Automotive Composites Market was valued at USD 6.81 Billion in 2016 and is projected to reach USD 13.14 Billion by 2022, at a CAGR of 12.26% between 2017 and 2022. Automotive composites are lightweight materials that are used to make vehicles fuel efficient and impact resistant. These composites offer better properties as compared to traditional materials such as aluminum and steel. They result in a significant weight reduction of cars, thereby leading to their increased fuel efficiency. The automotive composites are used in both, electric as well as non-electric vehicles for manufacturing their exteriors, interiors, chassis, and powertrains.
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Increased demand for lightweight fuel-efficient vehicles and environment-friendly electric vehicles and use of natural fiber composites in interiors of vehicles are the factors driving the markrt growth of the automotive composites across the globe.
Carbon fiber segment of the automotive composites market is projected to grow at the highest CAGR.
Exterior application segment is projected to lead the automotive composites market.
European region is estimated to be the largest market for automotive composites.
Key players operational in the automotive composites market are Toray Industries, Inc., (Japan), Toho Tenax Co., Ltd., (Japan), SGL Group (Germany), Mitsubishi Chemical Company (Japan), Owens Corning (U.S.), Solvay S.A. (Belgium), and Plasan Carbon Composites (U.S.), among others.
The key players operating in the automotive composites market are increasingly adopting inorganic and organic growth strategies to strengthen their positions in the automotive composites market. These companies have adopted agreements, expansions & investments, mergers & acquisitions, and new product developments as key growth strategies between January 2013 and August 2017 to enhance their positions in the market.
For instance, SGL Group (Germany), which is one of the world’s leading manufacturers of carbon-based products and materials, is focusing on strategic approaches, namely, expansions, new product developments, and agreements to enhance its position in the automotive composites market. In October 2015, the company launched unidirectional tapes and long-fiber-reinforced thermoplastics based on glass and carbon fibers for several applications in the automotive industry.
For instance, in March 2017, Mitsubishi Chemical Corporation (Japan) acquired Gemini Composites (U.S.), which specializes in designing, engineering, and prototyping products using forged composite technology. This acquisition is expected to not only help the company in enhancing its product development capabilities for automotive sheet molding compounds (SMC) components but also enable development of innovative products based on the component design-driven approach. In March 2017, the company developed a carbon fiber sheet molding compound for Toyota Motor Corporation (Japan). This compound is used in the rear door frame of the new Toyota Prius PHV car model. The focus of the company on new product developments has further helped it to supply innovative products to its customers and broaden its carbon fiber materials product portfolio.
Solvay S.A. (Belgium), which is a key manufacturer and provider of automotive composites, has adopted the strategies of partnerships and new product developments to enhance its position in the automotive composites market. For instance, in April 2017, the company entered into a partnership with Bentley and Penso Consulting Ltd. (U.K.) for the development of flexible and lightweight architecture for high-volume applications in automotive.
Market Dynamics :
Drivers–
• Increase in the Demand for Lightweight and Fuel Efficient Vehicles
• Increase in the Demand for Environmentally-Friendly Electric Vehicles
• Increasing Use of Environmentally Natural Fiber Composites in Automotive Applications
Restraints-
• High Production Cost of Composites
• Lack of Technological Advancements in the Emerging Economies
Opportunities-
• Stringent Government Regulations Compelling the Use of Lightweight Materials
Challenges-
• Recyclability of Composites
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