Automotive Composites Market Forecast 2014-2024

Automotive Composites Market ForecastAutomotive Composites Market Forecast 2014-2024 PR Newswire LONDON, February 17, 2014 Leading Companies Striving for Light-Weighting, Fuel Efficiency & Emission Reduction Growth in the Automotive Composites Market is mainly driven by four factors. Firstly, the constant demand for fuel efficient vehicles, mainly to reduce weight, which reduces running costs and fuel consumption, has resulted in the penetration of Composites into the Automotive sector due to their lightness and stiffness. Secondly, environmental regulations for low CO2 emissions and fuel efficiency in the EU and the US dictate more fuel efficient vehicles from 2015 onwards. In the EU, the 2015 target for fleet average CO2 emissions of 130g/km and the 2020 target for 95g/km aim to reduce the average vehicle CO2 emission by 18% and 40% from 2007 respectively. In the US, the Obama administration released even higher Corporate Average Fuel Economy (CAFÉ) standards in 2012, requiring automakers to raise the average fuel efficiency of new cars and trucks to 54.5 miles per gallon by 2025. The CAFÉ program aims to improve fuel economy and reduce greenhouse gas emissions which will result in saving more than $1.7 trillion at the gas pump and the reduction of U.S. oil consumption by 12 billion barrels.