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Automotive Composites Market

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According to latest market report published by Persistence Market Research “Global Market Study on Automotive Composites: Polymer Matrix Composites to be the Largest Segment by 2022”, the global automotive composites market was valued at US$ 3,062.7
Automotive Composites Market is Anticipated to Increase to USD 7,019.7 Mn by 2022
According to latest market report published by Persistence Market Research “Global Market Study
on Automotive Composites: Polymer Matrix Composites to be the Largest Segment by 2022”, the
global automotive composites market was valued at US$ 3,062.7 Mn in 2014, which is expected to
increase to US$ 7,019.7 Mn by 2022 at a CAGR of 8.8%.
Increasing urban population due to rising industrialization, particularly in developing countries such
as India and China, is encouraging the establishment of automotive manufacturing facilities in these
regions. Increasing automobile production is expected to fuel the overall demand for carbon
composites in the near future. In 2014, 16.5 million vehicles were manufactured in the U.S.,
compared to 15.6 million in 2013.
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This number is expected to increase to 17.0 million by the end of 2015. In addition, increasing
carbon emissions due to rising number of vehicles over the last few decades is prompting
governments worldwide to revamp various aspects in order to adhere to environmental norms and
regulations, particularly with emphasis on reduction of carbon emissions from vehicles. Automakers
are focused towards using lightweight materials to manufacture external and internal parts of
vehicles in order to reduce vehicle weight, and in turn improve fuel efficiency. This is a major factor
driving growth of the automotive composites market.
Additionally, consumers are more inclined towards purchasing lightweight and fuel-efficient
vehicles due to increasing fuel prices over the last decade. This is influencing automakers to invest
in R&D initiatives with regard to lightweight materials to manufacture exterior as well as interior
parts of vehicles. Composites with properties such as easy to process, high tensile strength,
lightweight, good corrosion resistance and surface tension are ideal for manufacturing lightweight
and fuel-efficient vehicles.
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Region-wise, the report covers North America, Europe, Asia-Pacific, and Rest of the World. AsiaPacific is the largest market for automotive composites. Increasing domestic production of vehicles
along with increasing disposable income is driving growth of the automotive composites market in
Asia Pacific. However, one of the major factors contributing to growth of the automotive
composites markets in North America and Europe is stringent CO2 emission norms in these regions.
In this report, the automotive composites market has been segmented on the basis of composite
material (polymer matrix composites, metal composites, and ceramic matrix composites),
manufacturing process (manual, compression, injection and continuous, and other), composite
component (interior components, exterior components, engine and drivetrain components, and
others) by value (US$ Mn), and region (North America, Europe, Asia-Pacific, and Rest of the
World).
The global automotive composites market revenue increased from US$ 3,062.7 Mn in 2012 to US$
3,593.6 Mn in 2014 at a CAGR of 8.3%. Under regional segment, the Asia Pacific automotive
composites market (the largest market in 2014) revenue increased from US$ 1,543.6 Mn in 2012 to
US$ 1,825.5 Mn in 2014 at a CAGR of 8.7%.
The global automotive composites market is highly consolidated, with the top four players – Toray
Industries, Toho Co. Ltd., Mitsubishi, and SGL – accounting for between 70 and 75% market share.
Other players operating in the global automotive composites market include Cytec Industries Inc.,
SAERTEX GmbH & Co. KG, Koninklijke Ten Cate N.V., Johns Manville, Johnson Controls, Inc.,
Scott Bader Company Ltd., Teijin Limited, E.I. du Pont de Nemours and Company, and UFP
Technologies, Inc.
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Author
ashutosh
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