As per a new report published by Fact.MR – a market research and competitive intelligence provider, the global automotive composites market was valued at US$ 9 Bn in 2020, and is projected to top US$ 20 Bn by 2031, expanding at an impressive CAGR of 11%. Sales of glass fiber composites are projected to reach a valuation of around US$ 11 Bn, increasing at a CAGR of 11% through 2031.
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Fact.MR anticipates significant surge in demand for automotive composites, attributable to factors such as increasing demand for lightweight materials in the automotive industry coupled with favourable emission control regulations and growing demand for electric vehicles.
Composites have been popularly used in a range of internal and external automotive components to provide distinct structural and weight advantages.
Growing focus on design innovations to enhance vehicle functionalities is bolstering demand for automotive composites made from aluminium and fiber. A number of governmental mandates and legislations on reducing carbon emissions in several developing and developed countries is a notable factor nudging the demand for automotive composites.
Over the next few years, this space is expected to witness a surge in innovations, providing significant opportunities for growth market growth.
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“Increasing need for lightweight materials to be used in the automotive industry surging demand for automotive composites,” says a Fact.MR analyst.
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Regional analysis includes
Crucial insights in the Automotive Composites Market research:
For More Insights- https://www.einpresswire.com/article/556864267/rise-in-pharmaceutical-and-petroleum-operations-worldwide-is-also-driving-the-demand-for-diaphragm-pumps
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