Asia Pacific automobile composite market size was the largest with more than USD 1.8 billion with an expected growth rate of over 8.5% up to 2023, as per a research report by Global Market Insights, Inc.
Consumers prefer to purchase fuel efficient vehicle to counter rising crude oil prices. Global automotive sales were estimated at more than 80 million units in 2012 and are likely to exceed 100 million units by 2018. Global automotive plastics market size is expected to cross USD 53 billion by 2023.
Automotive composites offer impact & heat resistance and lower the overall automobile weight, particularly in hybrid and electrical cars. Properties such as high tensile strength, ease in manufacturing, surface tension and corrosion resistance are ideal for manufacturing fuel-efficient and lightweight vehicles.
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Increasing preference towards passenger vehicle fuel efficiency coupled with product differentiation for vehicle aesthetics is likely to drive automotive composites market share. Increasing awareness towards lightweight material manufacturing for applications in interior and exterior vehicle components is components thereby reducing overall fuel consumption are likely to drive demand.
Asia Pacific was the dominant region in 2014 and is likely to witness highest gains over the forecast period. Shift of automobile manufacturing bases in countries such as China, India, Indonesia and Thailand is likely to drive regional demand.
Europe is likely to witness moderate growth over the forecast period. Stringent environmental regulations are likely to favor growth in this region. UK, France and Germany automotive composites market is likely to witness steady gains owing to presence of automobile manufacturers such as BMW and Renault.
The global automotive composites market share is highly consolidated with top four manufacturers catering to more than 70% of the total demand. Key companies operating in this market include Toho Co. Ltd, Toray Industries, SGL and Mitsubishi. Other prominent companies include SAERTEX GmbH, Cytec Industries, Koninklijke Ten Cate N.V, Johnson Controls, Johns Manville, Teijin Limited, UFP Technologies, DuPont and Scott Bader.
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Automotive composites application segment includes engine & powertrain components, exterior and interior components. Exterior components were the largest application segment over the past few years owing to increasing demand for aesthetic & attractiveness appeal of passenger vehicles. Exterior component applications are likely to be worth more than USD 3.5 billion by 2023. Engine & powertrain components are expected to witness highest gains over the forecast period.
insights, market sizing & forecast on a granular level for key products, applications across number of regional markets. The report also analyzes the Automotive Composites industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
To access table of contents for this report, “Automotive Composites Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development, Price Trend, Competitive Landscape & Forecast, 2016 – 2023”, please click on the link below:
https://www.gminsights.com/industry-analysis/automotive-composites-market
Key Insights in this Report
- Global Automotive Composites Market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Automotive Composites Market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
Browse Related Report
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https://www.gminsights.com/industry-analysis/automotive-plastics-market
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