Automotive Composite Materials Skyrocketing The Market Share

12 June 2021

A recent report based on the ‘Automotive Exterior Composites Market’ explains how the market of automotive composite materials is likely to attain the higher stats in the international market. Automotive composite materials have both interior and exterior applications such as — Air Deflectors and Spoilers; Battery Casings and Covers; Bumpers and Bumper Beams; Cylinder Head Covers; Frames for Windows/Sunroofs; Pillars and Coverings, etc.

According to the forecasted period (2021-2025) for the market, the market size is expected to grow at a really fast rate over the next five years, reaching $11,928.1 Million in 2024. Automotive composite materials factors are taken into account coupled with the key market features such as revenue & rate of growth, pricing, consumption, supply and demand, import and export, cost, market share, CAGR, and more. Get access to the trade data of automotive composites and more information regarding automotive composites from Export Genius.

Top Importing Countries of 2020

Automotive composite materials come under the description of HS Code 8708, which stands for “all the parts and accessories of motor vehicles”. As we can see in the import data of automotive composites, the top importing countries in 2020 for the automotive composite materials were: United States of America with an import value of $60 Billion, followed by Germany with an import value of $32.9 Billion, China with a value of $25.7 Billion, Mexico with a value of $21.9 Billion, Spain with a value of $14.5 Billion, and so on in the list given below. Look at the automotive composites import data 2020. You can get more information and legitimate shipment records for automotive components regarding USA imports, and other kinds of information.

Future of the Automotive Composites

The market for the automotive composite materials has a wide scope in the automotive industry as automobile companies around the world have started on their productions after the pre-pandemic. Automobile manufacturers require exterior composites as these help in providing the automobiles a reliable mechanism with parts that can withstand friction, corrosion, and temperature fluctuations. Apart from the safety features, performance failure can result in higher cost of maintenance for owners and profit loss for manufacturers along with the brand disloyalty.

Furthermore, specifically the automotive exterior composites are easily available in the markets such as hypermarket, supermarkets, and e-commerce which leads further the demand of the product to be met. Other market dynamics for products’ market growth includes growing disposable income and an upsurge in the usage of superior packaging materials. Get in-depth market analysis reports on the international trade insights for automotive composites and related automotive parts & accessories from Export Genius.