WELLESLEY, Mass., April 11, 2018 (GLOBE NEWSWIRE) -- Due to exciting developments within the automotive composites industry, the market’s forecasted growth is expected to be higher than originally predicted in a previous study in 2015, also conducted by BCC Research.
The market for automotive composites was valued at 3.8 billion pounds in 2017 and is estimated to grow to 7.3 billion pounds in 2022, reaching a compound annual growth rate (CAGR) of 13.8%, according to Composites in Automotive Applications: Global Markets to 2022.
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Major drivers for the future of automotive composites include the number of new vehicles produced, trends in the market penetration of the respective composite materials, and the price trends for composites. Furthermore, not only is production of motor vehicles increasing, but their average content of composites is growing as a percentage of total materials weight.
Research Highlights
- Asia dominated the global market for automotive composites in 2016, holding a share of 56%. This number is expected to grow to 61% by 2022. Europe’s share will remain around a little over 23%.
- Passenger cars and lightweight vehicles led the market in 2016, however heavy truck (29.8% CAGR) and bus (40.0% CAGR) sub-segments are expected to overtake the penetration in terms of composites.
- It has been estimated that for every 10% eliminated from a vehicle’s total weight, fuel consumption declines by 7%. In addition, for every kilogram of weight reduced in a vehicle, carbon dioxide emissions are reduced by a total of 20 kg.
“Over the past three decades, motor vehicle manufacturers have utilized increasing quantities of reinforced polymer composites (RPCs) in their efforts to build cars and trucks that are lighter in weight,” said BCC Research analyst and report author, Andrew McWilliams. “RPCs’ increasing penetration into the motor vehicle market has typically come at the expense of metals. However, in some ‘hybrid’ applications composites and metals work together. In these applications, metal parts are inserted into a mold and resin is injected.”
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