Persistence Market Research is released upcoming report on title "Automotive Composites Market: Global Industry Analysis and Forecast 2014 - 2020".
New York, NY -- (SBWIRE) -- 04/20/2015 -- Composites contain high-performance fibers such as carbon or glass, and a matrix material. When used in vehicles, composite materials make them lighter, safer, and fuel efficient. Increasing demand for fuel efficient cars has been propelling the automotive composites market. Volatile crude oil prices and rising petroleum based fuel prices are boosting the growth of fuel efficient vehicles. Composites weigh about one-fifth of steel, however they are better than steel in terms of strength. Unlike steel and aluminum, composites do not rust or corrode. Additionally, composites significantly increase the fuel economy of the vehicle by reducing its overall weight by approximately 60%. The strength-to-weight and stiffness-to-weight ratio of the vehicle increases with the use of composite materials. The vehicle also achieves a high energy-absorbing capability per unit mass by using composite materials.
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Global automotive composites market can be broadly segmented into three types: polymer matrix composites (PMC), metal matrix composites (MMC), and ceramic matrix composites (CMC). PMC can be further segmented into: glass fiber reinforced polymer composites (GFRP), carbon fiber reinforced polymer composites (CFRP), and natural fiber reinforced polymer composites (NFRP). Based on application, the global automotive composites market can be segmented into four categories: exterior components, interior components, engine and drive-train components, and other components. Based on process, the global automotive composites market can be segmented into: manual process, compression process, injection process, and continuous process.
Increasing number of electric and hybrid vehicles is also driving the automotive composites market due to their wide usage in these vehicles. The electric vehicles market is expected to grow at a compound annual growth rate of approximately 17% for the period from 2014 to 2023, which has also opened up opportunities for the automotive composites market. The lower price of steel as compared to automotive composites is proving to be one of the key restraints for the growth of the latter market. Material costs of carbon fiber composites are approximately 20 times higher as compared to that of steel. Composites are also used in aircrafts where operational cost is more important than the price.
Stringent environmental regulations are also expected to boost the growth of automotive composites market during the forecast period. Environmental regulations stipulating lower carbon dioxide emissions and higher fuel efficiency in the European Union and the U.S. are expected to significantly increase the number of fuel efficient vehicles. According to the prevalent auto-regulations in the U.S. such as Corporate Average Fuel Economy (CAFE), automakers are expected to raise the level of fuel efficiency of new cars and trucks to 54.5 miles per gallon by 2025. Similarly, the European Union has also targeted to minimize its carbon emission levels to 95g CO2/km by 2020.
The major players in global automotive composites market include Cytec Industries, Inc., Toray Industries Inc., SGL Group, Teijin Limited, Tencate, Owens Corning, Johns Manville, Jushi Group Co. Ltd., Nippon Sheet Glass Co. Ltd, and Bayerische Motoren Werke Aktiengesellschaft (BMW).
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Key points covered in the report:
1) Report segments the market on the basis of types, application, products, technology, etc (as applicable)
2) The report covers geographic segmentation
3) The report provides the market size and forecast for the different segments and geographies for the period of 2010 to 2020
4) The report provides company profiles of some of the leading companies operating in the market
The report also provides porters five forces analysis of the market.
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