An up to date business intelligence report compiled at
Persistence Market Research (PMR) notifies that the shares in the global
automotive composites market are moderately consolidated among a handful of
players who have the technological expertise to cater to diverse demands. In
the automotive industry, the current trend is to develop vehicles that are fuel
efficient, and a number of players are transforming their business to meet
these changing requirements. For instance, Toray Industries has inaugurated a
new production facility in Japan that is expected to starting churning out
electrode sheets for nearly 100,000 fuel cell vehicles each year from 2018
onwards. Toray’s new carbon fiber composite is expected to be stronger and
lighter with complex shapes.
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Toho Tenax is another reputed name in the global automotive
composites market, providing customized products from lightweight electric
hybrids to high-performance racing cars. Some of the popular products from the
company are Tenax Filament Yarn, Tenax ThermoPlastics, Tenax Short Fibers,
Tenax Dry Reinforcements, Tenax Part via Preform, and Tenax Prepreg. Solvay
S.A. is another key holding a strong position in the global automotive
composites market, offering its DForm® component technology that serves the
high and medium volume automobile market, providing high deposition rates and
ease of processing with its continuous fiber advanced molding system.
Global Automotive
Composites Market to Attain Valuation of US$7,019.7 million by 2022
As per the projections of the PMR report, the demand in the
global automotive composites market will swell at an impressive CAGR of 8.9%
over the course of the forecast period of 2017 to 2022. In terms of revenue,
the scopes in this market are estimated to be worth US$7,019.7 by the end of
2022, considerably more than the market’s evaluated worth of US$4,589.7 million
in 2017. The analysts of the report have identified SGL Group from Germany,
Mitsubishi Chemical Company from Japan, and Owens Corning and Plasan Carbon
Composites from the U.S. as some of the other companies currently ahead of the
curve in the global automotive composites market.
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Based on composite materials, the PMR report segments the
market for automotive composites into polymer matrix, ceramic matrix, and metal
matrix. On the basis of manufacturing process, the market has been bifurcated
into injection and continuous process, compression process, and manual process.
The market has also been categorized on the basis of composite components, into
engine and drivetrain components, exterior, and interior. Geographically, Asia
Pacific has been picked out as the region with maximum opportunities. By the
end of 2022, this region is anticipated to provide for more than half of the
total demand in the global automotive composites market.
Government
Regulations to Reduce Carbon Emission Driving Demand
A number of factors have been detected that are expected to
drive the automotive composites market in the near future, such as growing
demand for lightweight passenger vehicles that offer higher fuel efficiency and
government regulations to adopt ways to reduce carbon emission from vehicles.
In addition to that, the automotive industry is currently flourishing in the
region of Asia Pacific, finding strong demand the emerging economies of China
and India. These two countries are vastly populated and increased per capita
vehicle ownership is expected to reflect positively on this market. On the
other hand, high cost of raw materials is the most prominent restraint over the
prosperity of the automotive composites market. The technology needs to be
harnessed further for it to be more affordable for larger masses across the
world.
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