How COVID-19 is impacting the Automotive Composites Market : Top Players are Owens Corning, Solvay, Toray Industries, Inc., Toho Tenax Co., Ltd., SGL, Mitsubishi Chemical Corporation and Plasan Carbon Composites

Automotive Composites Market is projected to reach USD 13.14 Billion by 2022, at a CAGR of 12.26% between 2017 and 2022.

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The automotive industry across the globe is increasingly focusing on the stringent implementation of various regulations such as the Corporate Average Fuel Efficiency (CAFE) standards and European Emission Standards (EES) formulated by the U.S. and European governments, respectively to reduce CO2 emissions. To comply with these government regulations, the manufacturers of vehicles are using new lightweight materials such as composites to fabricate bodies of their vehicles. The composites are being increasingly used to manufacture vehicles as they are considered as the best substitute for traditional heavy materials such as steel and aluminum. The stringent implementation of various government regulations and increased demand for lightweight vehicles are the factors that have led to the growing adoption of composite materials in the automotive industry.

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.

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.

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Objectives of the Study
o To analyze and forecast the size of the automotive composites market in terms of volume and value
o To provide detailed information regarding the key factors such as drivers, restraints, opportunities, and challenges influencing the growth of the automotive composites market
o To define, describe, and forecast the automotive composites market based on fiber type, resin type, manufacturing process, vehicle type, and application
o 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
o To strategically profile the key players operating in the automotive composites market and analyze their core competencies
o To analyze the market opportunities and competitive landscape for the stakeholders and market leaders
o To analyze competitive developments such as agreements, expansions & investments, mergers & acquisitions, and new product developments undertaken by the key market players

We salute industry experts helping companies survive and sustain in this economic pandemic; they are working day and night to help companies take rapid-decisions by finding,
o Covid Impact on Automotive Composites Market, growth/decline in product type/use cases of Automotive Composites Market due to cascaded impact of Covid on Extended Ecosystem..
o How top 50 companies in Automotive Composites Market are making rapid shifts in their strategies as we speak here...
o Outside-in view of top 50 companies client and client's clients shifting short-term priorities
Let's fight this crisis together.

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