Automotive Composite Materials Market Assessment Covering Growth Factors and Upcoming Trends (2019-2025) || Key Players - BASF SE, DowDupont Inc., Gurit Holding AG, Magna International Inc., Mitsubishi Chemical Holdings Corporation

Asia-Pacific Automotive Composite Material Market was valued at US$ 2,355.9 Million in 2018 and is anticipated to reach US$ 4,535.6 Million by 2025 displaying reasonable CAGR of 9.93% over the forecast period (2019-2025). Composite materials are homogenous mixtures which are prepared by synthetically assembling two materials together. One of these is fibre, a reinforcing material and the other one is a binding material called Matrix. The composite materials have high electrical and corrosion resistance, are stiff and have high strength-to-weight ratios. Asia Pacific is the largest car manufacturing hub across the globe. In the past few years, the GDP of Asian countries has increased substantially, resulting in the rise of per capita income and buying potential of the consumers. In other words, the improved economy of Asian countries is one of the major reasons for the increase in demand of vehicles in region, which has resulted in high demand for automotive composite materials as well. The worsening air quality in Asia-Pacific has concerned the governmental bodies, owing to which stringent emission standards have been passed in some countries and is under consideration in a few others. The growing number of vehicles in the region has deteriorated the air quality, with immense Greenhouse Gases (GHG) emissions. Some of the Asian countries such as China, India and Japan are among the top GHG emitters holding 30%, 7% and 4% of the global GHG emissions. Moreover, Asia-Pacific is the largest market for Electric Vehicles (EVS) and the growing demand of composite materials in EVs to offset the weight increased by the batteries is also bolstering the market growth.

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“Polymer Matrix Composite is expected to dominate during the analyzed period.”

The Asia-Pacific automotive composites material market is segmented based on different materials such as Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC), Ceramic Matrix Composite (CMC) and Hybrid Composite. Due to high flexibility, high insulation, lower density and lighter weight than other composite materials, PMCs held the maximum market share in 2018 and their dominance is expected to prevail during the forecast period. However, due to the low cost and high flexural and tensile strength of hybrid composites as compared to single fiber composites, the hybrid composites are anticipated to be the fastest growing polymer type during the forecast period.

“Thermoset held the largest market share in 2018 and is expected to dominate the market in 2025.”

The study further bifurcates the PMCs by matrix types, which include thermosets and thermoplastics. wherein thermoset held the largest market share in 2018 and is expected to dominate the market by 2025. However, thermoplastic is expected to register highest growth during the forecast period as they are compact and wireless

“Amongst Manufacturing Process, Injection moulding is projected to hold the largest market share and will dominate the Asia-Pacific automotive composite material market by 2025.”

Asia-Pacific automotive composite market is further fragmented across different manufacturing processes. This includes hand lay-up, compression moulding, injection moulding, and resin transfer moulding (RTM). Injection moulding process dominated the market in 2018 and is expected to continue its dominance over the forecast period (2018-2025), owing to the RTM’s capability of low cost and high-volume manufacturing

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“Amongst applications, exterior segment is anticipated to dominate Asia-Pacific automotive composite material market by 2025.”

Based on several application areas in automobiles, Asia Pacific automotive composite materials market is segmented into interior, exterior, chassis, powertrain & under the hood and structural. Among different application areas, exterior segment dominated the market however a gradual increase in the adoption rate of composite materials for vehicle interiors is expected in the upcoming years

“Amongst vehicle type, passenger cars hold the major share in Asia-Pacific automotive composite material market.”

Based on different vehicle types, Asian automotive composite materials market is segmented into performance cars, passenger cars and others (commercial vehicles and others). Asian passenger car market is the world largest auto market, while the growing demand of composites in EVs and other passenger cars gives it a definitive edge over other markets. Passenger car segment was valued at US$ 2,242.8 million in 2018

“China represents as one of the largest markets of Asia-Pacific automotive composite material market.”

For a deep dive analysis of the industry Asian automotive composite materials market is further segmented across different countries, which includes, China, Japan, India, South Korea, Singapore, Australia and rest of APAC. China dominated the market in 2018 and is expected to prevail over the others during the forecast period. China is the world’s largest automobile producer, and stringent emission regulations and the presence of local composite materials suppliers are attributed to be the major factors monitoring China’s automotive composite materials market.

Competitive Landscape -Top 10 Market Players

BASF SE, DowDupont Inc., Gurit Holding AG, Magna International Inc., Mitsubishi Chemical Holdings Corporation, Owens Corning, SGL Group, Solvay SA, Teijin Limited and Toray Industries Inc. are some of the prominent players operating in the Automotive composites market industry. Some of the key players are also expanding their businesses by setting up new plants or increasing their expenditure on R&D to develop cheaper manufacturing methods. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients. The Asia-Pacific Automotive Composite Market can be customized to country level or any other market segment.

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This release was published on openPR.