Dallas - December 21, 2009 - Despite economic slowdown significant opportunities exist for composites in the European automotive market and the market is expected to reach $1824.9 million by 2014. According to Lucintel the European automotive industry output will expand significantly from 2009 to 2014. Following the rapid growth in auto production, composite materials demand in European market is forecast to increase by 6.87 percent per year and reach $1824.9 by 2014.
Lucintel, a leading global management consulting and market research firm with over 700 clients worldwide, has analyzed the European Automotive composites market and just published a comprehensive research report entitled "Opportunities for Composites in the European Automotive Market 2009-2014: Trends, Forecast and Opportunity Analysis".
As per the study composites are being increasingly used as they can reduce weight up to 35%, which improves fuel economy. Composites also reduce tooling and assembly costs as composites have lower tooling and equipment costs; they are competitive compared to steel at lower production volumes in certain automotive applications.
The use of composite materials, which initially was driven from exterior applications, has now spread to all areas of the vehicle – interior and under-the-hood applications. Under-the-hood and interior applications represent good growth potential. As the overall penetration was only 3% in automotive materials in 2008 there is much more potential for composites. As per the study polypropylene based composites will drive the future growth of the European Automotive composites market.
According to Lucintel the critical success factor for composites material producers will increasingly be not only developing new products at low cost; in addition, Lucintel believes the most successful companies will be those that can develop application-specific, customer-focused solutions and have the ability to help their customers achieve long-term business objectives, such as increasing performance or lowering costs.
This research report contains European Automotive Composites Market Overview, Applications, European Automotive Composites Market Analysis, Materials and Manufacturing Process, Competitive Analysis, Trends - European Composites Market, Forecast - European Automotive Composites Market, Materials Suppliers and more. This insightful report can help you make confident business decisions in this globally competitive marketplace.
For a detailed table of contents and pricing information on this timely and insightful report, please contact helpdesk at +1-972-620-8888 or via email at helpdesk@lucintel.com. Lucintel provides cutting edge decision support services that help you make critical decisions with greater speed, insight and cost-efficiency. To find out more, visit www.lucintel.com.