Automotive Composites Market to Rise at 7.56% CAGR till 2026; Increasing Investment in Product R&D Will Provide Impetus to Market Growth

The global automotive composites market size is projected to reach USD 13.5 billion by the end of 2026. The growing demand for a lightweight automobile will bode well for the market in the coming years. According to a report published by Fortune Business Insights, titled “Automotive Composites Market Size, Share & Industry Analysis, By Fiber (Glass, Carbon, and Natural), By Resin Type (Thermoset and Thermoplastics), By Application (Exterior, Interior, Structure & Power train, and Other), and Regional Forecast, 2019-2026,” the market was worth USD 7.67 billion in 2018 and will exhibit a CAGR of 7.56% during the forecast period, 2019-2026.

Automotive composites are materials that are normally used in automobiles, to manufacture lightweight and efficient products. A composite is a chemically derived fiber that is produced through a combination of several epoxy polymer components. These products are more reliable and safer than normal fibers, a primary reason why they are being used widely across several industries. The molecular advances have yielded several manufacturing techniques that have subsequently brought down the cost of final products.

The growing demand for the products and their use in the manufacture of several types of vehicles will open up a huge potential for the growth of the overall market in the coming years. The increasing investment in the R&D of products associated with industrial processes will bode well for the market in the coming years. Additionally, the properties of automotive composites such as excellent resistance to corrosion, shape retention, and low coefficient of thermal expansion will fuel the demand for the products, subsequently aiding the market growth.

Tesca’s Acquisition of Willy Schmitz Will Have a Massive Impact on the Global Market

The report highlights a detailed analysis of a few of the major industry developments of recent times and states their impact on the overall market. In March 2020, Tesca announced that it will be acquiring Willy Schmitz's business operations in Germany. Through this acquisition, Tesca will look to enhance its portfolio of automotive fabric and seating components. The company possesses a strong global consumer range; a factor that will be vital to the rapid growth of the company following the acquisition of Willy Schmitz. Tesco's latest acquisition will not only help the company grow but will also have a positive impact on the growth of the overall market in the foreseeable future. The report includes a few major company collaborations, similar to this, and discusses their impact on the overall market.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/automotive-composites-market-102711

Increasing Demand for Lightweight Vehicles Will Aid Market Growth

The report encompasses several factors that have helped companies generate substantial automotive composites market revenue in recent years. It highlights the major factors that have triggered major company activities and includes a thorough analysis of how these companies have directly influenced the growth of the overall market. Among all factors, the growing demand for lightweight vehicles has had the highest impact on market growth. The demand for lightweight materials is consequential to the strict government policies that are imposed on the making and built of a vehicle. The weight of the automobile is directly proportional to fuel efficiency; a primary reason why lighter material is preferred by most manufacturers. This will create several growth opportunities for automotive composites vendors across the world.

Mergers and Acquisitions are a Growing Trend Among Major Companies

Due to healthy market competition, major businesses across the world are focused on adopting strategies that will help them stand out from the bunch. It has been observed that company mergers and collaborations have helped a lot and as a result, are being adopted by most businesses across the world. Encouraged by changing consumer needs, major companies are looking to establish a diverse product portfolio which will ultimately help them retain customers.

List of companies profiled in the report:

• Teijin Ltd.
• Mitsubishi Chemical Corporation
• Toray Industries, Inc.
• SGL Carbon
• RTP Company
• Plasan Carbon Composites
• Owens Corning
• Solvay S.A.
• UFP Technologies, Inc.
• BASF SE
• Other Players

Industry Developments:

• March 2020: Tesca announced that it will be acquiring the business of Willy Schmitz and its operations, located in Germany.

The global automotive composites market is segmented based on: