Automotive composites market could reach US$12 billion

A new report by Future Market Insights (FMI) suggests that the global automotive composites market is estimated at US$7.4 billion in 2019 and is projected to grow at a moderate rate during the forecast period.

‘Despite fluctuating economic conditions in the recent past, on an average, the global automotive market has observed reasonable growth,’ FMI said. ‘Efforts to reduce the weight of vehicular components will increase, thereby providing substantial opportunities for the growth of automotive composites market.’

According to the report, the market will be boosted by a requirement for lightweight components, natural fiber composites, and aesthetically pleasing car interiors.

The report can be accessed from the FMI website.

This story uses material from FMI, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.