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.
In addition, increasing carbon emissions due to rising number of vehicles over the last few decades is prompting governments worldwide to revamp various aspects in order to adhere to environmental norms and regulations, particularly with emphasis on reduction of carbon emissions from vehicles. Automakers are reportedly focused toward using lightweight materials to manufacture external and internal parts of vehicles in order to reduce vehicle weight, and in turn improve fuel efficiency. This is a major factor driving the growth of the automotive composites market.
Consumers are reportedly more inclined toward purchasing lightweight and fuel-efficient vehicles due to increasing fuel prices over the last decade. This is influencing automakers to invest in R&D initiatives with regard to lightweight materials to manufacture both exterior and interior parts of vehicles. Composites with properties such as easy to process, high tensile strength, lightweight, good corrosion resistance and surface tension are reportedly ideal for manufacturing lightweight and fuel-efficient vehicles.
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