According to “Global Market Study on Automotive Composites: Polymer Matrix Composites to be the Largest Segment by 2022,” a recent report from Persistence Market Research, the global automotive composites market was valued at $3.1 billion in 2014 and is expected to increase to $7.0 billion by 2022, growing at a compound annual growth rate (CAGR) of 8.8%. Increasing urban populations due to rising industrializat

ion, particularly in developing countries such as India and China, are encouraging the establishment of automotive manufacturing facilities in these regions. Increasing automobile production is expected to fuel the overall demand for carbon composites in the near future.