“Composite Materials: Future of the Automotive Industry”
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. 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.
“CFRP: the fastest growing composite material”
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.
“Emerging economies to dominate the composite materials market”
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.
The study also contains insights provided by various industry experts ranging from material suppliers to Tier-I companies and OEMs. The break-up of the primaries is as follows:
- By Company Type - Tier 1 - 47 %, Tier 2 - 33% and Others - 20%
- By Designation - C level - 40%, Director level - 27%, Others - 33%
- By Region - North America - 20%, Europe - 27%, Asia-Oceania - 53%
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 includes:
- 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)
Reasons to Buy the Report:
The report provides insights with reference to the following points:
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for automotive composite materials across regions
- Product Development/Innovation: Detailed insights of the R&D activities, upcoming technologies, and new product launches in the global automotive composite materials market
- Market Diversification: Detailed information about untapped markets, investments, new products, and recent developments in the global automotive composite materials market
- Competitive Assessment: In-depth assessment of strategies, products, manufacturing capabilities of leading players, in the global automotive composite materials market