HOME Top Market Reports Automotive Composites Market by Fiber Type (Glass, Carbon, Natural), Resin Type (Thermoset, Thermoplastics), Manufacturing Process (Compression, Injection, RTM), Applications (Exterior, Interior), Vehicle Type, and Region - Global Forecast to 2022

Automotive Composites Market by Fiber Type (Glass, Carbon, Natural), Resin Type (Thermoset, Thermoplastics), Manufacturing Process (Compression, Injection, RTM), Applications (Exterior, Interior), Vehicle Type, and Region - Global Forecast to 2022

By: marketsandmarkets.com
Publishing Date: September 2017
Report Code: CH 2907

 

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The automotive composites market was valued at USD 6.81 Billion in 2016 and is projected to reach USD 13.14 Billion by 2022, at a CAGR of 12.26% between 2017 and 2022. Increased demand for lightweight fuel-efficient vehicles and environment-friendly electric vehicles and use of natural fiber composites in interiors of vehicles are the factors driving the markrt growth of the automotive composites  across the globe. Moreover, the manufacturers of automotive composites are signing up supply agreements with other companies, developing new products, and acquiring small companies to expand their presence and secure their positions in the automotive composites market, globally. In this study, the years that have been considered to estimate the market size for the automotive composites are:

  • Base Year – 2016
  • Estimated Year – 2017
  • Projected Year – 2022
  • Forecast Period – 2017 to 2022

2016 has been considered as the base year for the company profiles. In the cases, wherever information for the base year has been unavailable, the year prior to it has been considered.

Objectives of the Study

  • To analyze and forecast the size of the automotive composites market in terms of volume and value
  • To provide detailed information regarding the key factors such as drivers, restraints, opportunities, and challenges influencing the growth of the automotive composites market
  • To define, describe, and forecast the automotive composites market based on fiber type, resin type, manufacturing process, vehicle type, and application
  • To analyze and forecast the market size of the automotive composites in North America, Europe, Asia-Pacific, the Middle East & Africa (ME&A), Latin America, and their key countries
  • To strategically profile the key players operating in the automotive composites market and analyze their core competencies
  • To analyze the market opportunities and competitive landscape for the stakeholders and market leaders
  • To analyze competitive developments such as agreements, expansions & investments, mergers & acquisitions, and new product developments undertaken by the key market players

Various secondary sources such as such as Factiva, Hoovers, and Manta, among others have been used to understand and gain insights about the automotive composites market. Experts from the top companies manufacturing automotive composites have been interviewed to verify and collect critical information and to assess the trends in the automotive composites market during the forecast period. The top-down, bottom up, and data triangulation approaches have been implemented to calculate the exact values of the overall parent and individual market sizes.

Automotive Composites Market

To know about the assumptions considered for the study, download the pdf brochure

The market for automotive composites has a diversified and established ecosystem consisting of upstream players such as raw material suppliers and downstream stakeholders such as manufacturers, vendors, and end users of automotive composites, and various government organizations. Some of the major players operating in the automotive composites market are Toho Tenax Co., Ltd. (Japan), SGL Group (Germany), Toray Industries, Inc. (Japan), Solvay S.A. (Belgium), Owens Corning (U.S.), and Gurit (Switzerland), among others.

Target Audience

  • Manufacturers of Automotive Composites
  • Suppliers of Raw Materials
  • Distributors and Suppliers of Automotive Composites
  • End-use Industries
  • Industry Associations

“This study answers several questions for the stakeholders, primarily which market segments to focus on, in the next two to five years for prioritizing their efforts and investments.”

Scope of the Report:

This research report categorizes the automotive composites market based on fiber type, resin type, manufacturing process, application, vehicle type, and region. It forecasts the revenue growth and analyzes the trends in each of the submarkets.

