Automotive composites market progresses strongly
In 2015 the market for automotive composites is progressing strongly, boosted by increasingly advanced production techniques which are facilitating higher volume production of composite materials.
The success of composite-rich models such as the BMW i3 provides further positive stimuli to the market, and indicates the beginning of a trend towards mid-price models featuring higher quantities of composite materials. The automotive composites market is currently characterised by a higher level of concentration in the premium vehicle segment, due to the current high costs of manufacturing composite materials. However, over the forecast period, there will be more cost-efficient methods of production, with a change in this trend as light-weighting and fuel efficiency are targeted more directly by OEMs.
Visiongain expects the automotive composites market will reach $11.03bn in 2015. The market represents high potential and it is expected to record considerable growth in the forecast period. Significant partnerships between OEMs and composite manufacturers will help to boost investment and research, facilitating cost-efficient mass production. This is the biggest restraint the market faces. Additionally, the issues and difficulties associated with the recycling of composite materials are being targeted, and healthy progress is already being made in this regard, which will continue throughout 2015-2025.
The markets of China, USA, Japan and Germany are expected by Visiongain to continue their strong growth. Within these markets, OEMs will introduce models with a greater emphasis on light-weighting, including hybrid and electric vehicles whose weight reduction is of paramount importance. India is another market forecast to grow steadfastly, and within Europe the national markets of Italy and the UK show considerable potential.
To read the full Automotive Composites Market Forecast 2015-2025 report, click here