COVID-19 Impact on Automotive Composites Market, Business Insights with Growth Driving Factors | Key Player: Teijin Ltd., Mitsubishi Chemical Corporation, Toray Industries, Inc., SGL Carbon, RTP Company, etc.

The global automotive composites market size is projected to reach USD 13.5 billion by the end of 2026. The growing demand for lightweight automobiles will bode well for the market in the coming years. According to a report published by Fortune Business Insights, titled “Automotive Composites Market Size, Share & Industry Analysis, By Fiber (Glass, Carbon and Natural), By Resin Type (Thermoset and Thermoplastics), By Application (Exterior, Interior, Structure & Power train, and Other), and Regional Forecast, 2019-2026,” the market was worth USD 7.67 billion in 2018 and will exhibit a CAGR of 7.56% during the forecast period, 2019-2026.

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The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

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Automotive composites are widely used in the manufacture of several body parts of an automobile. The product possesses some exceptional properties that have led to its wide adoption. It is lightweight in nature and has a low coefficient of thermal expansion, making it suitable for applications in automotive body parts. The lightweight of the material has a direct impact on the overall efficiency of the automobile. Moreover, increased reliability and safety of the automobiles equipped with composite body structures will contribute to the growing demand for the product across the world. Stringent government policies to curb carbon emission and adverse effects of the automobile on the environment will aid the growth of the overall market in the coming years. Moreover, the low cost of the product will encourage manufacturers towards its adoption in automobile body parts and surfaces.

Market Drivers:

"Increasing Number of Company Mergers and Collaborations Will Provide Impetus to Market Growth"

The report encompasses several factors that have made a positive impact on the growth of the market in recent years. Along with this, the report discusses the influence of major company collaborations in regional markets, particularly in areas where these companies are primarily operating. In September 2019, Martinrea International Inc. announced that it has signed a deal with Metalsa S.A. The deal is estimated to be around USD 19.5 million. Through this agreement, Martinrea will acquire the structural component manufacturing unit of Metalsa S.A. Through this acquisition, the company will look to strengthen its global footprint and subsequently widen its consumer range across the world.

Segmentation:

"Exterior Segment to Hold The Largest Share In The Global Automotive Composites Industry"

Based on the application area, the market is segmented into the exterior, interior, structural and power train and others. The exterior type holds the largest share in the global market. Automotive composites are widely used in exterior automotive applications such as headlamps, heat shielding components, and others. Many OEMs are also focusing on indulging composites in their car bodies. For instance, recent development confirms that reinforced thermoplastics could be the next wave BMW’s i3 is the first mass-produced car to have thermoplastic composites in their exterior parts. The automotive industry has been using more and more natural composites in the interior parts of the vehicles as the alternative to glass fiber as the light-weighting solution.

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Regional Analysis:

"Asia Pacific Dominates the Market; Heavy Automobile Use in Emerging Countries to Aid Growth"

The report analyzes the ongoing automotive composites market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in Asia Pacific is likely to emerge as the dominant region. The increasing use of automobiles; driven by the constantly rising populations in emerging countries across this region will aid the growth of the market. Besides Asia Pacific, the market in North America will also witness considerable growth in the coming years, owing to the presence of several large scale companies in several countries across this region. As of 2018, the market in North America was worth USD 2.30 billion and this value is likely to increase further in the coming years.

List of companies profiled in the report:
• Teijin Ltd.
• Mitsubishi Chemical Corporation
• Toray Industries, Inc.
• SGL Carbon
• RTP Company
• Plasan Carbon Composites
• Owens Corning
• Solvay S.A.
• UFP Technologies, Inc.
• BASF SE
• Other Players

Industry Developments:
September 2019: Martinrea International Inc. announced that it has signed a deal with Metalsa S.A. de C.V. worth US$ 19.5 million. The deal was aimed at buying a unit of the company that makes the structural components for passenger cars.

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This release was published on openPR.