Automotive Composites Market, by Fiber Type:

  • Carbon
  • Glass
  • Others

Automotive Composites Market, by Resin Type:

  • Thermoplastic
    • Polypropylene
    • Polyamide
    • Polyphenylene Sulfide
    • Others
  • Thermoset
    • Polyester
    • Vinylester
    • Epoxy
    • Others

Automotive Composites Market, by Application:

  • Interior
  • Exterior
  • Powertrain
  • Chassis

Automotive Composites Market, by Manufacturing Process:

  • Compression Molding
  • Injection Molding
  • Resin Transfer Molding (RTM)
  • Others

Automotive Composites Market, by Vehicle Type:

  • Electric
  • Non-Electric

Automotive Composites Market, by Region

  • North America
  • Europe
  • Asia-Pacific
  • Middle East & Africa (ME&A)
  • Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the specific needs of the companies. The following customization options are available for the report:

Product Analysis

  • Product matrix, which gives a detailed comparison of the product portfolio of each company

Regional Analysis

  • Further breakdown of the North America automotive composites market
  • Further breakdown of the Europe automotive composites market
  • Further breakdown of the Asia-Pacific automotive composites market
  • Further breakdown of the Middle East & Africa automotive composites market
  • Further breakdown of the Latin America automotive composites market

Company Information

  • Detailed analysis and profiling of additional market players

Table of Contents

1 Introduction (Page No. - 15)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Years Considered for the Study
    1.4 Currency
    1.5 Package Size
    1.6 Limitations
    1.7 Stakeholders

2 Research Methodology (Page No. - 19)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primary Interviews
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Data Triangulation
           2.3.1 Research Assumptions

3 Executive Summary (Page No. - 27)

4 Premium Insights (Page No. - 32)
    4.1 Attractive Growth Opportunities in Automotive Composites Market
    4.2 Automotive Composites Market, By Application
    4.3 Automotive Composites Market, By Fiber Type, and Region
    4.4 Thermoset Automotive Composites Market, By Resin Type
    4.5 Automotive Composites Market, By Manufacturing Process
    4.6 Automotive Composites Market, By Country

5 Market Overview (Page No. - 37)
    5.1 Market Dynamics
           5.1.1 Drivers
                    5.1.1.1 Increase in the Demand for Lightweight and Fuel Efficient Vehicles
                    5.1.1.2 Increase in the Demand for Environmentally-Friendly Electric Vehicles
                    5.1.1.3 Increasing Use of Environmentally Natural Fiber Composites in Automotive Applications
           5.1.2 Restraints
                    5.1.2.1 High Production Cost of Composites
                    5.1.2.2 Lack of Technological Advancements in the Emerging Economies
           5.1.3 Opportunities
                    5.1.3.1 Stringent Government Regulations Compelling the Use of Lightweight Materials
           5.1.4 Challenges
                    5.1.4.1 Recyclability of Composites
    5.2 Porter’s Five Forces Analysis
           5.2.1 Threat of New Entrants
           5.2.2 Threat of Substitutes
           5.2.3 Bargaining Power of Buyers
           5.2.4 Bargaining Power of Suppliers
           5.2.5 Intensity of Rivalry

6 Macro Economic Overview and Key Trends (Page No. - 44)
    6.1 Introduction
    6.2 Trends and Forecast of GDP
    6.3 Per Capita GDP vs Per Capita Composite Materials Demand
    6.4 Trends of Automotive Industry

7 Automotive Composites Market, By Fiber Type (Page No. - 49)
    7.1 Introduction
    7.2 Carbon Fiber Automotive Composites
    7.3 Glass Fiber Automotive Composites
    7.4 Other Fibers Automotive Composites

8 Automotive Composites Market, By Resin Type (Page No. - 58)
    8.1 Introduction
    8.2 Thermoset Automotive Composites
           8.2.1 Polyester Resin
           8.2.2 Vinyl Ester Resin
           8.2.3 Epoxy Resin
           8.2.4 Others
    8.3 Thermoplastic Automotive Composites
           8.3.1 Polypropylene (PP)
           8.3.2 Polyamide (PA)
           8.3.3 Polyphenylene Sulfide (PPS)
           8.3.4 Others

9 Automotive Composites Market, By Manufacturing Process (Page No. - 67)
    9.1 Introduction
    9.2 Comparative Study of Major Automotive Composites Manufacturing Processes
    9.3 Compression Molded Automotive Composites
    9.4 Injection Molded Automotive Composites
    9.5 Resin Transfer Molded Automotive Composites
    9.6 Other Processes
           9.6.1 Filament Winding Process
           9.6.2 Continuous Process
           9.6.3 Manual Process

10 Automotive Composites Market, By Application (Page No. - 76)
     10.1 Introduction
     10.2 Exterior
     10.3 Interior
     10.4 Powertrain
     10.5 Chassis

