The ASEAN (Association of Southeast Asian Nations) automotive composites market is expected to grow at a CAGR of 6.5% from 2017 to 2022
According to a new market report published by Lucintel, the future of the ASEAN (Association of Southeast Asian Nations) automotive composites market looks promising with opportunities in the passenger car and light weight truck. The ASEAN automotive composites market is forecast to grow at a CAGR of 6.5% from 2017 to 2022.
The major drivers of growth for this market are increasing automotive production and increasing demand for lightweight materials to achieve higher fuel efficiency and reduce greenhouse gas emissions.
In this market, exterior, interior, and power train systems are the major applications.On the basis of its comprehensive research, Lucintel forecasts that the power train system is expected to be the largest market and under body system is expected to show the highest growth during the forecast period from 2017 to 2021.
Within the ASEAN automotive composites market, short fiber thermoplastic (SFT), and long fiber thermoplastic (LFT) are the major materials utilized to manufacture automotive parts.
By fiber type, glass composites, carbon composites, and natural fiber composites are the major fiber segments. The glass fiber composites market is expected to remain the largest fiber segment, and the carbon fiber composites market is expected to witness the highest growth over the forecast period.
By resin type, polyamide (PA) composites are expected to remain the largest market by value and volume consumption. High resistance to abrasion, low friction characteristics, electrical resistance, heat resistance, and good chemical resistance are the properties which drive the PA composite demand in automotive.
By resin group, thermoplastics and thermoset composites are the two segments in which thermoplastic composite is the largest segment. The advantages of using thermoplastic composites are recyclability, ease of processing, and better capability of making parts with complex geometry.
Vietnam, Thailand, Myanmar, Malaysia, Brunei Darussalam, Indonesia, Cambodia, and Singapore and Lao PDR are the countries included in ASEAN automotive composites market. Among this, Thailand was the major market for the ASEAN automotive composites because of high volume of automotive production.
Polynt, Hanwha, and Polyone are among the major suppliers of composites in the ASEAN automotive composites market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the ASEAN automotive composites market by application, material type, fiber composite type, resin type, resin group, and by country, and has come up with a comprehensive research report entitled “Growth Opportunities in the ASEAN Automotive Composites Market 2017-2022: Trends, Forecast, and Opportunity Analysis” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions.
The study includes a forecast for the ASEAN automotive composites market by product type, manufacturing process, application, and region as follows:
By application type (Value ($M) and Volume (M lbs) shipment analysis for 2011 – 2022):
- Power Train Systems
- Under Body Systems
- Electrical & Electronics
By material type (Value ($M) and Volume (M lbs) shipment analysis for 2011 – 2022):
- Short Fiber Thermoplastic
- Long Fiber Thermoplastic
- Sheet Molding Compound
- Bulk Molding Compound
- Glass Mat Thermoplastic
- Other Composites
By fiber composite type (Value ($M) and Volume (M lbs) shipment analysis for 2011 – 2022):
- Glass Fiber Composites
- Carbon Fiber Composites
- Natural Fiber Composites
By resin type (Value ($M) and Volume (M lbs) shipment analysis for 2011 – 2022):
- Polypropylene Composites
- Polyamide Composites
- Polybutylene Terephthalate Composites
- Polyester Composites
- Vinyl ester Composites
- Others Composites
By resin group (Value ($M) and Volume (M lbs) shipment analysis for 2011 – 2022):
- Thermoplastic Composites
- Thermoset Composites
By country (Value ($M) and Volume (M lbs) shipment analysis for 2011 – 2022):
This 142-page research report will enable you to make confident business decisions in this globally competitive marketplace.
For more information:Make an Inquiry about this report HERE!