New York, NY -- (SBWire) -- 07/30/2015 --According to a market study on the global automotive composites market recently published by Persistence Market Research (PMR), the global market stood at US$3,062.7 million in 2014 and is estimated to expand at a CAGR of 8.8% during the period from 2015 to 2022 and reach a value of US$7,019.7 million at the end of the forecast period.
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The research report, titled "Global Market Study on Automotive Composites: Polymer Matrix Composites to be the Largest Segment by 2022", discusses the performance of the global automotive composite market, highlighting the existing and upcoming trends in this market.
Asia Pacific is the leading automotive composites market across the globe. In 2014, it accounted for 50.8% of the overall market and is expected to report a 52.4% market share by 2022. However, the regional market is showing sluggish growth in terms of volume consumed. In 2013, there were only 600 vehicles used per 1,000 people in Japan, whereas China and India collectively reported a little more than 50 vehicles per 1000 people on average, against 800 vehicles per 1000 people in the U.S.
Among the materials utilized to manufacture automotive composites, metal composites are the latest trend in the market. Analysts expect the market for metal composites to develop at a CAGR of 9.9% between 2015 and 2022 and reach a value of US$1,203.4 million by 2022. The market for the current leading segment, polymer matrix composites, is expected to expand at a much lower CAGR of 8.7% over the forecast period to attain a value of US$5,290.8 million by the end of 2022.
The rising preference for fuel-efficient passenger cars, enhancement in vehicle aesthetics to achieve product differentiation, rising production of vehicles, particularly in Asia Pacific, and stringent rules pertaining to carbon dioxide and other GHG emissions are the major driving forces behind the growth of the global automobile composites market, as per the research report.
On account of the deterioration in the environment, several governments have imposed stringent regulations to reduce the emission of carbon dioxide and various greenhouse gases. Various players in the automotive industry have focused on enhancing fuel efficiency by using lightweight material in automobiles in order to meet government standards.
The major lightweight materials used in the manufacturing of automobiles are alloys, advanced plastics, and composites, in which, owing to their durability, light weight, corrosion resistance, high strength, and ease of molding, composites are the preferred lightweight materials for the manufacture of vehicles.
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Teijin Ltd., UFP Technologies Inc., Johnson Controls Inc., Scott Bader Co. Ltd., Toray Industries Inc., Johns Manville, duPont, SAERTEX GmbH & Co. KG, Koninklijke Ten Cate N.V., and Cytec Industries Inc. are the major companies operating in the global automotive composites market. According to analysts, the global market is highly concentrated, with the top four players occupying a majority share in it, states the market study.
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Global Automotive Composites Market to Reach US $7,019.7 Million by 2022
Asia-Pacific is the largest market for automotive composites. Increasing domestic production of vehicle paired with increasing disposable income is driving the automotive composites market in the Asia Pacific region. One of the major factors contributing to the growth of the automotive composites market in North America and Europe are stringent CO2 emission rules in these regions.