Automotive Composites Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
- Transparency Market Research
- May 2032
- 0 pages
The global automotive industry, which comprises passenger cars, buses, trucks, and heavy-duty vehicles, is projected to expand at a CAGR of 3.5% during the forecast period. Automotive production has increased by 15% since 2010. The passenger cars segment is anticipated to drive the global automotive industry. However, growth in environmental concerns such as pollution is estimated to hamper the market during the forecast period. OEMs face the challenge of providing high number of options to customers at low cost. Moreover, increase in pressure to offer energy-efficient vehicles at low prices is another challenge faced by automotive manufacturers.
In order to provide efficient cars and reduce fuel consumption, automotive manufacturers are focusing on reducing the weight of vehicles; therefore, OEMs are substituting traditional materials with advanced engineered plastics, aluminum, filled elastomers, specialty silica, and composites. Growth in the automotive industry offers lucrative opportunities to manufacturers of engineered materials such as composites, which is used to manufacture various vehicle components such as interiors, exteriors, chassis, and structural composites. This trend is likely to continue during the forecast period.
Automotive Composites Market: Drivers and Restraints
Focus on reduction of vehicle weight to decrease CO2 emissions has been a key trend in the automotive industry. Stringent environmental norms and government regulations have encouraged automotive manufacturers and OEMs to use innovative materials to curb weight of the vehicle, carbon emission targets, and achieve fuel efficiency. The global production of lightweight vehicles increased to 50 million units in 2015 from approximately 35 million units in 2010, which significantly propelled the development and consumption of advanced materials such as composites to partially replace traditional materials such as steel.
Composites offer several structural and weight advantages over traditional steel and injection molded automotive parts. Composites are used as raw materials to manufacture various structural, interior, exterior, and other automobile components. These composites offer high stiffness, tensile strength, temperature tolerance, reduced weight, and thermal expansion; and are preferred materials used to manufacture automobiles. Polymer-reinforced composites offer excellent crash performance as compared to traditional steel. While the latter absorbs nearly 35J/kg of energy. Therefore, along with weight reduction, composites in vehicles offer better safety components. The added safety factor is projected to further fuel the growth of lightweight vehicles. This, in turn, is expected to propel the automotive composites market during the forecast period.
Automotive Composites Market: Segmentation
Based on type, the automotive composites market can be segmented into:
- Polymer matrix composite
- Carbon fiber reinforced plastics
- Glass fiber reinforced plastics
- Others (aramid fiber composites, boron fiber-reinforced polymers, etc.)
- Metal matrix composite
- Ceramic matrix composite
Composites offer many structural and weight advantages over traditional steel and injection molded automotive parts such as cost efficiency, weight reduction, and recyclability. Advanced materials primarily boosts the fuel economy of modern automobiles while maintaining safety and performance. A 10% reduction in the weight of the vehicle can result in a 6%–8% improvement in the fuel economy. Replacing cast iron and traditional steel components with lightweight materials such as carbon and glass fiber polymer composites can reduce the weight of a vehicle’s body and chassis by up to 50% and fuel consumption.
Using lightweight structural material, cars can carry additional advanced emission control systems, safety devices, and integrated electronic systems without increasing the overall weight of the vehicle. Composites such as polymer matrix composite are often used to manufacture interiors, exteriors, and structural parts, while metal matrix composite is employed in parts that require high thermal resistance. Ceramic matrix composites is used in applications such as brake-pads, which require high temperature resistance and thermal expansion.
Automotive Composites Market: Key Market Players
Key players operating in the automotive composites market are:
- SGL Group
- Toho Tenax
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
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The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
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- Middle East and Africa (GCC, Southern Africa, and North Africa)
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A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
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