11 Automotive Composites Market, By Vehicle Type (Page No. - 84)
     11.1 Introduction
     11.2 Non-Electric Vehicles
     11.3 Electric Vehicles

12 Regional Analysis (Page No. - 88)
     12.1 Introduction
     12.2 Europe
             12.2.1 Germany
             12.2.2 France
             12.2.3 U.K.
             12.2.4 Italy
             12.2.5 Spain
             12.2.6 Hungary
             12.2.7 Belgium
             12.2.8 Rest of Europe
     12.3 North America
             12.3.1 U.S.
             12.3.2 Canada
     12.4 Asia-Pacific
             12.4.1 China
             12.4.2 Japan
             12.4.3 India
             12.4.4 South Korea
             12.4.5 Australia
             12.4.6 Rest of Asia-Pacific
     12.5 Latin America
             12.5.1 Mexico
             12.5.2 Brazil
             12.5.3 Rest of Latin America
     12.6 Middle East & Africa
             12.6.1 South Africa
             12.6.2 UAE
             12.6.3 Rest of Middle East & Africa

13 Competitive Landscape (Page No. - 109)
     13.1 Market Share Analysis

14 Company Profiles (Page No. - 110)
(Business Overview, Products Offered, Scorecard of Product Offering, Scorecard of Business Strategy, and New Product Launch)
     14.1 Toray Industries, Inc.
     14.2 SGL Group
     14.3 Solvay S.A.
     14.4 UFP Technologies, Inc.
     14.5 Koninklijke Ten Cate B.V.
     14.6 Gurit
     14.7 Toho Tenax Co. Ltd.
     14.8 Mitsubishi Chemical Corporation
     14.9 Plasan Carbon Composites
     14.10 Continental Structural Plastics Inc.
     14.11 Other Key Players
             14.11.1 Owens Corning
             14.11.2 3B Fiberglass Company
             14.11.3 Hexcel Corporation
             14.11.4 Mubea Carbo Tech GmbH
             14.11.5 Quantum Composites
             14.11.6 GMS Composites
             14.11.7 TPI Composites
             14.11.8 Hanwha Azdel
             14.11.9 Magna International Inc.
             14.11.10 Mahindra Cie Automotive Ltd.
             14.11.11 AAT Composites (Pty) Ltd.
             14.11.12 SABIC (Saudi Arabia Basic Industries Corporation)
             14.11.13 Creative Composites Ltd.
             14.11.14 Nippon Sheet Glass Co. Ltd.
             14.11.15 Formaplex
             14.11.16 IDI Composite International

*Details Might Not Be Captured in Case of Unlisted Companies

15 Appendix (Page No. - 140)
     15.1 Insights From Industry Experts
     15.2 Discussion Guide
     15.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     15.4 Introducing RT: Real-Time Market Intelligence
     15.5 Available Customizations
     15.6 Related Reports
     15.7 Author Details


List of Tables (65 Tables)

