PUNE, India, October 21, 2015 /PRNewswire/ --
The report "Composite Materials Market by Material Type (PMC, MMC, & CMC), Application & their Sub-Components (Structural, Powertrain, Interior, Exterior, & Other Applications), Vehicle Type (PC, LCV, HCV, & Rolling Stock) & by Region - Global Forecast to 2020", published by MarketsandMarkets, defines and classifies the automotive Composite Materials Market in terms of volume and value. The report projects the potential growth and covers the drivers, restraints, opportunities, dynamics, competitive landscape, and other key aspects of the automotive Composite Materials Market. It also includes profiles of key players operating in the market.
Browse 69 market data Tables and 58 Figures spread through 168 Pages and in-depth TOC on "Composite Materials Market - Global Forecast to 2020"
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The Composite Materials Market size is projected to grow at a promising CAGR of 14.02% during the forecast period, to reach USD 84.92 Billion by 2020.
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North America: The fastest-growing market for composite materials
The North American automotive industry has grown over the years in terms of automotive production and profitability can be mainly attributed to increasing automotive production. The automotive industry in the region is considered to be one of the fastest growing, at a growth rate of 5.6% from 2013 to 2014. The North American market includes the U.S., Canada, and Mexico and is dominated by domestic OEMs such as Ford Motors Co. (U.S.), General Motors Co. (U.S.), and Fiat-Chrysler Automotive (U.S.), along with established European and Japanese OEMs. Domestic demand has increased, which has led to a rise in production levels. The region has showed an increased growth in the light commercial vehicles segment having a growth rate of 9.7% from 2013 to 2014. During the forecast period, the market is projected to grow, which would further push the demand for automotive Composite Materials Market.
Companies such as Owens Corning and Cytec Industries Inc. both have headquarters in the U.S. and are leading manufacturers of composite materials. These companies have also fueled growth of this market on a global scale.
Carbon Fiber Reinforced Plastic (CFRP)-an opportunistic market in the near future
CFRP is a lightweight material, which reduces vehicle weight and thus lowers its fuel consumption and carbon emissions. The carbon fiber reinforced polymer market is experiencing steady growth from the past three to five years. The CFRP market is mainly driven by technological innovations and new high-value applications. It is expected to show rapid growth globally in the coming years. Despite various challenges such as fluctuating raw material costs and environment concerns, the market is projected to grow during the forecast period. Advanced technologies and new business opportunities are expected to emerge in major applications, namely structural, powertrain, interiors, and exteriors. Leading companies are continuously focusing on increasing production capacities and invest in research facilities to develop new technologies that reduce the cost of CFRP composite.
The CFRP market is experiencing strong growth in the automotive application market because of decreasing cost trends, as many research agencies are working on cost-effective production technologies. R&D activities involve innovation of low-cost raw materials, low-cost fiber manufacturing processes, and robust composite manufacturing processes with a reduced cycle time. CFRP is a key material for the automotive industry in the 21st century. CFRP plays a crucial role in the automotive industry application and the market for CFRP continues to grow.
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