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Automotive Composites Market Segmented By Polymer Matrix, Metal Matrix, Ceramic Matrix Composite Materials by Manual, Compression, Injection and Continuous Process
On the back of depleting fossil fuel resources and growing awareness regarding the pollution caused by it, a revolutionizing trend in the automotive industry is energy efficiency. Composites, which essentially are composition of two of more constituent materials, form a substantial part of an automobile and, if smartly used, can lead to significantly lighter vehicles that are safer and more fuel-efficient. Composed of high-performance fiber such as glass or carbon - composites are tipped to even replace steel from the automotive industry in the near future, and the market for the same is flourishing.
According to this business publication, the demand in the global automotive composites market will expand at an impressive CAGR of 8.9% during the forecast period of 2017 to 2022. Revenue-wise, the analyst of the report has estimated that there will be opportunities worth US$7,019.7 million to be made out of the automotive composites market by the end of 2022, considerably more than the market’s evaluated valuation of 4,589.7 million in 2017.
Moving over thermoset-based composites, thermoplastic-based composites are now being developed that offer the automotive industry several benefits such as reduced material scrap, zero-solvent emissions, reduced number of painting steps, safer worker conditions, and greater recyclability.
Apart from these striking benefits, the global automotive composites market is gaining further traction from governmental regulations to produce lightweight materials and relentless research and development activities to devise improved composites. On the other hand, high cost of production and lack of technological advancements in highly profitable region of Asia Pacific are a few restraints obstructing the automotive composites market from attaining greater growth rates.
Material-wise, the automotive composites market has been segmented into metal matrix, polymer matrix, and ceramic matrix. Among these, the demand for the segment of polymer matrix composites is anticipated to expand at most prominent rate during the forecast period of 2017 to 2022, and attain a valuation of US$5.29 mn by the end of 2022. On the other hand, the metal matrix composites segment is second most profitable, projecting it to reach a valuation of US$1.2 bn by the end of the forecast period.
On the basis of Composite components, the market has been classified into exterior, interior, and engine and drivetrain components, whereas on the basis of manufacturing process, the market for automotive composites has been bifurcated into manual, compression, and injection and continuous.
Geographically, Asia Pacific is the most lucrative region by a long margin. Driven by the emerging economies of China, India, and Japan, the Asia Pacific automotive composites market has lured several key players into its region and is providing for both production facilities as well as strong demand. By the end of 2022, Asia Pacific is anticipated to provide for more than half of the overall demand for automotive composites. However, Europe is another region with potential for profits, gaining traction from stringent industry regulations against CO2 emissions.
A number of prominent automotive manufacturers hail from this region and consequently, there is availability and adoptability of latest technologies. The report also gauges the quantity of demand that can be expected out of North America and the Rest of the World. In addition to that, a number of leading players have also been profiled, representing the competitive landscape.