According to a report published by Grand View Research, Inc.; the automotive polymer composites market is likely to reach a valuation of around USD 11.6 billion by 2025.
Increasing production of automotive can propel the market over the forecast period (2014 to 2025). In addition, strict regulatory framework and rising demand for fuel-efficient and lightweight-vehicle is expected to spur the demand for these materials.
Though, steel and aluminum have been succeeded in reducing weight of automobile. The automobile sector is facing many challenges associated with their production or assembly processes regarding innovative product designed and the development of material with improved properties particularly for large-volume production facilities. The high-performance FRP composites can possibly perform better than steel and aluminum. This is likely to support the market growth. Moreover, rising demand for fuel-efficient vehicles and growing manufacturing of lightweight automobile components are the major factors that have encouraged manufacturers to take backward integration in the value chain. Involvement across the value chain can be useful in minimizing total required time to transform raw material into finished product as well as cost reduction.
However, factors such as high processing cost, high cost of reinforcing materials, costly recycling processes, and lack of mass production approaches are likely to hinder the market growth.
Full Research Report On Automotive Polymer Composite Market Analysis:
Worldwide automotive polymer composites market can be divided on the basis of product, resin, application, manufacturing process, end-use, and region. Based on product, the market can be categorized into glass fiber, carbon fiber, and natural fiber. As per resin, the market can be split into polyurethane, polypropylene, epoxy, polyamide, polyester, polyethylene, vinyl ester, and others. The vinyl ester segment is expected to display high growth during the forecast period. Composites made with this material are used for manufacturing sunroof, heat shields, and radiator assembly.
Carbon fiber segment is anticipated to show raid growth due to its thickness and strength. Based on application, the market can be split into interior components, structural components, exterior components, and powertrain components. On the basis of end-use, the market can be classified into electric vehicles, conventional vehicles, and trucks and buses. Electric vehicles segment is likely to increase the product demand at an estimated CAGR of 7.0% during 2017 to 2025 due to growing focus on utilization of lightweight materials in the manufacturing. Based on manufacturing process, the market can be fragmented into compression molding, sheet molding, injection molding, and resin transfer molding.
Geographically, the market can be divided into North America, Asia Pacific, Europe, Central & South America, and Middle East & Africa.
Growing implementation of regulatory framework regarding fuel economy and carbon footprint for light commercial vehicles and passenger vehicles in North America, Europe, and other region is likely to boost the market growth in the years to come.
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Asia Pacific estimated for the major market share in the automotive sector in 2016. Availability of cheap labor and affordable raw materials, and supportive government policies are supporting the market growth in the region. In addition, the presence of potential opportunities in emerging countries in the region is likely to boost the market growth. Countries such as India, Japan, and China are the major steel manufacturers in the region, which is expected to create many opportunities in the market. Additionally, several automotive companies are increasingly developing production plants in the region to gain competitive advantage in terms of low manufacturing costs.
Europe is considered as one of the attractive markets. In 2016, Germany reported for around 28% of the total production in the European market. Factors such as established infrastructure, high living standard, increasing disposable income have increase the purchasing power of consumers. Increasing population and growing consumers income are boosting demand for high-end innovative, luxurious, and environment-friendly products. This is likely to boost the product demand in the region, and Specially in Germany.
Prominent companies operating in the market include TPI Composites, Inc.; Plastic Omnium Co.; Magna International, Inc.; Toray Industries, Inc.; and Benteler-SGL. Research and development and technological advancements are crucial for the participants to sustain in the market.
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