The increasing demand from the automobile industry as well as the rising number of stringent environmental standards and regulations in various developed as well as developing economies around the world are two of the most prominent drivers, influencing positive outlook for the global composite battery enclosure market in near future. Furthermore, the enhanced sustainability offered by the solutions in the global composite battery enclosure market, as compared to the traditional enclosure solutions is also one of the most prominent drivers for the development within the global composite battery enclosure market. Another exceptional motivator for the increasing usage of the products and solutions in the global composite battery enclosure market is the increase in the utilization of these products in the electric battery application. This trend is further intensified by the globally increasing demand for efficient and low cost electric vehicles.
However, the shifting and fluctuating prices associated with raw materials required for the manufacture of the products in the global composite battery enclosure market may hamper the growth in the global composite battery enclosure market in near future. Additionally, the high cost of these new age composite battery enclosures as compared to the conventionally manufactured battery enclosure solutions may also restrict the adoption of the products and solutions in the global composite battery enclosure market. This trend is further bolstered by the increasing efforts on the development of low cost substitutes, which may make the products in the global composite battery enclosure market relatively high priced and hence lower their adoption.
Europe Tops the Charts in Composite Battery Enclosure Market
Regionally, the Europe composite battery enclosure market is anticipated to account for the highest share within the overall landscape of the industry in coming years. This dominant industry positioning of the Europe region in the global composite battery enclosure market can be attributed to the presence of the a huge base of renewable energy grid and network, put in place in the region as well as the increasing number and prominence of electric vehicles in the region. Additionally, the increase in the new strict environmental standards and regulations in various developed economies in the Europe region is also expected to motivate further growth in the global composite battery enclosure market in Europe in coming years. Another promising region that shows immense development potential within the global composite battery enclosure market in near future is North America.
The manufacturers and participants working in the global composite battery enclosure market offer various types of products and solutions, including glass fiber reinforced plastic or GFRP as well as carbon fiber reinforced plastic or CFRP, among others. Some of the most notable end users for the products and solutions manufactured by the participants working in the global composite battery enclosure market include electric and electronics, automobile, and defence and aerospace, among others.
Players in Composite Battery Enclosure Market Focused on Acquisitions and Collaboration
The landscape of the global composite battery enclosure market is filled with many well-trenched and leading international as well as local manufacturers and players. Some of the major and dominant manufacturers and players working in the global composite battery enclosure market include Solvay, Hexcel Composites, Performance Composites, Inc., AZL, Exel Composites, Continental Structural Plastics, Evonik, Toray, Giant Reinforced Plastic Industries, Econcore, Teijin Group, and SGL Carbon, among others. These manufacturers and players in the global composite battery enclosure market engage in various corporate growth and expansion strategies, such as new product development and launches, mergers and acquisitions, geographical expansions, strategic alliances and partnerships, and joint ventures, among others.
For instance, NaCa, a natural fiber composite interior automotive parts supplier collaborated with Hexcel Corporation in February of 2021, in order to develop light weight sports car back seat products using wood fiber composite as well as carbon fiber prepreg materials. Elsewhere, a non-woven fabric, made from recycled carbon fiber was launched by the Sigmatex in September of 2020. At the same time, R3 Composites Corporation and the Mitsubishi Chemical Advanced Materials, Inc., announced a strategic alliance for co-developing new range of compression moulded thermostat products.