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Global Automotive Composites Market Will Reach USD 7,019.7 Mn
by 2022, With Polymer Matrix Composites Contributing Major
Chunk
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. 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.
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Additionally, consumers are more inclined towards purchasing lightweight and fuelefficient 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.
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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. The automotive composites market has been segmented on the
basis of the following:
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