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Market research analysts at Technavio predict that the global automotive composites market will grow steadily during the next four years and post a CAGR of about 9% by 2020. This market research analysis identifies the increasing demand for fuel-efficient and green vehicles as one of the primary growth factors for the automotive composite market. High fuel costs and fluctuating fuel prices have resulted in the shift in customer preference towards fuel-efficient and green vehicles that can use alternative fuels. This trend is mainly witnessed in the regions such as APAC where the price-sensitive customers mostly prefer fuel-efficient automobiles that offer high mileage. As a result, automotive manufacturers have started focusing on the development of green vehicles that can be powered by alternative fuels and advanced fuel technologies. In addition to their eco-friendly traits, the introduction of initiatives from various governments will also induce the adoption of green vehicles, which will consequently fuel the demand for automotive composites to manufacture these vehicles.
This market research and analysis estimates that in terms of geographical regions, APAC will be the major revenue contributor to the automotive composite materials market throughout the predicted period. The presence of major automotive manufacturers such as China and leading carbon fiber producers such as Japan, China, and Taiwan, will aid in the growth of the market. Furthermore, the rise in demand for passenger cars and commercial vehicles and government initiatives that promote the adoption of green vehicles, will also drive the demand for the usage of composites in automotive manufacturing in this region.
The market is characterized by the presence of a moderate number of automotive composite companies where a limited number of players are involved in the production of each composite type. With all players focusing on increasing their revenue shares, the market’s competitive environment is intense. The need for huge initial investment poses a major barrier for new players to enter the market. All vendors cater to the needs of the same target customers; automotive original equipment manufacturers (OEM) and other key automakers. As a result, they manufacture similar products. To improve their global position and enhance their customer base, vendors have the need to implement different types of strategies such as product development, product differentiation, and strategic pricing.
The leading vendors in the market are -
The other prominent vendors in the market are Hexcel Corporation, DowAksa, E. I. du Pont de Nemours and Company, Holding Company Composite, Johns Manville, Johnson Controls, Koninklijke Ten Cate N.V., Owens Corning, Saertex, Scott Bader Company, UFP Technologies, and Zhongfu Shenying Carbon Fiber.
During 2016, the polymer matrix composites segment accounted for the major shares and dominated this market. The cost of polymer matrix composites such as glass fiber composites and natural fiber composites is comparatively lower and also requires simple fabrication methods. As a result, this segment will continue its market dominance during the next four years as well.
This market study estimates that the exterior components segment will account for the major shares and dominate the market throughout the next four years. The need to maintain an aesthetic appeal and attractiveness of automobiles will increase the demand for exterior components, which will in turn, rise the demand for composite materials such as glass composites, carbon composites, and fiber reinforced thermoplastic composites.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product type
PART 07: Market segmentation by application
PART 08: Geographical segmentation
PART 09: Key leading countries
PART 10: Market drivers
PART 11: Impact of drivers
PART 12: Market challenges
PART 13: Impact of drivers and challenges
PART 14: Market trends
PART 15: Vendor landscape
PART 16: Appendix
PART 17: Explore Technavio
Tags: advanced fuel technologies, automotive composites companies, fuel additives, safety supplies, chemicals and materials market growth, textile, fiber, and composites top companies,
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