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.
Italy Automotive Composites Industry Segmentation
The Italy Automotive Composites Market report covers a detailed study on the latest trends and innovations in the market which is Production Type (Hand Layup, Resin Transfer Molding, Vacuum Infusion Processing, Injection Molding and Compression Molding), Material Type (Thermoset Polymer, Thermoplastic Polymer, Carbon Fiber, Glass Fiber and Others), by Application Type (Structural Assembly, Powertrain Components, Interior, Exterior and Others). Along with the major players, their strategies, innovations, technological advancements and financials are also covered in the report.
| Production Type | |
| Vacuum Infusion Processing | |
| Injection Molding | |
| Compression Molding | |
| Others |
| Material Type | |
| Thermoset Polymer | |
| Thermoplastic Polymer | |
| Carbon Fiber | |
| Others |
| Application Type | |
| Structural Assembly | |
| Power Train Components | |
| Interior | |
| Exterior | |
| Others |
Italy Automotive Composites Market Size Summary
The Italy Automotive Composites Market is anticipated to experience significant growth over the forecast period, driven by the increasing use of composite materials in the automotive sector. Despite challenges such as a global economic slowdown and trade tensions, the market is buoyed by the presence of luxury supercar brands like Lamborghini, Pagani, and Ferrari, which extensively utilize composites to enhance vehicle performance and reduce weight. These brands have seen robust demand globally, with their vehicles incorporating advanced materials like carbon fiber to improve fuel efficiency and reduce emissions. However, the high manufacturing costs of these materials pose a challenge, as they translate into higher product prices, limiting affordability for some consumers.
The market landscape is characterized by fragmentation, with numerous players holding small shares. Companies such as 3B Fiberglass, Solvay, Teijin, BASF, and Gurit are prominent in this space. The demand for carbon fiber is expected to rise, supported by new partnerships and technological advancements in manufacturing automotive components. This growth is further bolstered by initiatives like Mitsubishi Chemical Corporation's new carbon fiber processing plant in Italy, aimed at meeting the needs of European automobile OEMs. The use of composites in exterior vehicle parts is gaining traction due to their durability and safety benefits, contributing to the market's expansion in Italy.
Italy Automotive Composites Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porters Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Production Type
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2.1.1 Vacuum Infusion Processing
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2.1.2 Injection Molding
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2.1.3 Compression Molding
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2.1.4 Others
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2.2 Material Type
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2.2.1 Thermoset Polymer
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2.2.2 Thermoplastic Polymer
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2.2.3 Carbon Fiber
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2.2.4 Others
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2.3 Application Type
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2.3.1 Structural Assembly
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2.3.2 Power Train Components
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2.3.3 Interior
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2.3.4 Exterior
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2.3.5 Others
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Italy Automotive Composites Market Size FAQs
What is the current Italy Automotive Composites Market size?
The Italy Automotive Composites Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Italy Automotive Composites Market?
3B Fiberglass, Teijin, Solvay, BASF and Gurit are the major companies operating in the Italy Automotive Composites Market.
