Composite Materials Market by Size, Share, Trends, Growth, Major Players, Opportunities & Forecast 2023

Composite materials are materials composed of two or more fibers and polymers. These materials enhance the efficiency of vehicle by reducing its overall weight. Composite materials reduce emission of greenhouse gases and fuel consumption. Vehicles manufactured using composite materials absorbs huge amount of energy in crash, which in turn, provide more safety to passengers. It plays significant role in providing better driving experience and greater power to engine. The government regulations to keep vehicle under emission limits has increased necessity of composite materials.

Favorable government regulations pertaining to fuel efficiency & emissions and reduced delta factor (process time, cost, & quality) fuels growth of the world composite materials market. However, high cost of composite materials is obstructing the growth of the market. Shifting focus toward electric vehicles and emerging markets in South-East Asia are creating tremendous opportunities for growth.

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KEY BENEFITS FOR STAKEHOLDERS:
• The report offers an in-depth analysis of key driving and restraining factors of the world composite materials market.
• This report offers an in-depth quantitative analysis of the current market and estimations through 2015-2020, which assists in identifying the prevailing market opportunities.
• The report provides an extensive analysis of current and future market status of the world composite materials market.
• An in-depth analysis of key strategies adopted by leading manufacturers helps in understanding competitive scenario.
• An in-depth analysis of current research and clinical developments within the world composite materials market is provided with key market dynamic factors that helps in understanding the behaviour of the market.
• Competitive landscape of leading manufacturers helps in understanding the competitive scenario across geographies.
• Geographically, the world composite materials market is segmented into North America, Asia-Oceania, Europe, and Latin America, Middle East and Africa (LAMEA).

The world composite materials market is segmented based on material type, application & their sub-components, vehicle type, and geography. The material type segment is further classified based on PMC, MMC, and CMC. Application & their sub-components covered in the report are structural, powertrain, interior, exterior, and other applications. The market is further classified on the basis of vehicle type into PC, LCV, HCV, and rolling stock. The market is classified geographically into North America, Europe, Asia-Oceania, and Latin America, Middle East and Africa (LAMEA).

The prominent market players are Toray Industries Inc., Cytec Industries Inc., SGL Carbon SE, Teijin Ltd., Koninklijke Ten Cate NV, Johns Manville, Mitsubishi Rayon Co. Ltd., Owens Corning, Johnson Controls Inc., and Jushi Group Co. Ltd. Some of the strategies adopted by these market players to gain strong foothold in the market are partnerships, collaborations, mergers & acquisitions, expansions, joint ventures, and others.

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