Lucintel Forecasts ASEAN Automotive Composites Market to Reach $0.2 Billion by 2026

Market-Research

According to the recent study the ASEAN automotive composites market is projected to reach an estimated $0.2 billion by 2026 from $0.1 billion in 2020, at a CAGR of 9.9% from 2020 to 2026. Growth in this market is primarily driven by increasing demand for lightweight parts with high performance benefits in the automotive industry.

Browse 67 figures / charts and 31 tables in this 125 -page report to understand trends, opportunities and forecast in ASEAN automotive composites market by application (exterior, interior, power train systems, under body systems, electrical and electronics, and others), material type (SFT (short fiber thermoplastic), LFT (long fiber thermoplastic), SMC (sheet molding compound), BMC (bulk molding compound), and GMT (glass mat thermoplastic), and other), fiber composites type (glass fiber, carbon fiber and natural fiber), resin type (PP (polypropylene), PA (polyamide), PBT (Polybutylene Terephthalate), polyester, vinyl ester and others), resin type (PP, PA, PBT, polyester, vinyl ester and others), resin group (thermoplastic, thermoset), and country (Malaysia, Thailand, Vietnam, Indonesia, and others).

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“SFT (short fiber thermoplastic) market is expected to remain the largest segment during the forecast period.”

Based on material type, the ASEAN automotive composites market is segmented into SFT (short fiber thermoplastic), LFT (long fiber thermoplastic), SMC (sheet molding compound), BMC (bulk molding compound), and GMT (glass mat thermoplastic), and other. Lucintel forecasts that the SFT (short fiber thermoplastic) market is expected to remain the largest segment over the forecast period because it offers corrosion resistance, insulation properties, low susceptibility to moisture and high mechanical properties.

“Within the ASEAN automotive composites market, the power train system segment is expected to remain the largest application”

Based on application, the power train system segment is expected to witness the largest coating over the forecast period and under body system is expected to witness the highest growth over the forecast period due to increasing demand for composite components in automotive industry.

“Thailand will dominate the ASEAN automotive composites market in near future”

Thailand is expected to be the largest region with the highest growth over the forecast period due to growth in end use industries.

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Major players of ASEAN automotive composites market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Hanwha, Quadrant Plastic Composites, Polynt-Reichhold, SABIC, Polyone, and Cytec Solvay are among the major ASEAN automotive composites providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/asean-automotive-composites-market.aspx or helpdesk@lucintel.com

About Lucintel

At Lucintel, we offer solutions for you growth through game changer ideas and robust market & unmet needs analysis. We are based in Dallas, TX and have been a trusted advisor for 1,000+ clients for over 20 years. We are quoted in several publications like the Wall Street Journal, ZACKS, and the Financial Times. For further information, visit www.lucintel.com

Contact:
Brandon Fitzgerald
Lucintel
Dallas, Texas, USA
Email: brandon.fitzgerald@lucintel.com
Tel. 972.636.5056
Cell: 303.775.0751

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