Automotive Composites Market Share and Size 2019 Trends
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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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.
The 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 the Asia Pacific is likely to emerge as the dominant region. The increasing use of automobiles; driven by the constantly rising population in emerging countries across this region will aid the growth of the market. Besides the 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.
Information source: https://www.fortunebusinessinsights.com/automotive-composites-market-102711