Automotive Composites Market Growth Analysis, Business Opportunities to 2026
The global automotive composites market size is projected to reach USD 13.5 billion by the end of 2026.
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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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 automobile; driven by constantly rising population 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.