Market Size of Asia-Pacific Automotive Composites Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Automotive Composites Market Analysis
The Asia-Pacific Automotive Composites Market is projected to grow with a CAGR of more than 5 % during the forecast period.
- The increasing global temperature because of the emission of harmful gases in the atmosphere by automobiles the demand for light weight components are rising as they are more fuel efficient and reduces emission of these gases in the atmosphere.
- Despite the downfall of sales in the passenger and commercial vehicles, the region still is the biggest automobile market in the world. With around 36 million passenger vehicles being sold in the region during the year 2019.
- However, because of the ongoing trade war between United States and China along with the confusion over the emission standards in the region, the growth in automotive sector is slowing down and the automobile sales are expected to witness a downfall for a couple of years until the end of trade tensions.
