Automotive Composites Market Increase in demand of lightweight and fuel-efficient vehicles
The automotive industry is highly focusing on the stringent regulations such as the Corporate Average Fuel Efficiency (CAFE) standards and the European Emission Standards (EES); laid by the governments of U.S. and Europe respectively for the vehicle manufacturers. According to United States- Environmental Protection Agency (EPA), the transportation industry in U.S. accounts for 27% of greenhouse gas emission. The U.S. government has made it a critical concern for the automakers to follow an average miles per gallon standard for their vehicles and thus, the U.S. automakers are concerning more significantly on the production of lightweight vehicles to reduce the battery weight and thus enhancing the fuel efficiency of the vehicles. The global automotive composites market size is expected to grow from USD 5.4 billion in 2020 to USD 9.3 billion by 2025, projecting a CAGR of 11.5% during the forecast period between 2020 and 2025.
Companies operating in the automotive composites market have strengthened their position in the global automotive composites market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2015-2020. However, the novel coronavirus pandemic has created ripples across the global electronics, industrial coatings, graphic arts industries affecting the global supply chains. This has resulted in a decline in vehicle sales, disrupted financial flows, and growing absenteeism among production line workers. These factors have affected the demand for automotive composites.
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Toray Industries Inc. (Japan), SGL Carbon (Germany), Teijin Limited (Japan), Mitsubishi Chemical Holding Corporation (Japan), Hexcel Corporation (US), Solvay SA (Belgium), Gurit (Switzerland), UFP Technologies Ltd. (US), Huntsman Corporation (US), and Hexion (US), are some of the key players in the automotive composites market. The companies such Toray Industries Inc., Teijin Limited, Hexcel Corporation and among others are focusing on new product development.
Related 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 2025
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