Pune, September 18, 2017
The global automotive composites market, valued at $ 6.81 billion in 2016, is projected to reach $ 13.14 Billion by 2022, at a CAGR of 12.26% between 2017 and 2022, according to MarketsandMarkets (MnM) report.
The automotive industry across the globe is increasingly focusing on the stringent implementation of various regulations such as the corporate average fuel efficiency (CAFE) standards and European Emission Standards (EES) formulated by the US and European governments, respectively to reduce CO2 emissions. To comply with these government regulations, the manufacturers of vehicles are using new lightweight materials such as composites to fabricate bodies of their vehicles.
The composites are being increasingly used to manufacture vehicles as they are considered as the best substitute for traditional heavy materials such as steel and aluminum. The stringent implementation of various government regulations and increased demand for lightweight vehicles are the factors that have led to the growing adoption of composite materials in the automotive industry.
The exterior application segment is projected to lead the automotive composites market between 2017 and 2022 in terms of both, value as well as volume. The exterior parts of vehicles that are manufactured from composites offer high stiffness, thereby resulting in minimum damages in case of accidents. Composites also help reduce the weight of the exterior parts of vehicles. This, in turn, results in weight reduction of the whole body of a car, thus making it fuel efficient. The exterior parts are located on the outer surface of the car body and are highly prone to wear and tear due to exposure to harsh conditions and elements. The use of composites in the exterior parts such as fenders, hoods, bumper beams, and deck lids of cars adds to their durability, thereby ensuring their long life cycle and low maintenance costs.
The European region is estimated to be the largest market for automotive composites in 2017. The growth of the Europe automotive composites market can be attributed to the industrial expansion in the region, presence of well-established car manufacturers in the European region, and technological advancements regarding the development of high-end vehicles taking place in Germany.
The growth of the automotive sector in the European region is comparatively higher than any other region of the world, owing to the presence of various well-established automotive manufacturers in the region. Moreover, stringent implementation of various industry regulations in the region that include the European Union Automotive Fuel Economy standard to reduce harmful CO2 emissions poses a challenge for the automotive original equipment manufacturers (OEMs). However, this challenge can be mitigated by reducing the weight of the automotive parts by using automotive composites.