Automotive Composite Materials Market is Projected to be Largest in Asia-Oceania

Date: 2015-10-27

The automotive composite materials market is projected to be largest in Asia-Oceania from 2015 to 2020. This can be attributed to the rising demand for automobiles in this region. Many OEMs are expanding in this region to cater to this demand. Along with increasing vehicle production; economic development, large population in the region, improving emission regulations, rising awareness about eco-friendly systems, and benefits of better fuel efficiency are key factors driving growth of the automotive composite materials market in the Asia-Oceania region.

Composite materials are used to increase the efficiency of a vehicle by reducing its overall weight and hence its overall fuel consumption. The composite materials are used in different applications in a vehicle such as structure, powertrain, interior, and exterior. The current scenario of emission norms getting stringent every year, and automotive OEMs are bound to use better and lighter materials to keep the vehicle under emission limits. There have been various factors leading to the evolution in composite materials, namely, the need for improved fuel economy, greater power requirements, increasing vehicle performance requirements, and enhanced driving experience.

The market is dominated by players including Toray Industries (Japan), Cytec Industries (U.S.), SGL Carbon (Germany), Teijin Limited (Japan), and TenCate NV (The Netherlands).

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