Global automotive composites market to reach US$7.13 bln by 2022 at CAGR of 11.1% till 2022

13-May-16

The Global Automotive Composites market is accounted for US$3.4 bln in 2015 and is expected to reach US$7.13 bln by 2022 growing at a CAGR of 11.1% from 2015 to 2022, according to Stratistics MRC. The Automotive Composites market has been witnessing exponential growth, mainly due to the need for higher fuel-efficient and less polluting automobiles. This factor has driven automakers towards the research of lightweight materials which are lighter than steel and have good tensile strength. With the increase in production of electric cars, as a replacement of Co2 emitting vehicles, the growth in Automotive Composites market will be vast. The huge process cycle time, high cost of composite and unrecyclable factors are hampering the market. Carbon fibre composite segment is expected to witness highest growth rate due to its huge demand for chassis & power train component applications. While exterior component segment dominated the global automotive composite application market. Asia-Pacific registered the world's largest market for automotive composite. Increasing domestic production of vehicles is driving the automotive composites market.