Increasing urban population base, especially in developing countries such as India & China, will offer numerous growth opportunities to the market players. However, recyclability issues along with high costs of raw material are likely to hinder the worldwide Industry growth. The global automotive composites market is segmented into Ceramic Matrix Composites (CMC), Metal Matrix Composites (MMC), and Polymer Matrix Composites (PMC). Polymer matrix composite is further categorized into Carbon Fiber Reinforced Polymer composites (CFRP) or natural fiber reinforced polymer composites and Glass Fiber Reinforced Polymer composites (GFRP). The market for CFRPs is the fastest-growing, since strict environmental rules and demand for fuel-efficient cars will propel this segment, and increased application base for composites in latest vehicle models will also add to the demand. On the basis of applications, the global automotive composites industry is fragmented into interior, exterior, engine, and powertrain components. Owing to widespread expansion, chassis and powertrain components has been the fastest growing segment over the past couple of years. The exterior components segment led the market due to high demand for aesthetic appeal and attractiveness in passenger cars. Engine & powertrain components is projected to witness maximum gains in the years to come. The European automotive composites market will register moderate growth from 2016 to 2024. Stringent environmental rules by the European government will boost regional growth. United Kingdom, Germany, and France automotive composite markets will perform favorably owing to the presence of major automobile manufacturers. The North American region is also expected to have steady gains due to a rise in the customer spending capacity post recession.
