Press release
Global Automotive Composites Market Size and Growth Forecast till 2029
PROPHECY MARKET INSIGHTS
Key Highlights:
In March 2017, Safran and Toray signed a master contract for the purchasing of high performances composite materials. This has established the frame for the supply of high performance composite materials.
In January 2015, Toray Industries reached an agreement with Italian manufacturer Saati S.p.A. to acquire its European polymer MC fibre fabric and prepeg business
In 2017, Gurit Holdings AG Company has announced that it has won a contract for the production and supply of polymer MC fibre-based exterior car body panels from an Italian premium automotive OEM.
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Key Market Insights from the report:
The global automotive composites market accounted for US$ 18.5 million in 2019 and is projected to register a moderate CAGR of 9.8% over the forecast period. The market report has been segmented on the basis of matrix composites, component, and region.
By matrix composites, the polymer MC segment is accounted for major revenue share of 83% in 2019. This can be attributed to increasing demand for this matrix composite in the automotive sector for various end-use applications.
By component, the interior component segment is accounted for major revenue share 32% in 2019. This is attributed to rising adoption of interior components, owing the growing advancement in these components.
By region, the Asia Pacific is accounted for major revenue share 30.0% in 2019. This is attributed to increased investment of automotive industry in Asia Pacific region especially in countries such as China, and India which is expected to favor the growth of automotive composite market.
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The prominent player operating in the global automotive composites market includes Binani Industries Limited, Cytec Industries Inc., SGL Group, Toray Industries, Teijin Limited, DowDupont Inc., Gurit Holdings, and Saertex Company
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