Reports and Data’s latest research study on the Aerogel market gives a thorough analysis of it. In this report, the global Aerogel market is analyzed historically and currently to assess its potential future development. In order to identify opportunistic business opportunities for stakeholders, the study provides detailed information on the key growth factors, restraints, and key trends that are paving the way for future growth in the Aerogel market.
The global automotive Composites market size was USD 6.9 Billion in 2022 and is expected to reach USD 17.6 Billion in 2032 and register a revenue CAGR of 11% during the forecast period. The desire for Lightweight Materials in the manufacture of automobiles, increasing emphasis on lowering carbon emissions, rising demand for fuel efficiency are major factors driving market revenue growth.
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Market Overview:
The automotive composites market has witnessed substantial growth in recent years, driven by a combination of factors, including stringent fuel efficiency regulations, a focus on reducing vehicle weight, and the increasing demand for high-performance and electric vehicles. The market encompasses a diverse range of materials, applications, and manufacturing processes, making it a dynamic and rapidly evolving sector.
Key Types of Automotive Composites:
- Carbon Fiber Composites:
- Carbon fiber composites have emerged as a frontrunner in the automotive industry, finding extensive use in luxury and high-performance vehicles. The demand for carbon fiber composites is fueled by their exceptional strength-to-weight ratio, contributing to weight reduction and improved fuel efficiency.
- Glass Fiber Composites:
- Glass fiber composites are widely employed in various automotive components due to their versatility, affordability, and durability. Applications range from interior components like door panels to exterior parts such as body panels.
- Polymer Matrix Composites:
- Thermoset and thermoplastic composites offer a wide range of benefits, including resistance to high temperatures, corrosion, and design flexibility. They are utilized in diverse applications, including structural components, interior elements, and exterior panels.
- Metal Matrix Composites:
- Aluminum matrix composites, reinforced with materials like silicon carbide, play a crucial role in enhancing the strength and thermal conductivity of automotive components, particularly in areas like brake systems and engine parts.
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Strategic Development:
- On 2 August 2019, Teijin Limited announced the acquisition of Renegade Materials Corporation, which is a U.S. company that specializes in the development and manufacturing of high-temperature composite materials. The acquisition was aimed at strengthening Teijin’s product offerings in the aerospace and automotive industries.
- On 17 June 2021, Mitsubishi Chemical Corporation announced the development of a new Carbon Fiber Reinforced Plastic (CFRP) that offers high-heat resistance, which is expected to expand the company’s offerings in the automotive composites market.
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Research Methodology: Aerogel Market
The research methodology adopted by analysts to compile the Aerogel market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the Aerogel market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through interviews with genuine resources, analysts have emphasized the changing scenario of the Aerogel market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, import and export data of major countries around the world, industrial production index, industry association publications, and company websites to obtain the necessary understanding of the Aerogel market.
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