composites are widely used in the manufacture of several body parts of an automobile. The product possesses some exceptional properties that have led to its wide adoption. It is light weight in nature and has low coefficient of thermal expansion, making it suitable for applications in automotive body parts. The light weight of the material has a direct impact on the overall efficiency of the automobile. Moreover, increased reliability and safety of the automobiles equipped with composite body structures will contribute to the growing demand for the product across the world. Stringent government policies to curb carbon emission and adverse effects of automobile on the environment will aid the growth of the overall market in the coming years. Moreover, low cost of the product will encourage manufacturers towards its adoption in automobile body parts and surfaces.
To notify a previous commenter, mention their user name:
@peter-smith if there are spaces.