The global automotive exterior materials market is
expected to reach USD 19.21 billion in 2025, according to a new report by Grand
View Research, Inc. Steel which was predominantly the material of choice for
various exterior components is expected to witness rising competition from
plastics and carbon composite materials.
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High prices of these composites have limited use of
these materials to certain components. Sustainability is expected to emerge as
key megatrend which is likely to shape the future of materials used for
manufacturing car exteriors and will pose greater challenges for automobile
designers.
Increasing environmental concerns and stringent norms
have forced automotive manufacturers to control automotive pollution. One of
the most important factors affecting fuel efficiency and vehicular pollution is
the curb weight. Reduction in curb weight drastically increases fuel efficiency
and reduces vehicular pollution.
Application of carbon fiber has been limited to high
performance cars because of high carbon fiber cost. However, extensive R&D
work is being undertaken by several manufacturers to develop low-cost carbon
fiber grade with similar mechanical properties as that of high-cost variants.
This is expected to spur carbon fiber demand in the automotive industry over
the forecast period.
The market is characterized by the presence of major
companies with a minimal difference in their shares, making each of them
capable of gaining market leader position. The degree of competition is
expected to remain high over the next five years.
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Further
Key Findings from the Study Suggest:
- The global market was valued at USD 10.46 billion in 2016 and is projected to reach USD 19.2 billion by 2025, growing at an estimated CAGR of 7.0% from 2017 to 2025
- Asia Pacific is expected to be the fastest growing region and will probably register a demand of 8.87 million tons by 2025
- Steel holds 36% of the global market and is projected to retain its dominance over the forecast period as well. Although, development of lightweight substitutes for light and electric vehicles remains a major area of growth in this market.
- In terms of application, doors dominate the market with 29% of the market revenue
- Key players operating in the market include Magna International Inc., Toyota Boshoku Corporation, Kirchhoff Automotive GmbH, Trinseo S.A., DURA Automotive Systems, LLC, Plastic Omnium Co., etc.
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Michelle Thoras
201 Spear Street 1100,
Suite 3036, San Francisco,
CA 94105, United States
Tel: 1-415-349-0054
Toll Free: 1-888-928-9744
Mail: sales@radiantinsights.com
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