- In 2014, worldwide automotive composites market was valued over USD 3 billion. This market is estimated to grow at an approximate CAGR over 8.5% from 2015 to 2020. Also increasing vehicle production in Asia Pacific region coupled with product differentiation with vehicle aesthetics are projected to boost the market.
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Rising urban population particularly in emerging countries such as India and China is expected to offer growth opportunities to the market participants. High disposable consumer income and growing standard of living in metro cities is key factor driving the market demand of passenger cars and other vehicles.
Exponential growth in various emerging countries such as UAE, UK, China and India has driven concern about carbon emission levels. Rising awareness regarding lightweight materials application will drive the market. These materials will help reducing all over fuel consumption.
Based on product type, the industry is segmented into metal matrix composites (MMC), polymer matrix composites (PMC) and ceramic matrix composites (CMC).
Furthermore, PMC is segmented into carbon (CFRP) and glass (GFRP) or natural fiber reinforced polymer composites. CFRP is anticipated to cross over 20% of the CAGR over the coming years. Growing demand for fuel efficient cars is projected to boost the market growth. Also rising composites applications in latest car models are factors driving the market growth.
Major applications in the automotive composites market are interior, exterior, engine and powertrain. Due to high scope for expansion, chassis and powertrain were the fastest growing segment. Largest application segment for automotives were Exteriors, this is mainly due to its high demand for attractiveness & aesthetic appeal in passenger cars.
The worldwide market is classified into Middle East and Africa (MEA), Central and South America, North America, Asia Pacific and Europe. Increasing disposable consumer income and rapid industrialization in developing countries such as India& China led the maximum market share in APAC.
Major players in automotive composites market are Toray industries, Mitsubishi, toho Co. and SGL. These industries contributed for over 70% of the market share. Other market players are Teijin Limited Inc., Johns Manville, SAERTEX GmbH, Cytec Industries Inc., Scott Bader Company Ltd. UFP Technologies and Johns Manville.
Information Source: Grand View Research
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