The global automotive composites market was valued at $ 3,062.7 million in 2014 and is expected to increase to $7,019.7 million by 2022 at a compound annual growth rate (CAGR) of 8.8%, according to a new report from Persistence Market Research.
Increasing urban population due to rising industrialization, particularly in developing countries such as India and China, is reportedly encouraging the establishment of automotive manufacturing facilities in these regions. Increasing automobile production is expected to fuel the overall demand for carbon composites in the near future. In 2014, 16.5 million vehicles were manufactured in the U.S., compared to 15.6 million in 2013. This number is expected to increase to 17.0 million by the end of 2015.