Table 1 Trends and Forecast of GDP, USD Billion (2016–2022)
Table 2 Per Capita GDP vs Per Capita Composite Materials Demand, 2016
Table 3 Automotive Production, Million Units (2011-2016)
Table 4 Market Size, By Fiber Type, 2015–2022 (USD Million)
Table 5 Market Size, By Fiber Type, 2015–2022 (Kiloton)
Table 6 Carbon Fiber Automotive Composites Market Size, By Region, 2015–2022 (USD Million)
Table 7 Carbon Fiber Automotive Composites Market Size, By Region, 2015–2022 (Kiloton)
Table 8 Glass Fiber Automotive Composites Market Size, By Region, 2015–2022 (USD Million)
Table 9 Glass Fiber Automotive Composites Market Size, By Region, 2015–2022 (Kiloton)
Table 10 Other Fibers Automotive Composites Market Size, By Region, 2015–2022 (USD Million)
Table 11 Other Fibers Automotive Composites Market Size, By Region, 2015–2022 (Kiloton)
Table 12 Market Size, By Resin Type, 2015–2022 (USD Million)
Table 13 Market Size, By Resin Type, 2015–2022 (Kiloton)
Table 14 Automotive Thermoset Composites Market Size, By Region, 2015–2022 (USD Million)
Table 15 Automotive Thermoset Composites Market Size, By Region, 2015–2022 (Kiloton)
Table 16 Thermoset Automotive Composites Market Size, By Resin Subtype, 2015–2022 (USD Million)
Table 17 Thermoset Automotive Composites Market Size, By Resin Subtype, 2015–2022 (Kiloton)
Table 18 Thermoplastic Automotive Composites Market Size, By Region, 2015–2022 (USD Million)
Table 19 Thermoplastic Automotive Composites Market Size, By Region, 2015–2022 (Kiloton)
Table 20 Thermoplastic Automotive Composites Market Size, By Resin Subtype, 2015–2022 (USD Million)
Table 21 Thermoplastic Automotive Composites Market Size, By Resin Subtype, 2015–2022 (Kiloton)
Table 22 Market Size, By Manufacturing Process, 2015–2022 (USD Million)
Table 23 Market Size, By Manufacturing Process, 2015–2022 (Kiloton)
Table 24 Compression Molded Automotive Composites Market Size, By Region, 2015–2022 (USD Million)
Table 25 Compression Molded Automotive Composites Market Size, By Region, 2015–2022 (Kiloton)
Table 26 Injection Molded Automotive Composites Market Size, By Region, 2015–2022 (USD Million)
Table 27 Injection Molded Automotive Composites Market Size, By Region, 2015–2022 (Kiloton)
Table 28 Resin Transfer Molded Automotive Composites Market Size, By Region, 2015–2022 (USD Million)
Table 29 Resin Transfer Molded Automotive Composites Market Size, By Region, 2015–2022 (Kiloton)
Table 30 Other Processes Automotive Composites Market Size, By Region, 2015–2022 (USD Million)
Table 31 Other Processes Automotive Composites Market Size, By Region, 2015–2022 (Kiloton)
Table 32 Automotive Composites Market Size, By Application, 2015–2022 (USD Million)
Table 33 Market Size, By Application, 2015–2022 (Kiloton)
Table 34 Market Size in Exterior Application, By Fiber Type, 2015–2022 (USD Million)
Table 35 Market Size in Exterior Application, By Fiber Type, 2015–2022 (Kiloton)
Table 36 Market Size in Interior Application, By Fiber Type 2015–2022 (USD Million)
Table 37 Market Size in Interior Application, By Fiber Type 2015–2022 (Kiloton)
Table 38 Market Size in Powertrain Application, By Fiber Type 2015–2022 (USD Million)
Table 39 Market Size in Powertrain Application, By Fiber Type 2015–2022 (Kiloton)
Table 40 Market Size in Chassis Application, By Fiber Type, 2015–2022 (USD Million)
Table 41 Market Size in Chassis Application, By Fiber Type 2015–2022 (Kiloton)
Table 42 Automotive Composites Market Size, By Vehicle Type, 2015–2022 (USD Million)
Table 43 Market Size, By Vehicle Type, 2015–2022 (Kiloton)
Table 44 AutomoMarket Size, By Region, 2015–2022 (USD Million)
Table 45 Market Size, By Region, 2015–2022 (Kiloton)
Table 46 Europe: Market Size, By Fiber Type, 2015–2022 (USD Million)
Table 47 Europe: Market Size, By Fiber Type, 2015–2022 (Kiloton)
Table 48 Europe: Market Size, By Country, 2015–2022 (USD Million)
Table 49 Europe: Market Size, By Country, 2015–2022 (Kiloton)
Table 50 North America:  Market Size, By Fiber Type, 2015–2022 (USD Million)
Table 51 North America:  Market Size, By Fiber Type, 2015–2022 (Kiloton)
Table 52 North America: Market Size, By Country, 2015–2022 (USD Million)
Table 53 North America: Market Size, By Country, 2015–2022 (Kiloton)
Table 54 Asia-Pacific: Market Size, By Fiber Type, 2015–2022 (USD Million)
Table 55 Asia-Pacific: Market Size, By Fiber Type, 2015–2022 (Kiloton)
Table 56 Asia-Pacific: Market Size, By Country, 2015–2022 (USD Million)
Table 57 Asia-Pacific: Market Size, By Country, 2015–2022 (Kiloton)
Table 58 Latin America:  Market Size, By Fiber Type, 2015–2022 (USD Million)
Table 59 Latin America: Market Size, By Fiber Type, 2015–2022 (Kiloton)
Table 60 Latin America: Market Size, By Country, 2015–2022 (USD Million)
Table 61 Latin America: Market Size, By Country, 2015–2022 (Kiloton)
Table 62 Middle East & Africa: Market Size, By Fiber Type, 2015–2022 (USD Million)
Table 63 Middle East & Africa: Market Size, By Fiber Type, 2015–2022 (Kiloton)
Table 64 Middle East & Africa: Market Size, By Country, 2015–2022 (USD Million)
Table 65 Middle East & Africa: Market Size, By Country, 2015–2022 (Kiloton)
 
