Market Size of Italy Automotive Composites Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Italy Automotive Composites Market Analysis
The Italy Automotive Composites Market is projected to grow with a CAGR of more than 6 % during the forecast period.
- Owing to several factors like, a slowdown in world economy, United States and China trade tensions and the outbreak of global pandemic situation of COVID-19 the automobile demand in the country are weak as compared to previous years.
- In the year 2019, the country managed to record a sale of 1,916,320 units, with a slight 0.3% increase from that of 2018, according to the Italian automobile manufacturers association (ANFIA).
- Owing to the presence of many supercar brands like Lamborghini, Pagani, Ferrari which use composite materials very extensively with an aim to reduce the overall weight of the vehicle and enhance the engine performance are driving factors for the market.
- However, the high cost of manufacturing these materials will be a restraining factor for the market as its high cost are visible in the product price and many people are not able to afford it because of that. For instance, in August 2019, Pagani introduced Huayra Roadster B.C., which is priced at USD 4.5 million and this high price is attributed with the use of new kind of carbon-fiber and carbon-titanium to build the car out of, exclusive materials that up torsional rigidity by 12 percent; and flexional rigidity by 20 percent.
