Composite Materials Market to Grow at 12.94% CAGR to 2020
PUNE, India, January 27, 2016 /PRNewswire/ --
The composite materials market size is projected to grow at a promising CAGR of 12.94% during the forecast period of 2015 to 2020, to reach USD 11.26 billion by 2020. Composite materials are the future of the automotive industry. CFRP is the fastest growing composite material. Emerging economies are to dominate the composite materials market.
Complete report on global composite materials market spread across 167 pages, profiling 10 companies and supported with 71 tables and 58 figures is now available at http://www.reportsnreports.com/reports/431023-composite-materials-market-by-material-type-pmc-mmc-cmc-application-their-sub-components-structural-powertrain-interior-exterior-other-applications-vehicle-type-pc-lcv-hcv-rolling-stock-by-region-global-forecast-to-2020.html .
Major OEMs partnering with composite material manufacturers, government regulations and mandates regarding fuel efficiently, and rising demand for fuel efficient vehicles are some of the drivers fueling growth in sales of automotive composite materials globally.
The fastest growing composite material in the automotive industry is carbon fiber reinforced polymer (CFRP). Carbon fiber is presently the most prominent lightweight material in the automotive industry, due to its high potential for weight reduction in certain applications. BMW (Germany) and Daimler AG (Germany) have already developed working relationships with material providers such as SGL Carbon Group (Germany) and Toray Industries Inc. (Japan) respectively, to jointly develop processes and techniques to bring carbon fiber vehicles to the market. The main applications where these composites are used include structural, power train, exterior, and interior.
The automotive composite materials market has witnessed considerable growth in emerging economies such as China, India, and Mexico, owing to rising vehicle production, and increasingly stringent emission, safety and fuel economy norms. The automotive composite materials market is projected to be the largest in Asia-Oceania from 2015 to 2020. This can be attributed to rising demand for automobiles in this region. Improving emission regulations, rising awareness about eco-friendly systems, and benefits of better fuel efficiency are the key factors driving the growth of the automotive composite materials market in Asia-Oceania.
Some of the major companies involved in this market, such as, Toray (Japan), Cytec (U.S.), SGL Carbon (Germany), Teijin Limited (Japan), and Ten Cate NV (Netherlands) among others have been comprehensively profiled in this report.
Other companies profiled in the study included in this report such as Johns Manville (the U.S.), Mitsubishi Rayon Co. Ltd (Japan), Owens Corning (the U.S.), Johnson Controls, Inc. (the U.S.), Jushi Group Co., Ltd. (China). Order a copy of 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 research report at http://www.reportsnreports.com/purchase.aspx?name=431023 .
The study also contains insights provided by various industry experts ranging from material suppliers to Tier-I companies and OEMs. Various key people in Tier 1 (47%), Tier 2 (33%) and others (20%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-level (40%), Director Level (27%) and other executives (33%) from various key organizations operating in the worldwide composite materials market. The primary interviews were conducted worldwide covering regions such as North America (20%), Europe (27%) and Asia-Oceania (53%).
On a related note, another research titled Composite Decking & Railing Market Global Trends and Forecasts to 2020 says, the Polyethylene (PE) composite decking & railing hold the largest market share. Polypropylene (PP) composite decking & railing is to have maximum growth during the forecast period. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities. Companies like Trex Company, Inc., UPM Biocomposites, Advanced Environmental Recycling Technologies, Inc., TAMKO Building Products, Timber Tech, Fiberon LLC, Universal Forest Products, Inc., Green Bay Decking, Axion International, Inc. and Integrity Composites have been profiled in this 140 pages research available at http://www.reportsnreports.com/reports/456955-composite-decking-railing-market-by-type-capped-and-uncapped-by-resin-type-polyethylene-polypropylene-polyvinylchloride-and-others-by-application-residential-and-non-residential-by-region-global-trends-and-forecasts-to-2020.html .
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