Sarasota, FL — (PRESS RELEASE JET) — 10/31/2017 — According to the report, the global automotive composites market was valued at USD 5.12 billion in 2015, and is expected to reach USD 8.22 billion in 2021, growing at a CAGR of 8.3% between 2016 and 2021.
Composite is a mix of two different components revealing different chemical and physical properties together come with excellent outcomes. Different composites are used in the automotive industry to functions the vehicle with great fuel efficiency. The composites help in manufacturing lightweight vehicles which increase the fuel efficiency of the vehicles. Thus, the growing trend of utilization of different composites in the automotive industry is likely to drive the composite market in the near future. The global automotive composites market is primarily driven by growing penetration of lightweight automobile across the globe. The stringent rules and regulations of CO2 emission imposed by the regulatory bodies across the globe are expected to influence positively for the automotive industry. This, in turn, is likely to propel the demand for automotive composite during the years to come. However, the high cost of composites and the growing concern about the recyclability may likely to hamper the growth of the automotive composite market. Nevertheless, growing preference for higher fuel efficiency in passenger cars, especially in Asia Pacific region, is likely to open new doors for the major players of automotive composites market in the next few years.
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Based on the different types of composites, the global automotive composites market is bifurcated into metal matrix composite, polymer matrix composite, and ceramic matrix composite. Among these, polymer matrix composite was the largest product segment of the global automotive composites market in 2015. Moreover, it is also expected to be one of the fastest growing segments in the future. This growth is attributed to the shifting preference among consumer for carbon fiber composites which is bifurcated into the polymer matrix composite segment. Furthermore, ceramic matrix composite and metal matrix composite is projected to experience moderate growth over the next few years.
Interior, exterior, chassis & ower train components and others are some major applications for automotive composites market. Exterior was the leading applications of the global automotive composites market in 2015. The surging inclination of consumers towards the lightweight vehicles due to the growing prices of fuel over the few decades is expected to fuel the demand for lightweight vehicles. This, in turn, is projected to have the positive influence on the global automotive composites market over the years to come. Furthermore, interior and chassis & power train components are important outlets for automotive composites market that are expected to witness significant growth in the coming years.
Asia Pacific held as the dominating market for automotive composites market and accounted for largest share of the overall market in 2015. Furthermore, this trend is likely to continue in the coming years due to the growing urban population in China and India because of rising industrialization. Additionally, stringent regulations for carbon emissions, especially in North America and Europe, is expected to boost the noteworthy growth in the lightweight automobile market. This, in turn, is expected to witness the mounting growth for automotive composites market in the near future.
Some of the major players of the global automotive composites market include E.I. du Pont de Nemours and Company, SAERTEX GmbH & Co. KG, Owens Corning, Teijin Limited, SGL Group, Nippon Sheet Glass Co., Ltd., Cytec Industries Inc., Toray Industries Inc., Johns Manville and amongst others.
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