The global automotive composite materials market is anticipated to gain the market worth of US$ 9,037.4 million by 2025, expanding at a CAGR of 9.97% during the forecast period 2019-2025. The major reasons fuelling to the adoption of composite materials in the automotive industry are stringent government regulations on GHG emissions, increased usage of composites, among hybrid and electric vehicles and better structural and mechanical properties of composites compared to other materials such as steel and aluminium among others. In terms of materials, Polymer Matrix (PMC), Metal Matrix (MMC), Ceramic Matrix (CMC) and others (Hybrid Composite), are the major types of composite materials used by the vehicle manufacturers. In 2018, PMC dominated the global automotive composite materials market and is anticipated to generate a market size of US$ 4.23 billion by 2020, followed by metal matrix composites and ceramic matrix composites. On the other hand, a visible inclination towards hybrid composites is seen during the past few years, owing to their lower cost than pure carbon fibres. The hybrid composite material is expected to be the fastest-growing material type during the forecast period.
For Regional/country-wise analysis of the overall adoption of Composite Material in the Automotive industry browse through – Automotive Composite Market
The manufacturing process is one of the important aspects of composite part manufacturing. Different processes impart different physical and behavioral properties of the composite materials. At present, the cost of raw materials and installation of manufacturing plants is negatively affecting the overall growth of the market. Based on manufacturing processes adopted for the composite material manufacturing for its use in the automotive industry include hand lay-up (manual), compression moulding, injection moulding, and Resin Transfer Moulding (RTM). Among all, injection moulding dominated the market, however, the capability of RTM to make complex shapes in lesser cycle time is expected to bolster their frequent use for composite material manufacturing. Previously, composite materials were majorly used for the exteriors of the vehicle, however, owing to several structural and mechanical benefits, the application area of composites in a vehicle has widened. They are now used in interiors, chassis, Powertrain, under the hood and structural parts of the vehicle as well. In 2018, exterior application dominated the market with market size of US$ 3,176.4 million and will enjoy its dominance over the analyzed timeframe. However, rise of vehicle interior air quality regulations is anticipated to fuel the demand for composites for vehicle interiors in the coming future.
Request for Sample of the report – https://univdatos.com/request_form/form/183
Owing to the stringent emission standards on greenhouse gases via vehicles, widespread deployment of composite materials to reduce the overall weight of the vehicle is expected to increase the demand for composite material for vehicle manufacturing. The study analyses the penetration of composite materials in supercars, passenger cars and other. At present commercial vehicles hold very small segment of the market, on the other side penetration of composite materials in the sports car segment is immense. The demand and usage of composite materials in passenger car segment have also increased over the time period. This segment dominated the market in 2018 and is expected to continue its dominance during the forecast period, as this is the biggest segment in the auto industry in terms of volume, however the penetration of composite materials would remain lower as compared to that in the sports car segment
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 dominates the global automotive composite materials market, with market size of US$ 2,355.9 million in 2018. Further, the stringent rules and regulations on GHG emissions in North America and Europe are anticipated to fuel the automotive composite material market in both the regions in the coming years. Some of the major companies profiled in the global Automotive composite materials study include BASF Corporation, DowDupont, Gurit Holding AG, Magna International Inc., Mitsubishi Chemicals Holding Corporation, Owens Corning, SGL Group, Solvay S.A., 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.
Global Automotive Composite Material Market Segmentation
Market Insight, by Material Type
Polymer Matrix Composite (PMC)
Metal Matrix Composite (MMC)
Ceramic Matrix Composite (CMC)
Others (Hybrid Composites)
Market Insight, by Manufacturing Process Type
Hand Lay Up
Compression Molding
Injection Molding
Resin Transfer Molding
Market Insight, by Application Type
Interior
Exterior
Chassis, Powertrain and Under the Hood
Structural
Market Insight, by Vehicle Type
Performance Cars
Passenger Cars
Others
Feel free to contact us for any queries – https://univdatos.com/request_form/form/183
UnivDatos Market Insights (UMI) understands that you may have your own business need, hence we also provide fully customized solutions to clients. The Global Automotive Composite Market can be customized to regional level/country level or any other market segment.
Contact Us
UnivDatos Market Insights (UMI)Email: sales@univdatos.com
