Asia Pacific is the largest car manufacturing hub across the globe. In the past few years, the GDP of Asian countries has increased substantially, resulting in the rise of per capita income and buying potential of the consumers. The improved economy of Asian countries is one of the major reasons for the increase in demand of vehicles in region. Increasing number of vehicles has raised the content of Greenhouse Gases (GHG) in the atmosphere of the region. The worsened air quality in Asia Pacific has concerned the governmental bodies, owing to which stringent emission standards have been passed in some countries and is under consideration in a few others.
Some of the Asian countries such as China, India and Japan are among the top GHG emitters holding 30%, 7% and 4% of the Asia Pacific GHG emissions. To comply with the targeted emission values in several countries in the region, the automakers are reducing the vehicular weight to increase their fuel efficiency and reduce the GHG emissions. At present, composite materials are considered to be one of the most preferred ways in the automobile industry when it comes to emission reduction.
Composite materials are prepared by combining two or more materials of different physical and chemical properties that results in the formation of a new product with properties completely different from the used materials. The final product exhibits superior physical, mechanical and chemical properties; owing to which they are rapidly replacing steel and aluminum in a range of automotive parts and products. These composite materials have high strength to weight ratio that improves the fuel efficiency by reducing the overall weight of the vehicle. The reduction in weight also reduces the exhaust gas emissions, which majorly constitutes of harmful Greenhouse Gases (GHG) gases such as Carbon Dioxide (CO2). Besides this the use of composite materials in Electric Vehicles (EV) in Asia Pacific is also blooming. These materials are widely adopted by the EV manufacturers to compensate the weight increased by the batteries.
In addition to this, composite materials also tend to increase the vehicle speed by reducing the overall vehicular weight. Hence the above mentioned factors such as increasing per capita income of the consumers, stringent emission standards, increasing demand of composites in EV segment and also the presence of some of the prominent automotive OEMS and material suppliers are attributed to be the factors propelling Asia Pacific automotive composite materials market. Owing to such factors Asia Pacific automotive composite materials market was estimated to dominate the market in the past years and is expected to prevail over the forecast period (2018-2024).
However, the region is still recovering with respect to economic conditions, hence the high cost of the raw material and manufacturing process are hampering the market growth. In spite of this, the growing advancements in the hybrid composites, increasing partnerships, merger and acquisitions and potential in the emerging markets in the region are considered to be the key opportunity areas. Asia Pacific automotive composites material market is segmented based on different materials such as Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC), Ceramic Matrix Composite (CMC) and Hybrid Composite. Due to high flexibility, high insulation, lower density and lighter weight than other composite materials, PMCs held the maximum market share in 2017 and their dominance is expected to prevail during the forecast period. PMC was valued at US $1,641.0 million in 2017 and are anticipated to reach to US $3,029.9 million by 2024 at a CAGR of 9.6% during the forecast period (2018-2024). To get a better understanding of the market, PMCs are further segmented by matrix types, which include thermosets and thermoplastics. In this segment, thermosets are anticipated to be the largest market on the other side thermoplastics will be the fastest growing matrix type during the forecast period. Further, due to low cost and high flexural and tensile strength of hybrid composites as compared to single fiber composites, the hybrid composites are anticipated to be the fastest growing composite type during the forecast period.
The market is further fragmented across different manufacturing processes. This includes hand lay-up, compression Moulding, injection Moulding, and resin transfer Moulding (RTM). Injection Moulding process dominated the market in 2017 and is expected to continue its dominance over the forecast period. The injection Moulding process was valued at US $955.5 million in 2017 and is anticipated to reach US $1,889.5 million by 2024 at a CAGR of 9.7% during the forecast period (2018-2024). On the other hand, due to RTM’s capability of low cost and high volume manufacturing, this segmented is anticipated to be the fastest growing segment during the forecast period. RTM is poised to grow at a CAGR of 10.9% during the forecast period. Based on several application areas in automobiles, Asia Pacific automotive composite materials market is segmented into interior, exterior, chassis, powertrain & under the hood and structural.
Among different application areas, exterior application held the highest market share and was valued at US $1,469.7 million in 2017 and is anticipated to grow to US $2,759.7 million by 2024 at a CAGR of 9.5% during the forecast period (2018-2024), followed by the structural application segment. Based on different vehicle types, Asian automotive composite materials market is segmented into Super Cars, passenger cars and others (commercial vehicles and others). Asian passenger car market is the world largest auto market; in addition the growing demand of composites in EVs and other passenger cars gives it a definitive edge over other markets. Asia Pacific automotive composite materials market in passenger cars segment was valued at US $136.4 million in 2017 and is anticipated to reach US $3,948.9 million by 2024 at a CAGR of 9.4%. Asian automotive composite materials market is further segmented across different countries, which includes, China, Japan, India, South Korea, Singapore, Australia and rest of APAC. China dominated the market in 2017 and is expected to prevail over the others during the forecasted period. China is the world’s largest automobile producer, and stringent emission regulations and the presence of local composite materials suppliers are attributed to be the major factors monitoring China’s automotive composite materials market. China’s automotive composite materials market was valued at US $1,065.0 million in 2017 and is expected to reach US $2,044.7 million by 2024 at CAGR of 9.9% during the forecast period. Some of the major local and foreign key players active in Asia Pacific automotive composite materials market include BASF CORPORATION, DowDupont, Gurit Holding AG, Magna International Inc., Mitsubishi Chemicals Holding Corporation, Owens corning, SGL Group, Solvay S.A., Teijin Limited and Toray Industries Inc. These players are entering into several competitive strategies (partnerships, merger-acquisitions, joint venture, new product launch, business expansion and others) with each other or other supplier or automotive OEMs to strengthen their position in the Asia Pacific automotive composite materials market.
TABLE OF CONTENTS
1.1 Market Definition 13
1.2 Objective of the Study 13
1.3 Limitation 13
1.4 Stakeholders 13
1.5 Currency used in the Report 14
2. RESEARCH METHODOLOGY OR ASSUMPTION 15
2.1 Secondary Data 15
2.1.1 Key Secondary Sources 15
2.2 Primary Data 15
2.2.1 Sampling Techniques & Data Collection Methods 15
2.2.2 Primary Participants 15
3. INDUSTRY PERFORMANCE 16
4. EXECUTIVE SUMMARY 17
5.Market Overview 20
5.1 Introduction 20
5.2 Market Dynamics 21
5.2.1 Market Trends & Drivers 21
22.214.171.124 Stringent Government Regulations on GHG emission 21
126.96.36.199 Increasing Demand of Composites among Hybrid & Electric Vehicles 22
188.8.131.52 Crashworthiness Capability 23
5.2.2 Market Restraints 23
184.108.40.206 High Cost of the Raw Materials 24
5.2.3 Opportunities 24
220.127.116.11 Growing Scope of Hybrid Composite Materials 24
18.104.22.168 Increase in partnerships Between OEMs & Composite Manufacturers 25
22.214.171.124 Growing scope in developing countries 25
5.3 Key Market Indicators (Demand & Supply) 26
5.3.1 Demand & Supply Side Analysis 26
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