Dover, DE -- (SBWIRE) -- 05/17/2016 -- Automotive composites market size was estimated at more than USD 3 billion in 2015 and is likely to exceed USD 7 billion by 2023 at a CAGR of over 8.5%. 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.

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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.

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Consumers prefer to purchase fuel efficient vehicle in order 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.

Global increase in carbon footprint owing to vehicle emissions has prompted numerous automobile regulatory bodies to adhere to environmental norms. Vehicle weight reduction is seen as priority by automobile manufacturers as it curbs carbon emissions. Reducing vehicle weight by 450 kg enables approximate 40 gram reduction in CO2 and helps in increasing the fuel efficiency by 8% to 12%.

Recyclability issues coupled with high raw material pricing is likely to hamper automotive composites industry profitability.

Increase in population coupled with rise in disposable income particularly in countries such as China, India, Thailand, Indonesia and Brazil is likely to fuel passenger & commercial vehicle demand. U.S. automotive composites market share was steady, with vehicle density of 800 vehicles per 1000 people. Compared to 15.6 million vehicles manufactured in 2013, the country saw an increase in production up to 16.5 million in 2014, which is expected to reach up to cross 17 million units in 2016.

Major automotive composite product segment include MMC (metal matrix composites), CMC (ceramic matrix composites) and polymer matrix composites (PMC). PMC is further segmented into carbon (CRPF) and glass (GRPF) based fiber reinforcement polymer composites. CRPF is likely to witness highest gains of over 20% up to 2023 owing to growing application scope in new vehicle models to increase the fuel efficiency. Metal matrix composites (MMC) market size is likely to exceed USD 435 million by 2023.

Automotive composites application segment includes engine & powertrain components, exterior and interior components. Exterior components was 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.

Automobile composites market is also segmented on the basis of technology namely manual, continuous, injection and compression.

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. These countries are expected to benefit owing to favorable government regulations in the form of tax incentives and cheap labor wages.

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. North America is likely to witness steady gains over the forecast period owing to increase in consumer spending capacity post recession.

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.