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Automotive Exterior Composites Market Report
Automotive Exterior Composites Market Size, Share, Trend, Forecast, & Competitive Analysis: 2019-2024
The automotive industry has fervently been ushering in a new era by targeting the five key areas: Lightweight Design, Digitization, Connectivity, Autonomous, and Alternative Powertrains. Stringent regulations regarding fuel efficiency enhancements and carbon emission reductions, such as CAFÉ Standards and EU Directives on Carbon Emissions Reduction Target, imposed by several governments, are set to upheaval in the current material mix in the automotive industry. All the major automakers are meticulously investing in those technologies which can address changing business requirements in the most cost-effective manner. Composite materials have earned an unheralded reputation in addressing most of the current and future business requirements.
The usage of composite materials in the automotive industry is broadly bifurcated into four areas: Under-the-Hood, Exterior, Interior, and Others. Automotive exterior is one of the hotbeds of the composites industry as it is gaining the sheer interest of many global players. Exterior currently is the second-largest application segment in the automotive composites market after the under-the-hood segment and accounts for more than one-fourth of the total market. However, the application segment is likely to witness a higher growth than the under-the-hood segment in the foreseen future.
The automotive exterior composites market size is likely to grow at a healthy rate over the next five years to reach US$ 11,928.1 million in 2024. There are several factors that are bolstering the demand for composites in automotive exterior applications. Some of the major ones are a higher strength-to-weight ratio of composite parts, excellent surface finish, excellent corrosion and abrasion resistance, and durability. The combined effects of the above-mentioned factors render multi-edge benefits to the automakers as these factors not only assist automakers to meet the stringent regulations regarding fuel efficiency enhancements and carbon emission reductions but also provides more durable parts with the benefit for low-maintenance cost. It is anticipated that there would be an incessant replacement of metallic parts with the composite ones, especially in exterior applications, in the foreseen future.
