MOSCOW (MRC) -- The global automotive composites market was valued at USD3062.7 mln in 2014, which is expected to increase to USD7019.7 mln by 2022 at a CAGR of 8.8%, as per Plastemart with reference to Persistence Market Research.
Asia-Pacific was the largest market for automotive composites in 2014, accounting for 50.8% market share, followed by Europe and North America, with 22.7% and 15.5% market shares respectively. The Asia-Pacific market is expected to account for 52.4% by 2022. Under regional segment, the Asia Pacific automotive composites market (the largest market in 2014) revenue increased from USD1543.6 mln in 2012 to USD1825.5 mln in 2014 at a CAGR of 8.7%.
Increasing urban population due to rising industrialization, particularly in developing countries such as India and China, is encouraging the establishment of automotive manufacturing facilities in these regions. Increasing automobile production is expected to fuel the overall demand for carbon composites in the near future. In 2014, 16.5 mln vehicles were manufactured in the U.S., compared to 15.6 mln in 2013. This number is expected to increase to 17 mln by the end of 2015.
Asia-Pacific is the largest market for automotive composites. Increasing domestic production of vehicles along with increasing disposable income is driving the growth of the automotive composites market in Asia Pacific. However, one of the major factors contributing to the growth of the automotive composites markets in North America and Europe is stringent CO2 emission norms in these regions.
The global automotive composites market is highly consolidated, with the top four players - Toray Industries, Toho Co. Ltd., Mitsubishi, and SGL - accounting for between 70 and 75% market share. Other players operating in the global automotive composites market include Cytec Industries Inc., SAERTEX GmbH & Co. KG, Koninklijke Ten Cate N.V., Johns Manville, Johnson Controls, Inc., Scott Bader Company Ltd., Teijin Limited, E.I. du Pont de Nemours and Company, and UFP Technologies, Inc.
As reported earlier, the global automotive plastic consumption is anticipated to grow from 7.1 mln tons in 2012 to 11.3 mln tons by 2018 at an expected CAGR of 8% from 2013 to 2018, as per RnRMarketResearch.
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