Press release
Composite Materials Market Forcasted for Accelerated Growth by 2024
the composite material is also known as composition material. It consists of one or more constituent materials with different chemical or physical properties. They combine together to produce different materials with varied characteristics from individual components. This new material form is distinct in characteristic and is lighter, cost effective, and stronger than normal materials. Recently, researchers actively incorporated computation, sensing, communication, and actuation in this material, which is known as Robotic Materials.
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Global Composite Materials Market for Automotive: Growth Factors
Government support for fuel efficiency and increasing demand for fuel-efficient vehicles boost the global composite materials market for automotive in the near future. Major original equipment manufacturers (OEMs) are getting associated with composite material manufacturers, which is expected to boost the global market growth. Growing automotive industries also fuel the global market owing to automotive interiors such as seat covers, door panel, steering wheel, dashboard, and so on made of composite material. Composite materials are accepted by many automotive industries for safety standards and are anticipated to show significant growth in the market in future. Natural fiber-reinforced plastic composite is majorly preferred for automotive interiors due to varied applications such as gear knobs, flooring, seat trims, and others. However, carbon fiber-reinforced plastic (CFRP) is prominently used in the sports and luxury vehicles for automotive interiors and dashboards. It possesses high appearance and strength-to-weight ratio; this is anticipated to fuel market growth in future.
Global Composite Materials Market for Automotive: Segmentation
The global composite materials market for automotive is bifurcated based on the application as, powertrain, exterior, structural, interior and others. The composite materials market for automotive is further segmented on the basis of composite materials as glass fiber reinforced plastic (GFRP), ceramic matrix composite (CMC), polymer matrix composite (PMC), metal matrix composite (MMC), carbon fiber reinforced plastic (CFRP), and natural fiber reinforced plastic (NFRP). Of these, natural fiber reinforced plastic (NFRP) is the dominating composite materials segment in the global composite materials market for automotive.
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Global Composite Materials Market for Automotive: Regional Analysis
North America is the leading player in the global composite materials market for automotive. This region is anticipated to grow at a faster rate due to increasing automotive production. The automotive industry is growing mainly for light vehicles in this region which is positively impacting the global composite materials market for automotive growth. Growing production and profitability in North America for automotive market is anticipated to the witness of high growth in next few years.
Global Composite Materials Market for Automotive: Competitive Players
Major players in the global composite materials market for automotive include BASF, Tetra-Dur GmbH, DuPont, DSM Composite Resin, Lorenz GmbH, and RTP. Many companies opt for strategies such as product launch, mergers, and acquisitions to acquire largest market share. For example, Sigmatex, the world’s leading independent converter of carbon fiber, launched Sigmatex, within sigmaRF product range.
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Global Composite Materials Market for Automotive: Regional Segment Analysis
North America
U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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