The demand within the global automotive composites market is slated to grow at a sturdy pace over the next decade. Advancements in automobile manufacturing have unravelled several opportunities for growth within the market. Furthermore, supremacy of automotive composites over its steel counterparts has led the automotive industry to prefer the former. Furthermore, there is little contention about the presence of a seamless industry for automobile profiling and analysis. The vendors in the automobile industry have become reliant on the use of automotive composites in order to increase efficiency of manufacturing. Therefore, the global automotive composites market is set to grow to new heights in the years to follow.
- The growing demand for light, compact, and shock-resistant cars has played a key role in market growth. Use of automotive composites ensures that the weight of the car is proportionate to the size of the engine and other key components. Therefore, the demand within the automotive composites market is set to grow to new heights. Automakers and auto buyers, both, exhibit an increased inclination towards shock-proof, light-weight models of cars.
- The coefficient of thermal expansion is an important parameter in gauging the effectiveness of various materials used in car manufacturing. The low coefficient of thermal expansion for automotive composites has, therefore, been an important driver of demand within the global market. Furthermore, high retention and reliability of these materials has also garnered the attention of automobile manufacturers in recent times. The next decade is expected to witness greater adoption of automotive composites across various manufacturing units.
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Global Automotive Composites Market: Overview
Composites have been used popularly in a range of internal and external automotive components to provide distinct structural and weight advantages. A number of original equipment manufacturers (OEMs) and auto makers’ world over are increasingly using engineering composites, with the primary objective to reduce vehicle weight and cut down on carbon emission. Startups and big automobile manufacturers are actively considering to incorporate carbon fiber composites in trucks and electric vehicles in the coming in the forthcoming years. Apart from this, the adoption of advanced automotive composites has upped the current safety level, reduce the consumption of fuels, and increase the comfort level. In addition, the adoption of automotive composites have helped automotive players to fill in more functional hardware, notably gadgets.
Over the next few years, the automotive composites market will witness a spate of innovations, with powertrain providing significant untapped area for growth. Advances in the composite market will offer OEMs better design freedom and function integration. The demand for design innovations in vehicles among customers in various parts of the world will further unlock interesting prospects in the automotive composites market during the assessment period of 2017–2025.
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The report offers insights into the current growth drivers and restraints, emerging trends and notable developments, recent technological advances, and the competitive landscape. The study offers a critical assessment of the existing regulatory framework in various regions shaping the growth trajectory and highlights lucrative avenues in the coming years.
Global Automotive Composites Market: Trends and Opportunities
The intensifying need for reducing the vehicle weight through structural advancements and the pressing demand for improving the fuel economy are key factors driving the demand for automotive composites in various regions. The growing focus on design innovations to enhance the vehicle functionalities is bolstering the demand for engineering composites made of aluminum and fiber. This is partly attributed to a rising consumer demand for stylish and faster cars. A number of governmental mandates and legislations on reducing the carbon emission in several developing and developed countries is a notable factor stoking the demand for automotive composites. For instance, mandatory emission reduction targets in the EU calls for reducing the CO2 emissions from passenger cars by 2024. Furthermore, the focus on improving the fuel economy of vehicles by automakers is expected to accentuate the market.
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The incorporation of composites in truck beds by a number of large auto makers is accentuating the growth of the market. The vastly rising production of lightweight vehicles in various parts of the world is providing a robust fillip to the demand for advanced automotive composites. The wide demand for polymer-reinforced composites for strikingly improving the crash performance of vehicles is boosting the market. Substantial initiatives by big auto makers in recent years to launch autonomous cars in the next decade bodes well for the automotive market.
Global Automotive Composites Market: Regional Outlook
Regionally, Europe and North America are prominent markets for automotive composites. The growth is attributed to the presence to a number of globally prominent auto makers in the regions and several research and development activities focusing on design innovations for vehicles. On the other hand, Asia Pacific is anticipated to offer lucrative prospects to manufacturers of automotive composites. The remarkable strides taken by the automotive industry in various key economies in recent years is fueling the growth of the market. The substantially rising adoption of automotive composites in electric vehicles is also accentuating this regional market.
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