The global automotive composite market is anticipated to
reach USD 6.97 billion by 2025, according to a new report by Grand View
Research, Inc. The growing demand for light-weight vehicles that enable fuel
saving and adhere to emission norms is projected to influence the market growth
positively.
The polymer matrix composites
segment dominated the market in 2016. These composites are extensively used in
the manufacture of structural and exterior components which help improve the
crashworthiness of vehicles. PMC also offers excellent corrosion resistance,
formability, and reduces mechanical vibrations.
Asia Pacific & Europe are
projected to experience significant demand for composites in the automotive
industry. Joint ventures and long term contracts would be the key to success
and durability for market participants. The rising automotive production in
countries such as China, the U.S., Japan, Germany, India, and South Korea is
projected to augment demand over the coming years.
U.S. automotive composites
market revenue by product, 2014 - 2025 (USD Million)
Browse full research report on Automotive Composite Market: http://www.grandviewresearch.com/industry-analysis/automotive-composites-market
Further key findings from
the report suggest:
- The PMC
segment occupied the largest share and is projected to grow at the second
highest CAGR over the forecast period
- Glass fiber
reinforced polymer composites held the largest share in the PMC segment,
on account of its lightweight benefits which range from 15% to 25%
- CFRP also
occupied a significant portion in the industry and is gaining preference
as compared to metal automotive component that uses aluminum, steel, and
iron. CFRPs possess 30% greater strength than other polymer composites
with half their weight.
- Stringent
emission control regulations established in Europe and North America is
projected to enhance fuel saving by reducing vehicle weight
- The exterior
components segment accounted for 38% of the global demand and is expected
to grow at the highest CAGR over the forecast period
- Composites
are used in the manufacture of exterior automotive parts such as panoramic
roof modules, rear windshield glazing, wheel covers, headlight housings
& lenses, bumper, fender, and front grille among others
- Increasing
investment and technological collaborations in the automotive industry is
projected to contribute to the demand over the coming years
- Key players
include Cytec Solvay Group, Toray Industries, Inc., SGL Group - The Carbon
Company, and Teijin Limited
- Companies
offer a broad range of products and solutions for application specific
use. With growing demand for light weight parts in the automotive sector,
automobile manufacturers are collaborating with composite fabricators to
develop new products catering to specific client requirement.
Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-automotive-composite-market
About Grand View Research,
Inc:
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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