 
List of Figures (41 Figures)
 
Figure 1 Automotive Composites: Market Segmentation
Figure 2 Automotive Composites Market: Research Methodology
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Automotive Composites Market: Data Triangulation
Figure 6 Chassis to Be the Fastest-Growing Application During the Forecast Period
Figure 7 China to Be the Fastest-Growing Automotive Composites Market, 2017–2022
Figure 8 Glass Fiber Composites to Dominate Automotive Composites Market, (2017-2022)
Figure 9 Electric Vehicles to Be the Faster -Growing Vehicle Type in the Market Between 2017 and 2022
Figure 10 Europe to Dominate Automotive Composites Market During the Forecast Period
Figure 11 Increased Government Regulations on Environmentally-Friendly and Lightweight Vehicles to Drive Automotive Composites Market, 2017–2022
Figure 12 Chassis to Be the Fastest-Growing Application of Automotive Composites Market, 2017–2022
Figure 13 Glass Fiber Composites Dominated the Automotive Composites Market, in 2016
Figure 14 Polyester to Dominate the Thermoset Automotive Composites Market During Forecast Period
Figure 15 Resin Transfer Molding Process to Be the Fastest-Growing Segment During Forecast Period
Figure 16 China to Be the Fastest-Growing Market During Forecast Period
Figure 17 Drivers, Restraints, Opportunities, and Challenges of the Market
Figure 18 Porter’s Five Forces Analysis of Automotive Composites Market
Figure 19 Trends and Forecast of GDP, USD Billion (2016)
Figure 20 Per Capita GDP vs Per Capita Composite Materials Demand
Figure 21 Automotive Production in Key Countries, Million Units (2015 vs 2016)
Figure 22 Glass Fiber Composites to Dominate the Market of Automotive Composites During the Forecast Period
Figure 23 Europe to Dominate the Automotive Glass Fiber Composites Market
Figure 24 Asia-Pacific to Grow at A Highest CAGR for the Thermoset Automotive Composites During the Forecast Period
Figure 25 Europe to Lead the Thermoplastic Automotive Composites Market
Figure 26 Resin Transfer Molded Automotive Composites to Witness High CAGR in the Market During Forecast Period
Figure 27 Europe to Dominate RT m Process for Automotive Composites Market in Next Five Years
Figure 28 Carbon Fiber Composites Market to Witness Highest CAGR in Interior Application Between 2017 and 2022
Figure 29 Carbon Fiber to Dominate Market of Automotive Composites in Chassis Application
Figure 30 Electric Vehicle Type to Register the Highest CAGR Between 2017 and 2022
Figure 31 Country Snapshot: China to Be the Fastest-Growing Automotive Composites Market
Figure 32 Europe Market Snapshot: Germany to Lead Automotive  Composites Market
Figure 33 North America Market Snapshot: U.S. to Lead the Market
Figure 34 Asia-Pacific Market Snapshot: China to Lead the Market
Figure 35 Market Share of Key Players, 2016
Figure 36 Toray Industries, Inc.: Company Snapshot
Figure 37 SGL Group: Company Snapshot
Figure 38 Solvay S.A.: Company Snapshot
Figure 39 UFP Technologies, Inc.: Company Snapshot
Figure 40 Koninklijke Ten Cate B.V.: Company Snapshot
Figure 41 Gurit: Company Snapshot

