Automotive Composite Materials Market Drivers, Analysis, Share, Growth, and Trends & Forecast (2019-2025)
The Europe Automotive Composite Material Market was valued at US$ 1,013.3 Million in 2018 and is anticipated to reach US$ 1,757.4 Million by 2025 displaying a reasonable CAGR of 8.29% over the forecast period (2019-2025). Europe’s automotive industry holds 4% of its Gross Domestic Product (GDP). In addition to this, the number of new vehicle registrations increased by 3.8% in 2017 as compared to 2016. The increasing number of vehicles has contaminated Europe’s atmosphere with Green House Gases (GHG), owing to which European Commission laid regulation that mandates a target value of 95g/km of CO2 emission for passenger cars and 147g/km for commercial vehicles to achieve by 2020. To comply with such regulations, automakers in Europe are using composite materials to reduce the overall weight of the vehicle which results in improving fuel efficiency. Using composite materials in the place of steel or aluminum reduces vehicular weight considerably (35-50%). Besides reductio...