Automotive Industry Today

Global Automotive Composites Market is expected to reach at a CAGR of 8.8% during 2015-2022

Asia-Pacific was the largest market for automotive composites in 2014, accounting for 50.8% market share, followed by Europe and North America, with 22.7% and 15.5% market shares respectively. The Asia-Pacific market is expected to account for 52.4% by 2022.
Published 25 August 2015

New York City, New York, August 25, 2015: According to a market study on the global automotive composites market recently published by Persistence Market Research (PMR), the global market stood at US$3,062.7 million in 2014 and is estimated to expand at a CAGR of 8.8% during the period from 2015 to 2022 and reach a value of US$7,019.7 million at the end of the forecast period.

The research report, titled “Global Market Study on Automotive Composites: Polymer Matrix Composites to be the Largest Segment by 2022”, discusses the performance of the global automotive composite market, highlighting the existing and upcoming trends in this market.

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Asia Pacific is the leading automotive composites market across the globe. In 2014, it accounted for 50.8% of the overall market and is expected to report a 52.4% market share by 2022. However, the regional market is showing sluggish growth in terms of volume consumed. In 2013, there were only 600 vehicles used per 1,000 people in Japan, whereas China and India collectively reported a little more than 50 vehicles per 1000 people on average, against 800 vehicles per 1000 people in the U.S.

Among the materials utilized to manufacture automotive composites, metal composites are the latest trend in the market. Analysts expect the market for metal composites to develop at a CAGR of 9.9% between 2015 and 2022 and reach a value of US$1,203.4 million by 2022. The market for the current leading segment, polymer matrix composites, is expected to expand at a much lower CAGR of 8.7% over the forecast period to attain a value of US$5,290.8 million by the end of 2022.

The rising preference for fuel-efficient passenger cars, enhancement in vehicle aesthetics to achieve product differentiation, rising production of vehicles, particularly in Asia Pacific, and stringent rules pertaining to carbon dioxide and other GHG emissions are the major driving forces behind the growth of the global automobile composites market, as per the research report.

On account of the deterioration in the environment, several governments have imposed stringent regulations to reduce the emission of carbon dioxide and various greenhouse gases. Various players in the automotive industry have focused on enhancing fuel efficiency by using lightweight material in automobiles in order to meet government standards.

The major lightweight materials used in the manufacturing of automobiles are alloys, advanced plastics, and composites, in which, owing to their durability, light weight, corrosion resistance, high strength, and ease of molding, composites are the preferred lightweight materials for the manufacture of vehicles.

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Teijin Ltd., UFP Technologies Inc., Johnson Controls Inc., Scott Bader Co. Ltd., Toray Industries Inc., Johns Manville, duPont, SAERTEX GmbH & Co. KG, Koninklijke Ten Cate N.V., and Cytec Industries Inc. are the major companies operating in the global automotive composites market. According to analysts, the global market is highly concentrated, with the top four players occupying a majority share in it, states the market study.

About Us

Persistence Market Research (PMR) is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. PMR boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.

PMR stands committed to bringing more accuracy and speed to clients’ business decisions. From ready-to-purchase market research reports to customized research solutions, PMR’s engagement models are highly flexible without compromising on its deep-seated research values.


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