Asia Pacific Automotive Composite Materials Market (2019–2025) To Attain Market Value Of Us$ 4,535.6 Million By 2025, Growing At A Reasonable Cagr Of 9.93%
The Asia Pacific automotive composite materials market is anticipated to gain the market worth of US$ 4,535.6 million by 2025, expanding at a CAGR of 9.93% during the forecast period 2019-2025. The major reasons fuelling to the adoption of composite materials in the automotive industry are stringent government regulations on GHG emissions, increased usage of composites, among hybrid and electric vehicles and better structural and mechanical properties of composites compared to other materials such as steel and aluminum among others. Moreover, an increase in GDP, which leads to an increase in the disposable income and buying potential of the consumers in APAC is one of the major reasons behind the growth of the automotive industry in APAC. In terms of materials, Polymer Matrix (PMC), Metal Matrix (MMC), Ceramic Matrix (CMC) and others (Hybrid Composite), are the major types of composite materials used by the vehicle manufacturers. In 2018, PMC dominated the Asia Pacific automotive composite materials market and is anticipated to generate a market size of US$ 2,125.6 million by 2020, followed by metal matrix composites and ceramic matrix composites. On the other hand, a visible inclination towards hybrid composites is seen during the past few years, owing to their lower cost than pure carbon fibers. The hybrid composite material is expected to be the fastest-growing material type during the forecast period.
For country-level analysis of the overall adoption of Composite Material in the Automotive industry browse through https://univdatos.com/report/asia-pacific-automotive-composite-materials-market-2/
The manufacturing process is one of the important aspects of composite part manufacturing. Different processes impart different physical and behavioral properties of the composite materials. At present, the cost of raw materials and installation of manufacturing plants is negatively affecting the overall growth of the market. Based on manufacturing processes adopted for the composite material manufacturing for its use in the automotive industry include hand lay-up (manual), compression moulding, injection moulding, and Resin Transfer Moulding (RTM). Among all, injection moulding dominated the market, however, the capability of RTM to make complex shapes in lesser cycle time is expected to bolster their frequent use for composite material manufacturing. Previously, composite materials were majorly used for the exteriors of the vehicle, however, owing to several structural and mechanical benefits, the application area of composites in a vehicle has widened. They are now used in interiors, chassis, Powertrain, under the hood and structural parts of the vehicle as well. In 2018, exterior application dominated the market with market size of US$ 1,598.5 million and will enjoy its dominance over the analyzed timeframe. However, rise of vehicle interior air quality regulations is anticipated to fuel the demand for composites for vehicle interiors in the coming future.
For through analysis of the current and ongoing development of automotive composites material industry in the Asia-Pacific region browse through https://univdatos.com/report/asia-pacific-automotive-composite-materials-market-2/
Owing to the stringent emission standards on greenhouse gases via vehicles, widespread deployment of composite materials to reduce the overall weight of the vehicle is expected to increase the demand for composite material for vehicle manufacturing. The study analyses the penetration of composite materials in supercars, passenger cars and others. At present commercial vehicles hold very small segment of the market, on the other side penetration of composite materials in the sports car segment is immense. The demand and usage of composite materials in passenger car segment have also increased over the time period. This segment dominated the market in 2018 and is expected to continue its dominance during the forecast period, as this is the biggest segment in the auto industry in terms of volume, however the penetration of composite materials would remain lower as compared to that in the sports car segment.
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For a better understanding of the market penetration of Asia Pacific Automotive Composite Materials Market, the industry is analyzed based on countries including China, Japan, India, South Korea, Singapore, Australia and rest of Asia-Pacific. Due to the strong presence of several composite material manufacturers in countries such as China, Japan and India, China dominated the Asia Pacific automotive composite materials market, with market size of US$ 1,162.8 million in 2018. Moreover, China is the world’s largest vehicle producer and thus the largest emitter of GHGs. Some of the major companies profiled in the Asia Pacific Automotive composite materials study include BASF Corporation, DowDupont, Gurit Holding AG, Magna International Inc., Mitsubishi Chemicals Holding Corporation, Owens Corning, SGL Group, Solvay S.A., Teijin Limited and Toray Industries Inc. These industry players are entering into partnerships with auto OEMs to deploy cost-efficient composite materials on the vehicles. 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.
Asia Pacific Automotive Composite Material Market Segmentation
Market Insight, by Material Type
- Polymer Matrix Composite (PMC)
- Metal Matrix Composite (MMC)
- Ceramic Matrix Composite (CMC)
- Others (Hybrid Composites)
Market Insight, by Manufacturing Process Type
- Hand Lay Up
- Compression Molding
- Injection Molding
- Resin Transfer Molding
Market Insight, by Application Type
- Chassis, Powertrain and Under the Hood
Market Insight, by Vehicle Type
- Performance Cars
- Passenger Cars
Market Insight, by Country
- South Korea
- Rest of Asia-Pacific
Top Company Profiles
- BASF SE
- Gurit Holding AG
- Magna International Inc.
- Mitsubishi Chemicals Holding Corporation
- Owens corning
- SGL Group
- Solvay S.A.
- Teijin Limited
- Toray Industries Inc.