Automotive Composite Market worth $7,142.37 Million by 2019, Says the New Study on ASDReports

Friday 12 December 2014, Amsterdam

The new report now available on ASDReports, defines and segments the global automotive composite market with an analysis and forecast of its global volume and value.

Asia-Pacific: The Biggest Market of Automotive Composite

The Asia-Pacific region was the world’s largest market for automotive composite in 2013. China is the key consumer of automotive composite in Asia-Pacific. Need for lightweight and fuel efficient vehicles shifted manufacturers focus towards automotive composite. Various product launches, partnerships, agreements, and expansions have in turn made the region a potential growth market for automotive composite.

“Carbon Fiber Composite–The Fastest-growing Type; while Exterior components The Biggest Automotive Composite Application”

Carbon fiber is a material made up of carbon atoms that are aligned parallel to the main axis of the fiber. The fibers are very thin in diameter, about 1/10th the size of a human hair. The crystal alignment makes the fiber very strong for its size. Normally, carbon fibers are molded with other materials such as plastic resin and graphite to form carbon fiber composite. Carbon fiber composite is the fastest-growing automotive composite driven by its high demand for chassis & powertrain components application. The chassis & powertrain market for automotive composite has a wide scope for its expansion, which in turn would help in increasing the consumption for automotive composite. Exterior components are the biggest application of automotive composite and are projected to be worth $ 3,555.51 million by 2019.

Toray Industries Inc. (Japan), Owens Corning (U.S.), Johns Manville (U.S.), SGL Group (Germany), Cytec Industries Inc. (U.S.), Koninklijke Ten Cate nv (The Netherlands),    Nippon Sheet Glass Co., Ltd. (Japan), Jushi Group Co. Ltd. (China), and Teijin Limited (Japan) are some of the major manufacturers of automotive composite. Company profiling and competitive strategies adopted by top automotive manufacturers such as Bayerische Motoren Werke Aktiengesellschaft (Germany), Volkswagen Group (Germany), General Motor Company (U.S.), and Ford Motor Company (U.S.) are also covered in the report.

The report also defines driving and restraining factors for the global automotive composite market with the analysis of trends, opportunities, burning issues, winning imperatives, and challenges. Some of the drivers include increasing demand for fuel efficient vehicles, and reduced weight and parts consolidation offered by automotive composite.  Some of the restraints include high cost of composite, and concerns about recyclability. There are some opportunities which will change the dynamics of automotive composite industry in the years to come, which include emission regulations that are forcing OEMs’ attention towards composite, and growth opportunity in high volume production of structural automotive components. The market is forecasted on the basis of major regions, such as North America, Europe, Asia-Pacific, and Rest of the World (RoW) by both value and volume. The regional automotive composite market is further segmented on the basis of major applications.