PUNE, India, January 22, 2016 /PRNewswire/ --
The report "Composite Materials Market for Automotive by Material Type (PMC, MMC, & CMC), Application & their Sub-Components (Structural, Powertrain, Interior, Exterior, & Others), Vehicle Type (PC, LCV, HCV, & Rolling Stock), & by Region - Global Forecast to 2020", The market is projected to grow at a CAGR of 12.94% from 2015 to 2020, to reach a market size of USD 11.26 Billion by 2020.
Browse 71 market data Tables and 58 Figures spread through 167 Pages and in-depth TOC on "Composite Materials Market"
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Government regulations and mandates regarding fuel efficiency, rising demand for fuel efficient vehicles, and major OEMs partnering with composite material manufacturers are some of the drivers fueling growth in sales of automotive composite materials globally.
Automotive Interiors: Promising application for composite materials
Automotive interiors is one of the largest markets for composite materials, with various different components being employed including steering wheel, dashboard, door panel, and seat covers among others. Given the progressively stringent emission and safety standards across the globe, composite materials are being increasingly adopted in vehicles; this has increased the demand for composite materials. NFRP composite is most commonly used for automotive interiors due to its numerous applications including in seat trims, flooring, and gear knobs among others. However, various luxury and sports cars use CFRP composites for dashboards and other automotive interiors because of its impressive strength-to-weight ratio and appearance. These factors are said to propel the overall market for automotive composite materials.
Carbon Fiber Reinforced Plastic (CFRP)-An opportunity in the near future
The carbon fiber reinforced polymer market has seen steady growth from last three to five years, being a key material for the automotive industry in the 21st century. The CFRP market is mainly driven by technological innovations and new high value applications. Despite various challenges such as fluctuating raw material costs and environmental concerns, the market is projected to grow in the forecast period. Advanced technologies and new business opportunities are expected to emerge in major and novel applications. The leading composite manufacturers are continuously focusing on increasing their production capacities and are investing in research facilities to develop new technologies so as to reduce the cost of CFRP composites.
North America: Fastest-growing market for composite materials
The North American automotive industry has risen over the years in terms of growth and profitability mainly attributable to the increasing automotive production. According to the Organisation Internationale des Constructers Automobiles (OICA), the automotive industry in the region is considered to be one of the fastest growing, having a growth rate of 6.9% from 2013 to 2014. The region has also showed an increased growth in the light commercial vehicles segment having a growth rate of 9.7% from 2013 to 2014. During the forecast period, the North American market is projected to grow at the fastest rate, which will further push the demand for automotive composite materials.
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Companies such as Owens Corning and Cytec Industries Inc. have headquarters in the U.S. and are the one of the leading manufacturers of composite materials.
The major players involved in the Automotive Composite Materials Market are Toray Industries Inc. (Japan), Cytec Industries (U.S.), SGL Carbon (Germany), Teijin Limited (Japan), and TenCate NV (The Netherlands) among others.
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