Global Automotive Composite Materials Market is segmented by Application (Vehicle Tracking, Vehicle Health Alert, Automatic Crash Notification, Road-side Assistance, Others), By Connectivity (Bluetooth, Wi-Fi, 4G, 3G), By Vehicle Type (Passenger Vehicle, Commercial Vehicle), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Global Automotive Composites Market growing with a CAGR of 11.75% over the forecast period (2022-2029).
What are automotive composite materials?
- Composite materials are novel materials with superior properties such as high corrosion resistance, chemical resistance. They are also light in weight when compared to metals.
- The lightweight property of composites is essential for automotive manufacturing.
- A vehicle’s fuel efficiency highly depends on the overall weight of the vehicle.
- When lightweight materials like composites are used in the construction of automobile components, the overall weight of the vehicle decreases thereby increasing fuel efficiency.
- This factor acts as a major driver for the growth of the global automotive composite materials market.
- The main motto of using composite materials in automotive is to make the vehicle lighter, safe, and fuel-efficient.
- However, the high costs involved in the manufacturing of composites impede the growth of the market.
- Regulations enacted by the government to reduce carbon emissions by manufacturing lightweight vehicles are fuelling the growth of the automotive composite material market.
- The strong presence of regulatory associations, such as the Environmental Protection Agency and REACH, is also expected to help the overall market indirectly.
- Moreover, composite materials when subjected to crash cause minimal damage. This is due to their superior mechanical properties such as high strength, fatigue resistance, resistance to chemicals, fire, corrosion, and crack propagation.
- These superior sets of properties offer lucrative opportunities for composite materials in automotive in the coming years.
- On the other side, manufacturing costs associated with composites are comparatively higher than plastics. This is anticipated to hamper the growth of the global automotive composite material market.
Based on the type of material used, the global automotive composites market can be classified into
- Metal matrix composites
- Polymer matrix composites
- Ceramic matrix composites
- The polymer matrix composites segment is anticipated to expand at a higher growth rate during the forecast period due to its superior properties such as lightweight and comparatively low cost of manufacturing.
Key players active in the market include
- Pentaxia, Crawford Composites LLC
- Owens Corning
- Toray Industries
- SGL Group.
- It offers a wide range of production technologies along the fiber value chain. It offers customers a wide choice of carbon fiber products by employing advanced manufacturing processes such as automated braiding processes.
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