Demand from Asia Pacific to drive global composites market

09-Apr-15

Composites have found wide acceptance in various industries including automotive because of their light weight and environmental resistance characteristics. On the basis of application areas, the market of automotive composite can be broadly segmented into interior, exterior, chassis & powertrain components and others. Though exterior components is the major application of automotive composite, chassis & powertrain components is an emerging market and the demand for the same is growing at a high pace. As per Report Buyer.com, the Asia-Pacific region is the biggest market of automotive composite, accounting for nearly 43.2% of the total automotive composite demand in 2013. There is a lot of scope in the Asia-Pacific market due to high demand and increasing automotive manufacturing base in the region. With the emerging technological developments and innovations, the global demand for automotive composite may further augment at a higher pace. Currently, the penetration of automotive composite is increasing in high end cars and this trend can be seen being extended to mid-end to low end cars as well. Rising demand for fuel efficient vehicles, reduced weight, and parts consolidation are the major factors driving the increased demand in the automotive composite market. The design flexibility offered by composites is further pushing the market of automotive composite in different automotive applications. Technological developments & innovations and expansions are identified as key strategies to expand the automotive composite market.