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Automotive Composite Market Is Driven by Increasing Demand for Lightweight and Fuel-efficient Vehicles
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Composites used for producing lightweight automotive parts are priced higher as compared to other substitutes, including aluminum, steel, wood, and plastics. Automakers can switch to cheaper materials to produce vehicle parts, and thus acts as restraint for the automotive composites market.
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By 2025, the electric vehicles and hybrid vehicles sales are expected to account for 10% and 40% respectively of the total vehicles sold in Asia-Pacific. Also, according to LMC Automotive, 36.0 million lightweight vehicles were sold in Asia Pacific in 2013, representing 43.0% of global lightweight vehicle sales. This number is expected to reach 56.1 million by 2020, representing 48.0% of the global sales. This is expected to boost the automotive lightweight material industry, which in turn will further drive the growth of automotive composite market in Asia Pacific.
The European automotive industry is at the forefront in terms of technological advancements. It is focusing on the lightweight technologies and enhancing passenger comfort.
North America is expected to be the third largest region for automotive composite market during the forecast period owing to its increasing customer base and high disposable incomes in the region. This has resulted in increased manufacturing activities by local automotive OEMs in the region, and supporting the growth of the automotive composite market.
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Some of the major competitors in the global automotive composite market include Toray Industries, Inc., Koninklijke Ten Cate N.V., SAERTEX GmbH & Co. KG, Cytec Industries Inc., Scott Bader Company Ltd., Teijin Limited, UFP Technologies, Inc., E.I. du Pont de Nemours and Company, Johnson Controls Inc., and Johns Manville.
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