Automotive Composites Market to surpass USD 7.5 billion by 2024A Chapter by David JonesAutomotive Composites Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa ResearchThe global automotive composites
market stood at over USD 3 billion in 2015 and is expected to surpass USD 7.5
billion by 2024 expanding at a CAGR of over 8.5 %. Rising preference for high
fuel efficiency in passenger cars and growing vehicle production, particularly
in the Asia-Pacific (APAC) region, will drive the global market during the
forecast period (from 2016 to 2024).
Increasing urban population base,
especially in developing countries such as India & China, will offer
numerous growth opportunities to the market players. However, recyclability
issues along with high costs of raw material are likely to hinder the worldwide
Industry growth.
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The global market is categorized into products,
applications, and regions.
Based on products, the global automotive composites
market is segmented into Ceramic Matrix Composites (CMC), Metal Matrix
Composites (MMC), and Polymer Matrix Composites (PMC). Polymer matrix composite
is further categorized into Carbon Fiber Reinforced Polymer composites (CFRP)
or natural fiber reinforced polymer composites and Glass Fiber Reinforced
Polymer composites (GFRP). The metal matrix composites (MMC) market is likely
to exceed USD 435 million by 2023.
The market for CFRPs is the fastest-growing and is
projected to grow at a healthy CAGR during the forecast period. Strict
environmental rules and demand for fuel-efficient cars will propel this
segment. And increased application base for composites in latest vehicle models
will also add to the demand. .
On the basis of applications, the global automotive
composites industry is fragmented into interior, exterior, engine, and
powertrain components. Owing to widespread expansion, chassis and powertrain
components has been the fastest growing segment over the past couple of years.
. The exterior components segment led the market due to high demand for
aesthetic appeal and attractiveness in passenger cars. Engine & powertrain
components is projected to witness maximum gains in the years to come. The global
market is also segmented on the basis of technology into manual, continuous,
injection, and compression.
Regionally, the automotive composites industry is
categorized into Europe, Asia Pacific (APAC), North America, Central and South
America (CSA), and the Middle East and Africa (MEA). Surging income levels
along with rapid industrialization in various developing countries has resulted
in the greatest industry share in this region. Frequent business ventures and
numerous product launches have made the region a lucrative hub for high
investments. The European automotive composites market will register moderate
growth from 2016 to 2024. Stringent environmental rules by the European
government will boost regional growth. United Kingdom, Germany, and France automotive
composite markets will perform favorably owing to the presence of major
automobile manufacturers such as Renault and BMW. The North American region is
also expected to have steady gains due to a rise in the customer spending
capacity post recession.
The global industry is highly consolidated one with
four key players holding 70 % of the total market share. Some of the key
companies are Mitsubishi Corp.; Toho Co. Ltd.; Toray Industries Inc.; and
Koninklijke Ten Cate N. V.
Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/automotive-and-transportation-industry About Us: Hexa
Research is a market research and consulting organization, offering industry
reports, custom research and consulting services to a host of key industries
across the globe. We offer comprehensive business intelligence in the form of
industry reports which help our clients obtain clarity about their business
environment and enable them to undertake strategic growth initiatives. © 2017 David Jones |
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Added on August 28, 2017 Last Updated on August 28, 2017 Tags: Automotive Composites Market, Automotive Composites Industry AuthorDavid Jonescalifornia, CAAboutResearch Analyst At Hexa Research Which Provides Research Content For All Types Of Domains do check my Articles more..Writing
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