FMI’s New Report, titled, “Automotive Composites Market: Global Industry Analysis and Opportunity Assessment 2016-2026” offers 10-year forecast and analysis.
Valley Cottage, NY -- (SBWIRE) -- 06/02/2016 -- The growing technological advancement and consistent focus on high performance vehicle has surged demand for automotive composites. A composite is a composition of two or more chemically different phases and insoluble materials which are of high performance fiber like carbon or glass in a matrix material like epoxy polymer that when combined with each other provides much more enhanced properties as compared with the properties of the individual materials itself. Such composites when deployed in automobiles and automotive are then called automotive composites. The main advantage of using automotive composites in the manufacturing of vehicles like cars, trolleys, trucks etc. is that they are approximately 60% lighter than steel or iron and are good in terms of stiffness and strength. Moreover, automotive composites are corrosion resistant unlike steel. Vehicle weight is an important factor in respect to performance of a vehicle. Automotive composites can significantly increase the fuel economy of the vehicle by reducing the vehicle weight. Automotive composites can be added to the vehicle's body in a single layer as well as in multiple layers. One material between two other materials when mixed gives a sandwich composite which can be used in the construction of the roof and inner coatings of the vehicle. The automotive composites are used in the manufacture and refurbishing of vehicles like cars, utility vehicles, and inner coatings of vehicles, trucks, buses and vehicle interiors. Automotive composites increase the vehicle's resistance to heat as well as reduces the external impact on the vehicle.
Global Automotive Composites Market: Segmentation
On the basis of composite material type, the global automotive composites market can be segmented into:
Natural Fiber Composites
Glass Fiber Composites
Carbon Fiber Composites
Ceramic Matrix Composites
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On the basis of manufacturing process, the global automotive composites market can be segmented into:
On the basis of composite component application, the global automotive composites market can be segmented into:
Global Automotive Composites Market: Drivers & Restraints
Increasing urban population is the key factor driving the growth of the global automotive composites market. Moreover, rising industrialization in developing countries like India, China etc. is a key element encouraging the deployment of automotive manufacturing facilities in these countries. Increasing automobile production globally is a major factor fuelling the growth of the overall global automotive composites market. Further, increasing carbon emissions from vehicles is promoting the governmental bodies to revamp several aspects in a way to adhere to environmental regulations and norms thus boosting the growth of the global automotive composites market. Since deployment of automotive composites in vehicles increase the vehicle's fuel efficiency and reduces the vehicle weight by 60%, customers are more tending towards vehicles made of automotive composites thus driving the growth of the global automotive composites market. Increased demand for electric and hybrid vehicles are also boosting the growth of the market.
The high cost of manufacturing composite materials is the major challenge faced by the global automotive composites market. Moreover, use of automotive composites in high end vehicle models is acting as a challenge to the growth of the global automotive composites market as customers prioritize to buy mid-range vehicles instead of high end vehicles. Moreover, manufacturing of automotive composites take a much longer time than steel and aluminum thus this factor is also acting as a minor restraint in the market.
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Global Automotive Composites Market: Key Players
The key players identified in the global automotive composites market are:
Toray Industries Inc
Cytec Market Industries
Nippon Sheet Glass Company
Jushi Group Co, Ltd.
SAERTEX GmbH & Co. KG
Johnson Controls, Inc.
E.I. du Pont de Nemours and Company
UFP Technologies, Inc.
Scott Bader Company Ltd.
Koninklijke Ten Cate N.V.