Composite materials are homogenous mixtures which are prepared by synthetically assembling two materials together. One of these is fiber, a reinforcing material and the other one is a binding material called Matrix. The composite materials have high electrical and corrosion resistance, are stiff and have high strength-to-weight ratios. The use of composite materials among automobiles reduces the overall weight of the vehicle, improves the fuel efficiency, reduces GHG emissions, improves safety, increases crashworthiness and offers a smooth finish with exceptional aerodynamic design. Besides these advantages, composite materials offer other benefits as well, owing to which they have been widely adopted in the auto industry. Further, the growing concerns for GHG emissions by vehicles and the regulatory framework on it are also propelling the use of composites in the auto industry. Legislative bodies are not only issuing regulations, but also offering certain relaxation and subsidies to the green vehicle owners. In addition, there is a visible increase in the demand of composite materials for electric vehicles. Composite materials are used in EVs to offset the weight increased using batteries. Due to this, the inclination of the auto OEMs toward the use of composite materials in their models has also taken a jump. Subsequently, OEMs are entering into certain competitive strategies with the composite material manufacturers and distributors to strengthen their foothold in the industry. Owing to the above, the global automotive composite materials market is expected to reach $8.17 billion by 2024. However, the growing automotive composites market faces certain market challenges such as the high production cost of the composites and lack of advancement in manufacturing techniques in emerging countries. In spite of this, the growing popularity of the hybrid composite materials, increasing relationships between automotive OEMs and material suppliers and scope of growth in developing countries are considered to be the key opportunity areas in this market.
Insights Presented in the Report:
The global automotive composites material market is segmented based on different materials such as Polymer Matrix Composite PMC , Metal Matrix Composite MMC , Ceramic Matrix Composite CMC and Hybrid Composite. Currently, PMCs are the most popular composite type among the automakers, as they have high flexibility, high insulation, lower density and lighter weight than other composite materials type.
Global automotive composites market is further segmented based on different manufacturing processes for the composite materials. This includes the following: Hand Lay Up, Compression Molding, Injection Molding, and Resin Transfer Molding RTM. Injection Molding dominated the market in 2017 with a market value of $1.98 billion.
Based on several application areas, the global automotive composite materials market is segmented into Interior, Exterior, Chassis, and Powertrain & under the hood and Structural. Among different application areas, exterior segment dominated and the market, however because of stringent regulations on vehicle interior air quality, the demand of composites for vehicles interiors is expected to bolster during the forecast period.
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The global automotive composite materials market is further segmented on the basis of different vehicle types, such as performance cars, passenger cars and other. Passenger cars segment dominated the automotive composites market in 2017, and is expected to dominate the market during the forecast period. The highest market value of passenger cars among the vehicle segment is attributed to the growing adoption of composites in light vehicles.
For better understanding of the market penetration of Global Automotive Composite Materials Market, the industry is analyzed based on geographies and countries including North America the U.S., Canada, Mexico and rest of North America , Europe Germany, France, the U.K., Russia, Italy, Spain and rest of Europe , Asia-Pacific China, Japan, India, South Korea, Singapore, Australia and rest of Asia-Pacific , Middle East and Africa the UAE, Saudi Arabia, Algeria, Kuwait, Egypt, Qatar and rest of Middle East and Africa and Latin America Brazil, Argentina, Chile and Rest of Latin America. Due to the strong presence of several composite material manufacturers in countries such as China, Japan and India. Asia Pacific regions held the highest market share and were valued at $2.16 billion in 2017. Further, the stringent rules and regulations on GHG emissions in North America and Europe are anticipated to fuel the automotive composite market in both the regions.
Top Companies in the Composites Market
The major companies that are profiled in the study are BASF SE, DowDupont Inc., Gurit Holding AG, Magna International Inc., Mitsubishi Chemical Holdings Corporation, Owens Corning, SGL Group, Solvay SA, Teijin Limited and Toray Industries Inc. These industry players are entering into partnerships with auto OEMs to deploy cost efficient composite materials on the vehicles. Some of the key players are also expanding their businesses by setting up new plants or increasing their expenditure on R&D to develop cheaper manufacturing methods.
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