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Automotive Composites Market Share, Segmentation, Application,
Outlook, Research and Forecasts to 2024 | Hexa Research
“ Rising preference for high fuel efficiency in passenger cars and growing
vehicle production will drive the global market.”
23 November 2018
The global automotive composites market stood at over USD 3 billion in 2015 and is expected to surpass
USD 7.5 billion by 2024 expanding at a CAGR of over 8.5 %. Rising preference for high fuel efficiency in
passenger cars and growing vehicle production, particularly in the Asia-Pacific (APAC) region, will drive the
global market during the forecast period (from 2016 to 2024).
Increasing urban population base, especially in developing countries such as India & China, will offer
numerous growth opportunities to the market players. However, recyclability issues along with high costs of
raw material are likely to hinder the worldwide Industry growth.
The global market is categorized into products, applications, and regions.
Based on products, the global automotive composites market is segmented into Ceramic Matrix Composites
(CMC), Metal Matrix Composites (MMC), and Polymer Matrix Composites (PMC). Polymer matrix composite is
further categorized into Carbon Fiber Reinforced Polymer composites (CFRP) or natural fiber reinforced
polymer composites and Glass Fiber Reinforced Polymer composites (GFRP). The metal matrix composites
(MMC) market is likely to exceed USD 435 million by 2023.
Browse Details of Report @ https://www.hexaresearch.com/research-report/aluminum-composite-panel-market
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