As per the latest market report published by Persistence Market Research, titled “Global Market Study on Automotive Composites: Polymer Matrix Composites to be the Largest Segment by 2022”. The global automotive composites market stood at more than US$3 bn in 2014 and is predicted to reach US$7 bn by 2022. It is expected to expand at an 8.80% CAGR from 2014 to 2020.
As per the report, the global automotive composites market is majorly fuelled by the increasing preference for fuel-efficient passenger cars, the rising production of vehicles in Asia Pacific, and the enhancement in vehicle aesthetics globally for achieving product differentiation. In addition, the rising population and increasing industrialization, especially in China and India, have also encouraged the establishment of automotive manufacturing facilities in these areas.
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Furthermore, the rising carbon emission owing to the growing number of vehicles has resulted in the restructuring of numerous aspects by governments worldwide, especially legally focusing on a reduction in carbon emissions through vehicles. This is why automakers have started to focus on utilizing lightweight materials in order to manufacture internal and external parts of vehicles for reducing the total weight of vehicles, which enhances fuel efficiency. This is a prime factor augmenting the development of the market for automotive composites. On the other hand, factors such as the increasing cost of automotive composites and the soaring prices of raw materials may impede the growth of the market in forthcoming years.
The report segments the market on the basis of material, manufacturing process, component, and geography.
On the basis of material, the automotive composites market is segmented into polymer matrix composites, ceramic matrix composites, and metal composites. Amongst these, in 2014, the segment of polymer matrix composites led the market and stood at US$2.7 bn and this segment is anticipated to touch US$5.3 bn by 2022, expanding at an 8.70% CAGR from 2015 to 2022. On the other hand, the segment of metal composites is predicted to rise at the highest CAGR–9.90%–in the forecast horizon and will reach a value of US$1.2 bn in 2022.
On the basis of manufacturing process, the market is segmented into compression, manual, injection and continuous, and others. On the basis of component, the market is segmented into exterior components, interior components, engine and drivetrain components, and others.
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On the basis of geography, the automotive composites market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, Asia Pacific emerged as the largest market for automotive composites. The prime reasons for the dominance of this region include the rising disposable income of consumers and an increasing number of vehicles being domestically manufactured in this region. North America and Europe also hold lucrative opportunities for the market for automotive composites owing to the strict rules on carbon dioxide emissions in these two regions.
According to the report, the prime players in the market are SAERTEX GmbH & Co. KG, Toray Industries, Cytec Industries Inc., Koninklijke Ten Cate N.V., Johnson Controls, Inc., Johns Manville, Scott Bader Company Ltd., E.I. du Pont de Nemours and Company, Teijin Limited, and UFP Technologies, Inc.
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