Press release
Automotive Composites Market is Moving Fast! | Major Key Companies are Cytec Solvay Group, Hexcel Corporation, Owens Corning, Toray Industries, Inc., ZOLTEK, DowAksa
With composites having found extensive usage in both interior and exterior as well as structural parts of automobiles, automotive composites market size has indeed been growing exponentially. Exterior application of composites, as per reports, led automotive composites market by contributing over 35% to the overall share in 2016. However, due to the increasing adoption of natural and glass fiber, automotive composites industry size from interior applications will also witness a heavy ascent over 2017-2024.
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Powered by the rising concerns with regard to environmental degradability, global automotive composites market has gained a remarkable momentum over the recent years. The problem of exponentially increasing carbon dioxide emissions has been recognized as a matter of concern at a global level, in response to which, both the government as well as private entities are striving hard to combat this issue. Citing an instance with the regulatory frame of reference, The European Union (EU) has introduced norms that aim to limit the CO2 emission per vehicle to 95g/km by 2020.
The demand for composite materials is expected to rise several notches higher in the years to come, on the grounds of which various educational research institutes and renowned players of the automotive composites market have been working diligently toward the development of novel composite materials through innovative technology. For instance, the British automotive composites industry player, McLaren Automotive, has recently constructed the McLaren Composites Technology Centre (MCTC) worth GBP 50 million, at Sheffield in UK, wherein the company plans to manufacture lightweight carbon fiber with advanced manufacturing processes.
Companies covered: A
CP Composites, Clear Water Composites, Cytec Solvay Group, DowAksa, Hexcel Corporation, HITCO Carbon Composites, Johns Manville Corporation, Jushi Group Co. Ltd., Koninklijke Ten Cate bv, Mitsubishi Rayon Co. Ltd., Owens Corning Corp., Polar Manufacturing, Protech Composites, Revchem Composites, Rock West Composites, Scott Bader, SGL Group, Teijin Limited, Toho Tenax America, Toray Industries, Wolf Composites, Zoltek Carbon Fiber
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Original equipment manufacturers (OEMs) especially in North America and Europe have been aiming to decrease automobile weight, keeping in line with the strict environmental regulations that have been put in place by most governments across the globe. Drastic measures employed by OEMs have promoted the growth of automotive composites market, leading to innovations and research programs targeted at bringing down carbon levels in the air. The introduction of new materials and hybrids that will potentially change automotive design to become sleeker and more energy efficient, is thus, slated to heavily influence automotive composites industry outlook.
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