Passenger Vehicles Segment to Offer Maximum Business Opportunities | Growing Use of Carbon Fiber Materials in the Automotive Industry to Boost the Growth, Although High Costs Associated with Carbon Fiber may Impede the Market Growth
NEW YORK , Feb. 15, 2022 /PRNewswire/ -- The Automotive Composites Market Share in Japan is expected to increase by 187.22 Thousand Units from 2021 to 2026, according to the recent market study by Technavio.
The Automotive Composites Market vendors in Japan should focus on grabbing business opportunities from the Passenger Vehicles Segment as it accounted for the largest market share in the base year.
Segmentation by Vehicle Type (In-Scope/Out-of-Scope)
The automotive composites market share growth in Japan by the passenger vehicle segment will be significant during the forecast period. The growth is attributed to the increase in the disposable income of individuals belonging to the middle-class population. As per the data provided by the Organisation Internationale des Constructeurs d'Automobiles (OICA), the total number of passenger cars manufactured in Japan in 2020 was 6,960,025. Furthermore, Japan is one of the highest contributors to passenger car sales and production in APAC.
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Moreover, the report also provides Value Chain Analysis which helps companies gain a competitive advantage in the market. The Value Chain of the Automotive Composites Market in Japan includes the following core components:
Segmentation- The report extensively covers market segmentation by Vehicle Type (passenger vehicles and commercial vehicles) and Application (structural assembly, power train components, and other parts)
Key Companies- 3B-the fiberglass Co., BASF SE, BMW AG, General Motors Co., Nippon Electric Glass Co. Ltd., Nitto Boseki Co. Ltd., SGL Carbon SE, Solvay SA, Teijin Ltd., and Toray Industries Inc. among others
Driver- Growing use of carbon fiber materials in the automotive industry to drive the market.
Challenge- High costs associated with carbon fiber to hamper the market growth
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The automotive composites market in Japan is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
3B -the fiberglass Co.- The company offers automotive composites such as chopped strand, direct roving, continuous filament mat, wet chopped strand, choppable roving, chopped strand mat.
BASF SE- The company offers automotive composites which provide products to chemical, automotive, construction, agriculture, oil, plastics, electrical, electronics, furniture, and paper industries, and provides a range of system solutions and services.
General Motors Co.- The company offers automotive composites provides automobiles and trucks, automotive components, engines, vehicle parts, distributes vehicles.
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Learn More about Key Driver & Challenge of the Market-
Automotive Composites Market in Japan Driver:
The growing competition among automotive OEMs and automakers is fueling the adoption of advanced materials, including aluminum, carbon fibers, and magnesium, for automotive applications. Carbon fibers are highly preferred materials for automotive applications owing to their high strength-to-weight ratio when compared to metals, which makes them 20% lighter than conventional materials, such as aluminum and titanium. The rise in demand for supercars and the growing popularity of hypercars are fueling sales in the global automotive carbon fiber components market, which are thereby expected to boost the growth of the market in focus during the forecast period.
Automotive Composites Market in Japan Challenge:
Carbon fibers account for more than 35% of the polymer matrix and are considered a significant raw material in the defense and automobile industries. The costs of manufacturing and R&D associated with carbon fiber are very high, which can reduce the demand for carbon fiber in automotive composites and increase the demand for substitute products. The cost of production and R&D of carbon fiber composites is eight times that of steel, which is expected to challenge the growth of the automotive composites market in Japan during the forecast period.
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Automotive Composites Market in Japan Scope
Decelerate at a CAGR of 2.98%
Japan and Rest of APAC
Leading companies, competitive strategies, consumer engagement scope
3B-the fiberglass Co., BASF SE, BMW AG, General Motors Co., Nippon Electric Glass Co. Ltd., Nitto Boseki Co. Ltd., SGL Carbon SE, Solvay SA, Teijin Ltd., and Toray Industries Inc.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period,
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Market outlook: Forecast for 2021 - 2026
Structural assembly - Market size and forecast 2021-2026
Power train components - Market size and forecast 2021-2026
Other parts - Market size and forecast 2021-2026
Market Segmentation by Vehicle type
Passenger vehicles - Market size and forecast 2021-2026
Commercial vehicles - Market size and forecast 2021-2026
Market opportunity by Vehicle type
Nippon Electric Glass Co. Ltd.
Currency conversion rates for US$
About Us Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/
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