Automotive Composites Market Predicted To Value US$ 7,019.7 Million By?2022Posted by Vinay on October 10th, 2017 According to latest market report published by Persistence Market Research “Global Market Study on Automotive Composites: Polymer Matrix Composites to be the Largest Segment by 2022”, the global automotive composites market was valued at US$ 3,062.7 Mn in 2014, which is expected to increase to US$ 7,019.7 Mn by 2022 at a CAGR of 8.8%.
Increasing urban population due to rising industrialization, particularly in developing countries such as India and China, is encouraging the establishment of automotive manufacturing facilities in these regions. Increasing automobile production is expected to fuel the overall demand for carbon composites in the near future. In 2014, 16.5 million vehicles were manufactured in the U.S., compared to 15.6 million in 2013. This number is expected to increase to 17.0 million by the end of 2015. In addition, increasing carbon emissions due to rising number of vehicles over the last few decades is prompting governments worldwide to revamp various aspects in order to adhere to environmental norms and regulations, particularly with emphasis on reduction of carbon emissions from vehicles. Automakers are focused towards using lightweight materials to manufacture external and internal parts of vehicles in order to reduce vehicle weight, and in turn improve fuel efficiency. This is a major factor driving growth of the automotive composites market.
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