World News: 13:25 GMT Friday 12th October 2018. [Lucintel Services India Pvt. Ltd. via Globe Newswire via SPi World News]
DALLAS, Oct. 12, 2018 (GLOBE NEWSWIRE) -- According to a new market report published by Lucintel, the future of market looks promising with opportunities in exterior, interior, under the hood, electrical components, powertrain and other applications. The global market of composite materials in mass transportation and off road equipment is expected to reach an estimated $1.0 billion by 2023 and it is forecast to grow at a CAGR of 4.6% from 2018 to 2023. The major driver for growth in this market is increasing demand for lightweight materials over steel in heavy vehicles due to government regulations
In this market, SMC & BMC, SFT, CFT, LFT, and GMT are used for composites in mass transportation and off road equipment manufacturing for intermediate material. Lucintel forecasts that SMC & BMC material is expected to be the largest intermediate materials by value and volume over the forecast period.
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Europe is expected to remain the largest region by value and volume due to higher production of composites part for mass transportation than other region. Government regulations, such as CAFE Standards in the US and carbon emission targets in Europe, are the key drivers for putting pressure on OEMs to incorporate lightweight materials to curb the overall weight.
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Emerging trend, which has a direct impact on the dynamics of this industry; include development of low density SMC material, Core Molding Technologies, IDI Composites, Polynt Riechhold Group, Teijin, and BASF are among the major suppliers of the global composite materials in mass transportation and off road equipment market.
Lucintel, a leading global market research firm, has analyzed growth opportunities in the global market by application, fiber, resin, manufacturing process, and region, and has compiled a comprehensive research report entitled “.” The study includes a forecast for the global this market by application, fiber, resin, manufacturing process, and region.
For a detailed table of contents, contact Lucintel at +1-972-636-5056 or mail at .
Globe Newswire: 13:25 GMT Friday 12th October 2018
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