Argentina Automotive Composites Market Outlook 2031
The Argentina automotive composites market size was USD XX Billion in 2022 and is anticipated to reach USD XX Billion by 2031 to expand at a considerable CAGR 5% during the forecast period, 2023–2031. The growth of the market is attributed to the high demand for vehicles. Automotive composites are materials that are used in vehicles to make them safer, lighter, and more fuel-efficient. In comparison to traditional steel, composite materials used in automobile chassis offer several advantages.
As a result of COVID-19, the automotive composites industry is expected to plummet in 2020. Automobile manufacturers have been hit by lockdowns enforced in many nations, which has played a significant part in the collapse of the automotive composites sector. Manufacturing facility closures, production halts, and supply chain disruptions have all hampered the expansion of the automotive composites industry.
As the world's temperature rises as a result of vehicles emitting hazardous gases into the atmosphere, demand for lightweight components is increasing since they are more fuel-efficient and minimize emissions of toxic pollutants into the environment. Composites, which are made up of two or more constituent elements, are an important aspect of a car and, when utilized properly, may result in substantially lighter, safer, and more fuel-efficient automobiles.
As part of its Track25 business strategy, McLaren launched carbon fiber chassis in March 2019. This will lower the overall weight of the car as the firm builds its next generation of cars. Magna stated in April 2018 that it has formed a joint venture with GAC Component Co., Ltd. to manufacture composite liftgates for a major automaker's crossover vehicle.
Anand Group and Far-UK formed a collaboration in February 2020 to produce carbon fiber composites. The partnership will be centered on developing novel methods for lowering emissions. The product can reduce vehicle weight by nearly half while maintaining the strength of high-strength alloy steel at a fraction of the weight.
Automotive composites are utilized to make the external sections of cars because they have a higher strength and are lighter. They also improve vehicle durability, resulting in longer vehicle life cycles and lower maintenance costs. Vehicles with composite exterior elements have a high degree of rigidity, resulting in little damage in the event of an accident.
Argentina Automotive Composites Market Trends, Drivers, Restraints, and Opportunities
- Surge in R&D investments and technological advancements are expected to create opportunities for the market players.
- Increasing awareness about sustainability and circular economy is expected to boost market growth during the forecast period.
Scope of Automotive Composites Market Report
The report on the Argentina automotive composites market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Automotive Composites Market - Argentina Industry Analysis, Growth, Share, Size, Trends, and Forecast
Production Types (Hand Layup, Resin Transfer Molding, Vacuum Infusion Processing, and Compression Molding), Material Types (Thermoset Polymer, Thermoplastic Polymer, Carbon Fiber, and Others), and Application Types (Structural Assemble, Power Train Components, Interior, Exterior and Others)
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
BASF Group, Gurit, NSG Group, and Teijin
Automotive Composites Market Segment Insights
Compression molding segment is projected to account for a large market share
In terms of production types, the Argentina automotive composites market is segregated into hand layup, resin transfer molding, vacuum infusion processing, and compression molding. The compression molding segment is expected to account for a key share of the market during the forecast period owing to rising demand for safe and fuel-efficient vehicles.
Carbon fiber segment is expected to grow at a robust pace
On the basis of material types, the Argentina automotive composites market is segmented into thermoset polymer, thermoplastic polymer, carbon fiber, and others. The carbon fiber segment is expected to account for a key share of the market in the coming years owing to its characteristics such as lightweight. Carbon fiber has long been utilized in high-performance cars to improve their performance by creating complicated aerodynamic forms that minimize drag.
Exterior segment is anticipated to expand at a rapid CAGR
In terms of application types, the Argentina automotive composites market is divided into structural assemble, power train components
The Argentina automotive composites market has been segmented on the basis of
- Hand Layup
- Resin Transfer Molding
- Vacuum Infusion Processing
- Compression Molding
- Thermoset Polymer
- Thermoplastic Polymer
- Carbon Fiber
- Structural Assemble
- Power Train Components
Key players competing in the Argentina automotive composites market include BASF Group, Gurit, NSG Group, and Teijin. Some of these players are investing heavily in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.