Global Automotive Composites Market to Reach US$ 26.1 Billion by the year 2033 end; expanding at a CAGR of 12.1% | Data analysis by Future Market Insights, Inc.

PRESS RELEASE
Published July 5, 2023

NEWARK, DE / ACCESSWIRE / July 4, 2023 / The automotive composites market is to reach a valuation of US$ 8.3 billion in 2023. Future Market Insights reports say that the market is anticipated to expand at a 12.1% CAGR from 2023 to 2033. The Market is anticipated to reach US$ 26.1 billion by the end of 2033.

The market for automotive composites always remains competitive, due to the prevalence of giant players with expertise in advanced manufacturing technologies for sustainability in the global automotive composites market in the future, where, product development is considered to be the key growth strategy that is being adopted by market participants.

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Launching advanced products provides various practical benefits, and at the same time affirms existing emission norms and other regulations in the market, which is going to thus help the market players in strengthening their presence in the global automotive composites market.

Key Takeaways from this Market:

  • Sales of the automotive composites market expanded at a CAGR of 11.3% from 2018 to 2022.
  • The automotive composites market reached a valuation of US$ 6.2 billion.
  • Overall sales of automotive composites across the globe are projected to increase by 1.5x, registering year-on-year (YoY) growth of 5.10% in 2022.
  • The automotive industry in Asia Pacific is said to hold a market share of 7.8%.
  • Australia is said to expand at a CAGR of 4.5%.
  • The automotive industry in India is witnessing significant expansion over the past half-decade contributing a market share of 6.89%.
  • North America is expected to be the second most dominant automotive composites market holding a market share of 38.6%.
  • The United States is estimated to hold a significant portion of North America's market with a value share of 23.8%.
  • China is estimated to witness strong growth in the automotive composites market, accounting for more than 19% of the market share.
  • Glass fiber composites are estimated to hold a significant position in the market.
  • The glass fiber composites segment is expected to account for a dominant market share of 49.8%.
  • Passenger car contributes to an increase in sales in the automotive composites market.
  • The passenger car segment is anticipated to witness significant growth with a market share of 62.8%.
  • The exterior application holds a leading position in the market.
  • An exterior segment is anticipated to witness dominant growth with a market share of 44.3%.
  • Sales of thermoplastic resins lead to growth in the market.
  • Thermoplastic resins are expected to raise the sales of the market with a value share of 36.1%.

Lack of technological advancements and low recyclability of composites acts as a major restraint to hinder the market growth", comments a Future Market Insights Analyst.

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Some of the important developments by the key players:

  • In February 2023, Belgian chemicals group Solvay (SOLB.BR) forecasted lower earnings this year due to weaker demand from chemicals, coatings, and consumer markets, sending its shares down more than 3% even as it reported record profits for 2022.
  • In May 2023, Belgian chemicals group Solvay reported higher-than-expected first-quarter results and lifted its full-year profit and cash outlooks, but lower volumes hit its shares.

Some of the prominent players in the global market are:

  • Toray Industries Inc.
  • Gurit Holding AG
  • Solvay Group
  • SGL Carbon SE
  • Teijen Limited
  • Mitsubishi Chemical Holding
  • Owen Corning
  • E.I. du Pont de Nemours & Co.
  • UFP Technologies Inc.
  • Quantum Composites

Market Segmentation:

By Material:

  • Glass Fiber Composites
  • Natural Fiber Composites
  • Carbon Fiber Composites
  • Aramid Fiber Composites
  • Others

By Application:

  • Interior
  • Exterior
  • Underbody
  • Chassis
  • Power Train
  • Engine Components

By Resin:

  • Thermoplastic
  • Thermoset

By Vehicle Type:

  • Passenger Cars
    • Compact
    • Luxury
    • Mid-Size
    • SUVs
  • LCVs
  • HCVs
    • Straight Trucks
    • Dump Trucks/Garbage Trucks
    • Semi-Trailers
    • Fire Trucks
    • Others
  • Agricultural
    • Tractors
    • Tillers
    • Rotavators
    • Harvesters
    • Threshers

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • South East Asia & Pacific
  • India
  • China
  • Japan
  • The Middle East and Africa

Got a few queries - Ask our expert Analyst now: https://www.futuremarketinsights.com/ask-question/rep-gb-1216

About the Automotive Division at Future Market Insights (FMI):

The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.

Explore Wide-ranging Coverage of FMI's Automotive Landscape:

Lightweight Automotive Body Panels Market Demand: Is slated to grow at a CAGR of 4.6% between 2022 and 2032, totaling around US$ 183.5 Billion by 2032.

Automotive Body in White Market Share: Is anticipated to be worth US$ 61.5 Billion. Between 2023 and 2033, the market is expected to increase at a 3.5% CAGR, from US$ 63.5 Billion in 2023 to US$ 89.4 Billion in 2033.

Automotive Wiring Harness Market Growth: Is expected to grow at a considerable CAGR of 7.9% through 2032. The automotive wiring harness market is expected to hit a valuation of US$ 110.78 billion by 2032.

Automotive Sunroof Market Size: Is expected to expand at a CAGR of 11% to reach a valuation of US$ 19 Billion by 2032.

Automotive Pillar Market Outlook: Is projected to surge at a healthy CAGR of 4.3% between 2023 and 2033. It is anticipated to top a valuation of US$ 10,690.3 million by 2033.

Convertible Roof Control Unit Market Demand: Is projected to exhibit considerable growth at a CAGR of 10.4% in the forecast period (2022-2032).

Automotive AC Compressor Market Share: Is anticipated to be appraised at US$ 13,696.2 Million by 2032, up from US$ 9,342.1 Million in 2022.

Automotive Airbag Market Size: This is likely to be valued at US$ 12.2 billion in 2023, and exhibit a revenue growth of US$ 35 billion by 2033.

Automotive Foams Market Growth: Is anticipated to be valued at US$ 38,290.9 million in 2023, forecast to expand at a CAGR of 6.2% to US$ 69,878.1 million from 2023 to 2033.

Automotive Structural Steel Market Trends: Is expected to grow at a CAGR of 3.5% in terms of revenue between 2022 and 2032, reaching US$ 169.97 Billion by 2032.

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.

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SOURCE: Future Market Insights, Inc.



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