The automotive composites market is projected to reach USD 13.14 Billion by 2022, at a CAGR of 12.26% between 2017 and 2022. Increase in the demand for lightweight and fuel-efficient vehicles and environment-friendly electric vehicles and use of natural fiber composites in automotive interiors are the factors driving the market growth of the automotive composites across the globe. Toray Industries, Inc. (Japan), SGL Group (Germany), Mitsubishi Chemical Corporation (Japan), Plasan Carbon Composites (U.S.), Solvay S.A. (Belgium), UFP Technologies, Inc. (U.S.), Toho Tenax Co., Ltd. (Japan), Koninklijke Ten Cate B.V. (Netherlands), Continental Structural Plastics Inc. (U.S.), Gurit (Switzerland), and Owens Corning (U.S.), among others are the key players operating in the automotive composites market. These key players have adopted the strategies of agreements, expansions & investments, mergers & acquisitions, and new product developments to strengthen their positions in the automotive composites market.

The automotive composites market has been segmented based on fiber type, resin type, vehicle type, manufacturing process, application, and region. Based on fiber type, the market has been classified into glass fiber, carbon fiber, and others. The glass fiber segment is leading the market of automotive composites  as glass fibers are increasingly used in various applications due to their significant properties and cost effectiveness. The carbon fiber segment of the automotive composites market is projected to grow at the highest CAGR during the forecast period in terms of value and volume as these carbon fiber composites are used in electric, luxury, and sports cars.

Based on resin type, the automotive composites market has been classified into thermoset and thermoplastic. The thermoset segment is expected to lead the market of automotive composites  during the forecast period in terms of volume. The different types of thermoset polymer matrices such as epoxy, polyester, vinyl esters, and others are used in the manufacturing of automotive composites. The growth of the thermoset segment of the market can be attributed to various properties offered by these resins, which include no expansion due to heat and resistance to the effect of moisture. These resins are suitable for highly corrosive and high-temperature applications and as such, are used for manufacturing heat shields, fuel vapor canister brackets, and radiator brackets, among others.

Among applications, the exterior segment is leading the market of automotive composites in terms of value and volume. The growth of this segment of the market can be attributed to the increased demand for automotive composites to manufacture several exterior parts such as fenders, hoods, bumper beams, and deck lids of vehicles. The automotive composites are used to manufacture the exterior parts of vehicles as they result in their increased strength and lightweight. They also increase the durability of vehicles, thereby ensuring their long life cycles and low maintenance costs. The exterior parts of vehicles manufactured from composites offer high stiffness, thereby resulting in minimum damages in case of accidents.

Among manufacturing processes, the compression molding process segment is estimated to account for the largest share of the automotive composites market in 2017 in terms of value and volume. The growth of this segment of the market can be attributed to the increased demand for this process as it offers fast molding cycles and ensures uniformity during the manufacturing of various automotive parts such as door systems, load bearing chassis, pillars, and structural interiors.

The composites are considered as the best substitute for traditional materials such as steel and aluminum. These materials are being increasingly used in various types of vehicles, namely, electric and non-electric vehicles. The electric vehicles market worldwide is still in the nascent phase as the production of electric cars is still very less in comparison to the non-electric vehicles. Among vehicle types, the non-electric vehicles segment is projected to register the highest CAGR in the automotive composites market during the forecast period in terms of value and volume. Composites, when used in the non-electric vehicles, help reduce the weight of the car body and offer high strength-to-weight ratio, thereby resulting in improved fuel efficiency of vehicles.

The European region is the largest market for automotive composites in terms of value and volume. The growth of the Europe automotive composites market can be attributed to the increased demand for automotive composites from original equipment manufacturers (OEMs) such as Porsche (Germany), Audi (Germany), BMW (Germany), Aston Martin (U.K.), Renault (France), Volkswagen (Germany), and Fiat Chrysler (U.K.) that are based in the region. The growth of the Europe automotive composites market is mainly due to the rising demand for superior performance materials that result in lightweight, high strength, and reduced CO2 emissions of vehicles.

Automotive Composites Market

The high capital required for manufacturing composites and limited technological advancements related to automotive manufacturing in the emerging economies are major restraints to the growth of automotive composites market across the globe.

Toray Industries, Inc. (Japan) is one of the major players in the automotive composites market. It emphasizes on the excellence in consumer-centric product creation. It focuses mainly on new product developments, mergers & acquisitions, and expansions to enhance its position in the automotive composites market. The company is involved in continuous improvements in its businesses and follows strategic moves to sustain its position as a leader in the market.

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