VALLEY COTTAGE, N.Y. – According to a recent business intelligence study by Future Market Insights (FMI), the global market for automotive composites is expected to reach a value of US$ 12 Bn by 2029. In the near future, growth rate of the automotive composites is probable to outpace that of the automotive industry, and attract significant attention from industry stakeholders. Strict government regulations regarding fuel efficiency and carbon emission reduction and subsequent increase in demand for lightweight vehicles are some of the factors that are propelling the growth of the automotive composite industry.
“Energy efficiency is emerging as a revolutionizing trend in the automotive industry, leading to manufacturing of significantly lighter vehicles that are safer and more fuel-efficient than conventional automobiles. As a result, automotive composites are increasingly replacing steel within the industry, as they are composed of high-performance fiber,” says FMI analyst.
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Thermoplastic-based Resins Emerge as Ideal Solution for Lightweight Vehicles
Adoption of thermoset-based automotive composites is expected to account for revenues worth around US$ 7 Bn by 2029. Growing usage of thermoset matrices such as vinyl esters, epoxy, resins, and polyester in the manufacturing of composites continues to influence the growth strategies. Nevertheless, thermoplastic-based composites are now being developed, as they offer numerous benefits such as zero-solvent emissions, reduced material scrap, and greater recyclability compared to thermoset resins. Moreover, thermoplastic composites are garnering significant traction as a viable component for lightweight vehicles to offer strength and optimize performance, sustainability, and design. Owing to such advantages, thermoplastic is set to become a material of choice and the fastest-growing segment in the automotive composite market over the next decade.
Glass Fiber Composites Remain Highly Preferred
Over the past few decades, glass fiber composites have made through new-generation cars. Glass fiber composites offer several advantages such as corrosion resistance and are lightweight. With extensive applications of glass-fiber composites in structural assembly, interiors, exteriors, and engine components, manufacturers have specifically focused on this category. On the other hand, sales of carbon fiber composites are projected to grow at a CAGR of 7% during 2019-2029, due to widening application scope in sports, electric, and luxury cars. Startups and leading automobile manufacturers are now actively considering carbon fiber composites as major material to boost fuel economy and maintain safety & performance. For instance, BMW used carbon fiber composites in its i3 model to reduce the car’s weight. Similarly, Audi has also started using carbon fiber to produce a rare wall of the space frame for its A8 sedan cars.
Preview Analysis Of2019 Analysis and Review of Automotive Composites Market by Material – Glass Fiber Composite, Natural Fiber Composite, Carbon Fiber Composite, Aramid Fiber Composite, and Others for 2019 – 2029:https://www.futuremarketinsights.com/reports/automotive-composites-market
Western Europe Leads, China to Offer Lucrative Growth Opportunities
Demand for composites remains high in Western Europe, due to penetration of new aircraft manufacturers such as Commercial Aircraft Corporation of China, Ltd., in the region, which is expected to boost the production of aircraft and subsequently the sales of automotive composites. Adoption in mid-size passenger cars continues to account for relatively high share, while the scope of application in SUVs is expected to exceed the former segment over the forecast period. On the other hand, demand from China’s automotive industry is expected to grow at a CAGR of 6% through 2029. China is further expected to offer lucrative opportunities for the market players, due to a substantial increase in demand for electric vehicles.
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