Global automotive composites market valuation was around USD 3.1 billion in 2014 and is expected to grow at an estimated CAGR of around 8.8% from 2015 to 2022. Growing preference for higher fuel-efficiency in passenger cars, product differentiation with vehicle aesthetics, and rising vehicle production in Asia Pacific (APAC) region are expected to drive the industry over the forecast period.
Growing urban population especially in emerging economies such as China and India is likely to present growth opportunities for industry participants. Rising standard of living and high disposable consumer income in metro cities is also a major factor fueling demand for passenger cars and other vehicles.
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Exponential economic growth of various developed and developing countries such as the U.S., Germany, the UK, China, India, UAE, etc. has driven concerns regarding sustainability and carbon emission levels. Increasing awareness regarding application of lightweight materials to manufacture interior and exterior automotive components, thereby reducing overall fuel consumption are other factors likely to drive market growth. Automotive composites consumption has witnessed a steady rise, mainly in the U.S. which has 800 vehicles per 1,000 people.
Composites offer high heat and impact resistance, while lowering overall vehicle weight mainly in electric & hybrid cars. However, differing regulatory structures and high raw material (composite) prices are likely to hamper growth. Recyclability concerns are also likely to challenge the industry over the forecast period. Rising carbon emission levels owing to increasing vehicular activity over the last few decades has prompted governments across the globe to revamp numerous aspects regarding adherence to environmental norms and regulations in the automotive industry.
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On the basis of product type, the market can be classified into polymer matrix composites (PMC), metal matrix composites (MMC), and ceramic matrix composites (CMC). PMC is further divided into glass (GFRP), carbon (CFRP), or natural fiber reinforced polymer composites.
The CFRP market is the fastest growing segment and is expected to increase at 20.2% CAGR over the forecast period in terms of market value. Rising demand for fuel efficient cars, stringent environmental regulations and increasing application of composites in newer car models are some factors expected to foster market growth.
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