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The global automotive composite market is anticipated to grow at the CAGR of 9% during 2016-2023. Factors driving the global automotive composite market are advancement of technologies, increasing awareness to use lightweight material for automotive component manufacturing. Rising vehicles production in Asia Pacific region, rising demand of fuels efficient vehicles and increasing government regulations for environmental concerns are the major factors which helps to increase the market.
Increasing automotive production become the major factor to fuel the global automotive composite market. In 2016, 95 million cars and commercial vehicles were manufactured as per International organization for Motor Vehicle Manufacturers. This increasing production of cars and commercial vehicles worldwide become the key factor for the growth of automotive composite market. In region, wise Asia Pacific holds the largest market share of the automotive industry. Further, increasing urban population in developing countries and rising standard of living and disposable consumer income are the major opportunity for the automotive composite market. In addition, high cost of raw material and high issue of recyclability become the major hinder for the market which reduces the demand and market share of the global automotive composite market.
Source: OBRC Analysis
The global automotive composite market is segmented into composite material, composite component application and manufacturing process. On the basis of composite material the market of automotive composite is further segmented into:
On the basis of composite component application the market is segmented into:
On the basis of manufacturing process, the market is segmented into:
The report scope is widely categorized on the basis of its composite material which include metal, polymer and ceramic matrix composite. Moreover, the market revenue estimates and forecast include manufacturing process and composite component application.
Geographically, the global automotive composite market has been segmented on the basis of four major region, which include:
Asia Pacific holds the largest market share followed by North America and Europe. Owing to swift industrialization growth and increasing disposable consumer income in economically emerging countries such as India, China and many more helps to drive the market of automotive composite in the Asia Pacific region. Increasing production of automotive in Asia pacific countries such as India, China, Japan has increased the demand of automotive composite in this region. In China, more than 21.08 million passenger cars were produced in 2015 similarly in India 3.38 million passenger cars were produced. This increasing production of passenger cars has increased the demand of automotive composite Asia Pacific region. North America and Europe also represent significant market for automotive composite due to strict regulations regarding CO2 emissions from vehicles.
On the basis of segmentation, automotive composite market is segmented in to composite material, composite material and manufacturing process. Composite material segment includes polymer matrix composite, ceramic matrix composites and metal composite. Component components comprise interior, exterior, chassis powertrain and others. Exterior application segment is expected to lead the automotive composite market as exterior parts of vehicles manufactured from composites offer high stiffness which result in minimum damages in case of accidents. Manufacturing process includes manual, compression, injection & continuous and others. The compression is estimated to account for the largest share due to increased demand for this process as it offers fast molding cycles and ensures uniformity in manufacturing of various automotive parts.
The major market players of the global automotive composite market are:
Detailed analysis of these companies provided in this report comprises Overview, SCOT Analysis, Product Portfolio, Strategic Initiative and Strategic Analysis.
These companies using various strategies such as merger & acquisition, collaboration, partnership and product launching. For example, in 2015, the solvay has announced that they had completed the acquisition of cytec, a USA based multinational manufacturing company active in chemical, and various adhesives. In 2017, Solvay entered into a consortium partnership with Bentley and Penso for developing high-volume composite technology.
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At Occam’s we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global automotive composite market offers the longest chain of market segmentation covering major market segmentation based on composite material type, manufacturing process and composite material application. The report tracks the major market trends in the global automotive composite market such as increase in the demand of lightweight and fuel-efficient vehicles, environment friendly electric vehicles and so on. For each market segments covered in global automotive composite market report, we provide opportunity matrix, and DRO analysis, that enable the clear growth assessment across each market segment. The report discusses competitive landscape of the automotive composite industry, with giving extensive strategy analysis of more than 15 companies. Moreover, the report discusses various models such as 360 degree analysis, See Saw analysis, and Porter five force model and so on. For the high level analysis in the report we provide a comparative analysis of historic and current year data.
Key Findings of the global automotive composite market: