Zion Market Research has published a new report titled “Automotive Composites Market by Type (Metal Matrix Composite, Polymer Matrix Composite, and Ceramic Matrix Composite) for Interior, Exterior, Chassis & Powertrain Components and Others Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2015 – 2021.” According to the report, the global automotive composites market was valued at USD 5.12 billion in 2015 and is expected to reach USD 8.22 billion in 2021, growing at a CAGR of 8.3% between 2016 and 2021.
Automotive composites are primarily used for reducing the weight of components. These composites add the unique characteristics to the part such as high tensile strength, lightness, stiffness, material strength, etc. therefore, considering this parameter the automotive composites market has wide scope in the near future in various applications including automotive, aerospace,, electronics, defense and marine amongst others.
Browse the full report at https://www.zionmarketresearch.com/report/automotive-composites-market
The strong demand for automotive composite in automotive and aerospace industries is one of the major driving forces of automotive composites market. In addition, stringent norms and regulations specific to CO2 emission especially in North America and Europe are likely to uplift the market size in the region during the next few years. However, high cost of composites is a major concern for the market. Nonetheless, growing demand for lightweight vehicles in Asia Pacific region due the growing prices of fuel is likely to set as new opportunities for the major players of automotive composites market over the coming years.
Metal matrix composite, polymer matrix composite and ceramic matrix composite are the major types of composites used for automotive industry. Polymer matrix composite was the most attractive segment of global automotive composite market in 20015. It accounted for above 40% share of the entire volume consumption of automotive composite market in 2015. The increasing use of polymer matrix composite in automotive, aerospace and electronics industries is expected to bolster the market size with a growing CAGR of 8.3% between 2016 and 2021. Furthermore, metal matrix composites and ceramic matrix composites are also predicted to witness the moderate growth in the near future due to the growing usage in aerospace industry.
In terms of applications, exterior applications dominated the global automotive composites market in 2015. It accounted for more than 28% share of the total market in 2015 and it is likely to witness the splendid growth in the near future. An exterior application uses the major proportion of composites for obtaining the applicable properties required for automobile coupled with huge investment for R&D activities is likely to boom the growth of automotive composites market in the next few years.
With the more than 35% share, Asia-Pacific led the global automotive composites market in 2015. The increasing demand for automobile coupled with the rising disposable incomes in Asia Pacific countries is expected to propel the demand for automotive composites market over the years to come. Growing demand for passenger vehicles because of emerging industrialization in the region is likely to drive the demand for the automotive industry. Moreover, increasing fuel prices is predicted to increase the demand for lightweight vehicles which in turn is expected to grow the market size of automotive composites within the forecast period. Furthermore, North America and Europe are also expected to exhibit the exponential growth for automotive composites market in the near future.