Increased demand for lightweight fuel-efficient vehicles and environment-friendly electric vehicles and use of natural fiber composites in interiors of vehicles are the factors driving the markrt growth of the automotive composites across the globe. Moreover, the manufacturers of automotive composites are signing up supply agreements with other companies, developing new products, and acquiring small companies to expand their presence and secure their positions in the automotive composites market, globally.
Advancement in the production facilities focusing on decreasing the manufacturing time and capital cost are offering new opportunities to the industry players. Development of electric & hybrid vehicles offering long travel distance owing to reduced weight will further support the market growth. Stringent protocols to significantly reduce carbon emissions are positively influencing implementation of lightweight materials in vehicles. Besides, increasing global vehicle production with focus on improving the vehicle efficiency will fuel the market demand.
The key automotive composite market players influencing the market Mitsubishi Chemical Corporation, Plasan Carbon Composites, Koninklijke Ten Cate B.V., Solvay S.A, SGL Group, Toray Industries, Inc., Toho Tenax Co. Ltd., Continental Structural Plastics Inc., Quantum Composites, 3B Fiberglass Company.