Introduction to Automotive Composites
Automotive composites are materials which are used to make a vehicle safer, lighter and more fuel efficient. Composite materials used in auto motives have several advantages over conventional steel. These composites are composed of high performance fibers such as glass or carbon in a material known as epoxy polymer which are combined together to provide enhanced properties. These composites don’t corrode or rust and gives excellent strength and stiffness. They are very light as compared to conventional steel which helps them to enhance vehicle’s fuel efficiency.
Automotive composites are widely used for manufacturing vehicles on account of rising stringent government regulations. The use of advanced automotive composites in the automotive industry is very limited on account of high cost of the raw materials. Carbon fiber has been extensively used in high performance vehicles to increase its performance by designing complex aerodynamic shapes which are used to reduce drag.
Market Size & Forecast
The global Automotive Composites Market is observing vibrant growth on the back of increasing demand for light weight automobiles in the market. Increasing production of cars coupled with rising demand of fuel efficient vehicles across the globe are the important factors which are anticipated to amplify the market growth. Growing technological advancements are projected to drive the automotive composites market. Rising disposable income and growing urbanization in developing and developed economies are some of the factors which are anticipated to support the growth of the market over the forecast period.
Automotive composites market is anticipated to record a significant CAGR of 8.3% over the forecast period. The automotive composites market is expected to showcase a vibrant growth by the end of the forecast period. Many multi-national companies are concentrating towards new product advancements in the field of automotive composites. The market is segmented into fiber such as glass, carbon and natural out of which carbon fiber is anticipated to have the largest market share on account of its excellent strength to weight ratio and its low weight which makes the vehicle highly efficient. CLICK TO DOWNLOAD SAMPLE
Rising Trend of Motorization
Growing trend of motorization is positively impacting the automotive industry on account of rise in automobile production with increasing demand for automotive composites. China with a motorization rate of 14.5% as per reported by International Organization of Motor Vehicle Manufacturers (OICA), in 2016, reached the top position in motorization. While Brazil held total number of 2,699,672 vehicles with a percent change in its motorization rate of 25.20% during 2017 declared according to OICA statistics. The OICA also reported an increase in motorization rate from 1.1% in 2015 to 4.5% in the year 2016 which is expected to propel the automotive composites market sturdily over the forecast period.
Increasing Initiatives in order to reduce Carbon Emissions
Industrial opportunities have been increasingly surging with ongoing technological advancements trying to reduce overall capital costs as well as production facilities focusing to decrease the manufacturing time. Rising demand among the end-user population as per changing consumer behavior for high performance vehicles is expected to push the demand higher for light weighed automobiles across the economically flourishing regions. This increase in demand for lighter vehicles in the automotive industry is anticipated to sponsor the automotive composites market substantially during the forecast period. Initiatives longing for reduced carbon emissions involve lowering the automobile’s weight that are resulting in growing number of stringent governmental protocols that are expected to impact the environment along with the automotive industry positively around the globe. Increasing market competitiveness on the back of rising automotive production is also expected to drive the market strongly.
Cost Impacting the Product Penetration Rate
However, high initial set up cost can result in increased product prices affecting the product penetration rate, which is estimated to serve as a key restraining factor in the automotive composites market over the forecast period.
Our-in depth analysis of the global Automotive Composites market includes the following segments:
By Manufacturing Process
By Composite Components
On the basis of regional analysis, global automotive composites market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is panned to observe significant growth in automotive composites market on account of rising trend of motorization. North America is predicted to be followed by Asia Pacific in terms of consumption on the back of booming economic conditions across the countries such as, China, India, and others with China’s highest sales as per the reports of OICA.
Europe is expected to drive the demand and display a budding regional automotive composites market growth on the back of presence of some of the highest motorization rate countries across the region for instance, Iceland, Luxembourg and others.
Global Automotive Composites Market is further classified on the basis of region as follows:
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