Automotive Composite Market Trends, Development, Growth and Demand Forecast to 2022 Automotive

Automotive Composite Market Trends, Development, Growth and Demand Forecast to 2022

BY James Lee • January 03, 2017
James Lee

James Lee

  • 334 Articles
  • Joined February 15, 2016

The implementation of stringent environmental regulations across the globe is propelling the demand for lightweight materials. Several international organizations are framing strict guidelines and standards to reduce the greenhouse gases emission. In 2011, global CO2 emission stood at 31.6 gigatons, with 23% of these emissions coming from all transport sectors across the globe. According to the Corporate Average Fuel Economy regulations, all vehicles plying in the U.S. need to have average fuel efficiency of 54.5 miles per gallon by 2025. As per the European government CO2 emission regulation, the total CO2 emission from new passenger cars should be decreased from 130g per Km travel in 2013 to 95g per Km travel by 2020. According to Germany based SuperLight-Car, about one-third of total fuel consumption by passenger car depends on weight. For instance, weight reduction up to 100 kg is expected to save 0.3 liters to 0.5 liters of fuel for every 100 km drive. Also, with reduced weight of vehicle, CO2 emissions can be minimized, if not completely removed. The overall weight of vehicles can be reduced by using advanced multi-materials, which is a combination of steel, aluminum, magnesium, plastics, and composites. This is further expected to provide ample growth opportunity for the composites market in the automotive industry.

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Composites used for producing lightweight automotive parts are priced higher as compared to other substitutes, including aluminum, steel, wood, and plastics. Automakers can switch to cheaper materials to produce vehicle parts, and thus acts as restraint for the automotive composites market.

In Europe, Germany, France, U.K., Russia and Spain were the major automotive composite markets in 2015. The European OEMs account for more than one third of the global light vehicle production. With various development initiatives going on, Europe was ranked second in vehicle development in 2015 and is expected to remain at the same position during the forecast period. The European automotive industry is at the forefront in terms of technological advancements. It is focusing on the lightweight technologies and enhancing passenger comfort.

North America is expected to be the third largest region for automotive composite market during the forecast period owing to its increasing customer base and high disposable incomes in the region. This has resulted in increased manufacturing activities by local automotive OEMs in the region, and supporting the growth of the automotive composite market.

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Some of the major competitors in the global automotive composite market include Toray Industries, Inc., Koninklijke Ten Cate N.V., SAERTEX GmbH & Co. KG, Cytec Industries Inc., Scott Bader Company Ltd., Teijin Limited, UFP Technologies, Inc., E.I. du Pont de Nemours and Company, Johnson Controls Inc., and Johns Manville.

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