Sarasota, FL, Dec. 13, 2016 (GLOBE NEWSWIRE) -- Zion Research has published a new report titled “Automotive Composites Market by Type (Metal Matrix Composite, Polymer Matrix Composite, and Ceramic Matrix Composite) for Interior, Exterior, Chassis & Powertrain Components and Others Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021”. According to the report, the global automotive composites market was valued at USD 5.12 billion in 2015 and is expected to reach USD 8.22 billion in 2021, growing at a CAGR of 8.3% between 2016 and 2021.
Automotive composites are primarily used for reducing the weight of components. These composites add the unique characteristics to the part such as high tensile strength, lightness, stiffness, material strength, etc. therefore, considering this parameter the automotive composites market has wide scope in the near future in various applications including automotive, aerospace, electronics, defense and marine amongst others.
Browse through 22 Market Tables and 23 Figures spread over 110 Pages and in-depth TOC on “Global Automotive Composites Market: By Type, Application, Technology, Industry Share, Segment, Geography and Forecast 2015-2021”.
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The strong demand for automotive composite in automotive and aerospace industries is one of the major driving forces of automotive composites market. In addition, stringent norms and regulations specific to CO2 emission, especially in North America and Europe, are likely to uplift the market size in the region during the next few years. However, the high cost of composites is a major concern for the market. Nonetheless, growing demand for lightweight vehicles in Asia Pacific region due the growing prices of fuel is likely to set as new opportunities for the major players of automotive composites market over the coming years.
Metal matrix composite, polymer matrix composite, and ceramic matrix composite are the major types of composites used for automotive industry. Polymer matrix composite was the most attractive segment of global automotive composite market in 20015. It accounted for above 40% share of the entire volume consumption of automotive composite market in 2015. The increasing use of polymer matrix composite in automotive, aerospace and electronics industries is expected to bolster the market size with a growing CAGR of 8.3% between 2016 and 2021. Furthermore, metal matrix composites and ceramic matrix composites are also predicted to witness the moderate growth in the near future due to the growing usage in aerospace industry.
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In terms of applications, exterior applications dominated the global automotive composites market in 2015. It accounted for more than 28% share of the total market in 2015 and it is likely to witness the splendid growth in the near future. The exterior application uses the major proportion of composites for obtaining the applicable properties required for automobile coupled with huge investment for R&D activities is likely to boom the growth of automotive composites market in the next few years.
North America is a hub for automotive and aerospace industries. Moreover, growing penetration of lightweight vehicles is expected to boost the market with a rising CAGR of 5.6% within the forecast period. This growth is attributed to the easy availability of credit at low-interest rates, and the advancing technology in fuel-efficient vehicles. Moreover, industry regulations viz. the Corporate Average Fuel Economy (CAFE) standard is also projected to increase the demand for lightweight vehicle in U.S. This, in turn, is likely to propel the demand for automotive composites market in the next few years.
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The automotive industry is one of the prime industrial sectors in Europe region. The UK also stands as the second-largest national aerospace industry across the globe. The UK accounted 17% share for the aerospace industry in 2015. The shifting preference of consumers for fuel-efficient vehicles coupled with the stringent norm and regulations is expected to drive the automotive composite market in the region. Moreover, the increasing utilization of lightweight materials in aviation and marine industry is expected to exhibit the increase in market size of automotive composites market during the years to come.
Asia-Pacific was the largest market for automotive composites market in 2015. The large population and growing industrialization in China and India are estimated to exhibit the great demand for automotive industry. Additionally, changing lifestyle coupled with rising disposable income is likely to drive the demand for light-duty vehicles within the forecast period. Increasing fuel prices is also expected to trigger the growth of lightweight vehicles in the region over the years to come.
Latin America and the Middle East & Africa are expected to witness sluggish growth within the forecast period. Nevertheless, emerging industrialization in countries such as UAE, Argentina and Brazil may provide the new opportunities for automotive industry and probably for lightweight automation. This, in turn may affect positively on the automotive composites market in the near future.
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Some of the major players of the global automotive composites market include E.I. du Pont de Nemours and Company, SAERTEX GmbH & Co. KG, Owens Corning, Teijin Limited, SGL Group, Nippon Sheet Glass Co., Ltd., Cytec Industries Inc., Toray Industries Inc., Johns Manville and amongst others.
This report segments the global automotive composites market as follows:
Global Automotive Composites Market: Type Analysis
- Metal matrix composite
- Polymer matrix composite
- Ceramic matrix composite
Global Automotive Composites Market: Applications Analysis
- Interior
- Exterior
- Chassis & power train components
- Others
Global Automotive Composites Market: Regional Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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