MOSCOW (
MRC) -- The global automotive composites market will be worth USD12.1bn in 2016, as opportunities for light-weighting, requirements for fuel efficiency and global regulations for emission reduction drive the incremental penetration of composites into passenger cars, as per Plastemart with reference to Asdreports.
The author of the report commented that: "In 2016 the market for automotive composites is progressing strongly, boosted by increasingly advanced production techniques which are facilitating higher volume production of composite materials. The success of composite-rich models such as the BMW i3 provides further positive stimuli to the market, and indicates the beginning of a trend towards mid-price models featuring higher quantities of composite materials.
The automotive composites market is currently characterized by a higher level of concentration in the premium vehicle segment, due to the current high costs of manufacturing composite materials. Over the forecast period, we will see emerging more cost-efficient methods of production, observing a change in this trend as light-weighting and fuel efficiency are targeted more directly by OEMs.
The automotive composites market represents high potential and it is expected to record considerable growth in the forecast period. Significant partnerships between OEMs and composite manufacturers will help to boost investment and research, facilitating cost-efficient mass production. This is the biggest restraint the market faces. Additionally, the issues and difficulties associated with the recycling of composite materials are being targeted, and healthy progress is already being made in this regard, which will continue throughout 2016-2026."
As MRC
reported earlier, the global automotive composites market was valued at USD3062.7 mln in 2014, which is expected to increase to USD7,019.7 mln by 2022 at a CAGR of 8.8%, as per Persistence Market Research. Asia-Pacific is the largest market for automotive composites. The Asia-Pacific market is expected to account for 52.4% by 2022.
The global automotive composites market is highly consolidated, with the top four players - Toray Industries, Toho Co. Ltd., Mitsubishi, and SGL - accounting for between 70 and 75% market share. Other players operating in the global automotive composites market include Cytec Industries Inc., SAERTEX GmbH & Co. KG, Koninklijke Ten Cate N.V., Johns Manville, Johnson Controls, Inc., Scott Bader Company Ltd., Teijin Limited, E.I. du Pont de Nemours and Company, and UFP Technologies, Inc.
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