Market Size of Japan Automotive Composites Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 9.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Japan Automotive Composites Market Analysis
The Japan automotive composites market was valued at USD 1.77 billion in the current year and is projected to grow to USD 2.97 billion by the next five years, registering a CAGR of 9% in terms of revenue during the forecast period.
Over the medium term, Factors such as increasing demand for lightweight material from the automotive industry and growing focus on fuel economy are expected to be major drivers for the market. However, high costs associated with carbon fiber composites and glass fiber composites are hindering the growth of the market, as their usage in low-cost vehicles could drastically increase the prices of such vehicles.
Presently, composite materials, like thermoplastics and reinforced glass, have drawn the attention of carmakers, making them focus on sourcing better, tensile, and lighter components in the manufacture of automobile units.
The low recyclability of composites is also a restraint for their penetration in entry-level passenger vehicles. However, collaborations of the OEMs with suppliers (due to rising demand for fuel-efficient vehicles, growing lightweight electrical vehicle segment, and major automobile giants, like BMW and Nissan, trying to replace their existing metal parts with composite fibers) imply the scope and booming opportunity that the market is anticipated to offer over the forecast period.
