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. Asia-Pacific 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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