Global Automotive Composites Market 2017-2021
About Automotive Composites
Composites are a class of materials that are made of two or more constituent materials having different properties. The properties of the composites are unique and different from those of the constituent materials. The constituent materials of the composites remain separate and distinct and do not blend or dissolve with each other.
Technavio’s analysts forecast the global automotive composites market to grow at a CAGR of 9.02% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive composites market for 2017-2021. To calculate the market size, the report considers the sales of composite products in key applications in the automotive industry.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Composites Market 2017-2021
Technavio recognizes the following companies as the key players in the global automotive composites market: Cytec Solvay, Mitsubishi Rayon, SGL Group, Teijin, and Toray Industries.
Other Prominent Vendors in the market are: Hexcel Corporation, DowAksa, E. I. du Pont de Nemours and Company, Holding Company Composite, Johns Manville, Johnson Controls, Koninklijke Ten Cate N.V., Owens Corning, Saertex, Scott Bader Company, UFP Technologies, and Zhongfu Shenying Carbon Fiber.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is introduction of innovative composites. The global automotive composites market is experiencing an increase in the R&D of materials having superior properties, such as fuel efficiency, crashworthiness, and high strength. The investment in R&D has already led to the introduction of some innovative products by vendors.”
According to the report, one of the major drivers for this market is increase in automotive regulatory requirements. The number of laws and regulations that emphasize on the reduction of carbon dioxide emissions from automobiles are on the rise. The Kyoto Protocol (was introduced in 1992 and had the first commitment period in 2012) is one such regulation that restricts the emission of carbon dioxide and other greenhouse gasses into the atmosphere.
Further, the report states that one of the major factors hindering the growth of this market is high cost of composites. The costs of majority of the composites are higher than that of their substitutes such as plastics, metals and other polymers. Carbon fiber composites are the costliest among all composites. Carbon fiber composites account for around 34% of the polymer matrix composites market. The R&D and manufacturing costs of carbon fiber composites are high, almost eight times higher than that of steel.
Cytec Solvay, Mitsubishi Rayon, SGL Group, Teijin, Toray Industries, Hexcel Corporation, DowAksa, E. I. du Pont de Nemours and Company, Holding Company Composite, Johns Manville, Johnson Controls, Koninklijke Ten Cate N.V., Owens Corning, Saertex, Scott Bader Company, UFP Technologies, Zhongfu Shenying Carbon Fiber.