Asia Pacific Market Insights on Automotive Composite Materials: Analysis By Industry Growth, Size, Share, Demand, Trends and Research Report and Forecast: 2022-2031￼￼
Asia Pacific is the largest car manufacturing hub across the globe. In the past few years, the GDP of Asian countries has increased substantially, resulting in the rise of per capita income and buying potential of the consumers. In other words, the improved economy of Asian countries is one of the major reasons for the increase in demand of vehicles in region, which has resulted in high demand for automotive composite materials as well. The worsening air quality in Asia Pacific has concerned the governmental bodies, owing to which stringent emission standards have been passed in some countries and is under consideration in a few others. The growing number of vehicles in the region has deteriorated the air quality, with immense Greenhouse Gases (GHG) emissions. Some of the Asian countries such as China, India and Japan are among the top GHG emitters holding 30%, 7% and 4% of the global GHG emissions. Moreover, Asia Pacific is the largest market for Electric Vehicles (EVS) and the growing demand of composite materials in EVs to offset the weight increased by the batteries is also bolstering the market growth. In addition to this, the region is home to some of the leading composite material suppliers such as include Toray Industries, Teijin Limited, Mitsubishi Rayon Co ltd and Cotech Inc., among others. The presence of such players also propels the automotive composite materials market growth. However, the high cost of the composite materials, longer manufacturing time and high installation cost of the machines are some of the major challenges in the region.
Insights Presented in the Report:
Asia Pacific automotive composites material market is segmented based on different materials such as Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC), Ceramic Matrix Composite (CMC) and Hybrid Composite. Due to high flexibility, high insulation, lower density and lighter weight than other composite materials, PMCs held the maximum market share in 2017 and their dominance is expected to prevail during the forecast period. PMCs are further segmented by matrix types, which include thermosets and thermoplastics. However, due to the low cost and high flexural and tensile strength of hybrid composites as compared to single fiber composites, the hybrid composites are anticipated to be the fastest growing polymer type during the forecast period.
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The market is further fragmented across different manufacturing processes. This includes hand lay-up, compression molding, injection molding, and resin transfer molding (RTM). Injection molding process dominated the market in 2017 and is expected to continue its dominance over the forecast period. On the other hand, due to RTM’s capability of low cost and high volume manufacturing, this manufacturing process is anticipated to be the fastest growing segment during the forecast period (2018-2024).
Based on several application areas in automobiles, Asia Pacific automotive composite materials market is segmented into interior, exterior, chassis, powertrain & under the hood and structural. Among different application areas, exterior segment dominated the market however a gradual increase in the adoption rate of composite materials for vehicle interiors is expected in the coming years.
Based on different vehicle types, Asian automotive composite materials market is segmented into performance cars, passenger cars and others (commercial vehicles and others). Asian passenger car market is the world largest auto market, while the growing demand of composites in EVs and other passenger cars gives it a definitive edge over other markets. Passenger car segment was valued at $2,125.0 million in 2017.
Asian automotive composite materials market is further segmented across different countries, which includes, China, Japan, India, South Korea, Singapore, Australia and rest of APAC. China dominated the market in 2017 and is expected to prevail over the others during the forecasted period. China is the world’s largest automobile producer, and stringent emission regulations and the presence of local composite materials suppliers are attributed to be the major factors monitoring China’s automotive composite materials market.
Top Companies in the Composites Market
The major companies that are profiled in the study are BASF SE, DowDupont Inc., Gurit Holding AG, Magna International Inc., Mitsubishi Chemical Holdings Corporation, Owens Corning, SGL Group, Solvay SA, Teijin Limited and Toray Industries Inc.
Reasons to buy the Report:
The study includes market sizing and forecasting analysis validated by authenticated key industry experts
The report presents a quick review of overall industry performance at one glance
The report covers in depth analysis of prominent industry peers with primary focus on key business financials, product portfolio, expansion strategies and recent developments
Detailed examination on drivers, restraints, key trends and opportunities prevailing in the industry.
Examination of industry attractiveness with the help of Porter’s Five Forces analysis
The study comprehensively covers the market across different segments
Deep dive regional level analysis of the industry
The Asia Pacific Automotive Composite Market can be customized to country level or any other market segment. Besides this, UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients.
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