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Automotive Composites Market Outlook 2020 – Growth Drivers, Opportunities and Forecast Analysis to 2026

Author : Ronak Bora | Published Date : 2020-08-26 

Global automotive composites market size is poised to witness notable growth over the next several years. Composite materials are widely preferred in vehicle structures and auto parts due to high strength, robust durability, and light weight. The rapidly growing trend of electric vehicles (EVs) and autonomous cars will offer lucrative opportunities to automotive composite manufacturers.

The ongoing coronavirus outbreak has become a major roadblock for automotive production globally. However, following the crisis, automakers are expected to gear up for the large-scale production of EVs and self-driving cars to meet the surging public demand for sustainability.

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The automotive composites market share is segmented into injection, compression, RTM resin transfer molding, and others, depending on the manufacturing process. The others segment is slated to register a CAGR of more than 5% during the forecast period. This can be associated with growing implementation of composites in the structural elements of vehicles and the need for advanced and innovative manufacturing processes to meet the global automotive demand.

In the automotive industry, composite materials are used in interior, exterior, structural & powertrain, and other applications. The others application segment is projected to grow at a CAGR of 5% through 2026. This growth can be largely attributed to tightening regulations pertaining to vehicular emissions. Growing focus towards environmental sustainability and demand for fuel-efficient and light weight vehicles has increased the use of composites in numerous automotive applications. Governments in many regions have introduced favorable norms to encourage the adoption of electric vehicles, which will complement the industry outlook.

Automotive composites industry share in the Middle East and Africa (MEA) region is expected to experience a CAGR of over 5.5% during the analysis period. The region has witnessed a significant rise in the adoption of high-end and luxury vehicles over the past few years. With robust economic growth and a notable uptick in people's disposable incomes, the preference for premium and luxury cars has increased tenfold in recent years.

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The MEA region is one of the most crucial markets for automakers around the world. Right from some of the world's largest automakers with a premium product portfolio to new entrants that focus on mass-market components, every player is eyeing the region to expand their presence and gain a larger market share.

With the presence of favorable government indicatives, MEA countries are ready to adapt to the constantly changing trends and preferences. Governments in these countries are actively encouraging the adoption of electric mobility, as the region takes a step further towards a major shift in automotive usage patterns.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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