Composites, which fundamentally are composition of two of more constituent materials, produce a considerable part of an automobile and, if smartly utilized, can lead to effectively lighter vehicles that are harmless and more fuel-effective. Unruffled of the high-performance fiber which includes glass or carbon-composites are tipped to even substitute steel from the automotive industry in the coming years, and the market for the same is bourgeoning. However, on the back of exhausting fossil fuel sources and increasing responsiveness related to the pollution caused by it, a revolutionizing trend in the automotive market is energy effectiveness.
According to the report analysis, ‘Asia Pacific Market Insights on Automotive Composite Materials, 2018-2024: Emphasis on Material Type (Polymer Matrix Composites, Metal Matrix Composites, Ceramic Matrix Composites and Hybrid Composites), Manufacturing Process (Hand Layup, Compression Molding, Injection Molding, Resin Transfer Molding)’ states that in the Asia Pacific market insights on automotive composite material there are numerous key players which recently performing more positively for leading the fastest market growth and registering the high value of market share during the coming years more significantly while decreasing the cost of raw material, analyzing the stringent government regulations on GHG emission, leading the requirement of composites among the hybrid and electric vehicles and augmenting the scope of hybrid composite material includes BASF SE, DowDuPont Inc., Gurit Holding AG, Magna International Inc., Mitsubishi Chemical Holdings Corporation, Owens Corning, SGL Group, Solvay SA, Teijin Limited, Toray Industries Inc. and several others.
Sideways, on the basis of geography, the air quality in Asia Pacific has been an apprehension for the governmental bodies owing to the deteriorating the air quality, due to the which limited emission standards have been become obligatory to be followed in some regions and is under contemplation in few others. The augmenting number of vehicles in the country has depreciated the air quality, with enormous Greenhouse Gases (GHG) emissions. Some of the Asian regions such as China, India and Japan are among the highest GHG emitters holding 30%, 7% and 4% of the worldwide GHG emissions. Apart from this, the Asia Pacific region is the foremost market for Electric Vehicles (EVS) and the increasing requirement of composite materials in EVs to offset the weight augmented by the batteries is also strengthening the market growth.
Not only has this, based on the material type, in the present era, PMCs are the maximum prevalent composite category among the automakers. PMCs controlled the most market share in 2017 due to the fact that they have extraordinary flexibility, great insulation, lower density and brighter weight than other composite materials. Further, these have been estimated to overcome during the review period. Additionally, on the basis of manufacturing process type, Injection molding process registered the Asia Pacific automotive composite market in 2017 and is estimated to pursue its dominance over the forecast period. Nonetheless, owing to the RTM’s competence of stumpy cost and great volume manufacturing, this manufacturing procedure is predicted to be the fastest increasing sector during the forecast period of 2018-2024.
Sideways, according to the segmentation by country, China accounted the market in 2017 and is estimated to overcome over the others during the reviewed period. China is the world’s principal automobile manufacturer, and rigorous emission regulations and the existence of the local composite materials merchants constitute to be the foremost aspects checking China’s automotive composite materials market. Therefore, in the years, it is anticipated that the Asia Pacific market insights on automotive composite materials will increase more positively over the coming years.
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Asia Pacific Market Insights on Automotive Composite Materials Market
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