ReporLinker released the Global Automotive Composites Industry Market Analysis Report (Global Automotive Composites Industry). The report pointed out that due to the impact of the COVID-19 epidemic, the global automotive composites market is expected to reach 9.4 billion U.S. dollars in 2020. After further revisions, it is estimated that 2027 The market size will reach 19.4 billion U.S. dollars, growing at a compound annual growth rate of 10.9% during the 2020-2027 forecast period.
In the global automotive industry composite materials market, glass fiber composite materials account for the largest market size, which is expected to reach 11.2 billion US dollars by 2027, and the compound annual growth rate for the entire forecast period is 10.7%. Compared with glass fiber composite materials, although the use of carbon fiber composite materials in the automotive industry is relatively small, the compound annual growth rate of carbon fiber composite materials for the automotive industry in the next 7 years will be 12.1%, which is slightly higher than that of glass fiber composite materials.
Except for glass fiber and carbon fiber, the compound annual growth rate of other fiber composite materials used in the automotive industry is expected to be 10%. Among other fiber types in the global market segment, the United States, Canada, Japan, China and Europe will drive the segment`s compound annual growth rate of 9.3%. By 2020, the total market size of other types of fiber composite materials in the automotive industry is 1.3 billion U.S. dollars and is expected to reach 2.5 billion U.S. dollars by 2027.
In the field of composite materials for the automotive industry, the United States and China dominate the main markets. The U.S. automotive composite materials market is expected to reach US$2.5 billion in 2020; China, as the world’s second largest economy, is expected to reach US$4.2 billion in the automotive industry by 2027. Analysis from 2020 to 2027 During the period, the compound annual growth rate was 14.3%.
Other regions worthy of attention are Japan and Canada, which are expected to grow by 7.5% and 9.4% respectively during 2020-2027. In Europe, the compound annual growth rate of the composite materials market for the German automotive industry is expected to be 8.5%.
Driven by countries such as Australia, India, and South Korea, it is estimated that by 2027, the market size of the Asia-Pacific region will reach 2.8 billion US dollars, while the compound annual growth rate of Latin America during the analysis period will reach 11.4%.