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OEMs’ Focus on Reducing Vehicle Weight to Adhere to Emission Standards Presents Excellent Growth Opportunity for Composites
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This research service analyses the global automotive composites market in the perspective of light-weighting initiatives undertaken by OEMs across the world. The main segments covered by product type are Glass Fiber-reinforced Plastics (GFRP), Carbon Fiber-reinforced Plastics (CFRP) and Natural Fiber-reinforced Plastics (NFRP). In terms of geography, this study covers North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). Major market drivers and restraints, regional regulations, demand outlooks for light-weighting materials, application growth trends, lifecycle analysis, value chain analysis, and product trends are discussed in detail. Unit shipment and revenue forecasts are provided for each segment from 2015 to 2025. The base year for the study is 2018 and the forecast period is until 2025.Influencing Factors: The automotive composites market is highly dynamic with a number of new product and technology innovations. These innovations are primarily steered by the automotive OEMs that are demanding weight reduction, improved aesthetics, superior mechanical properties, and ease of processability along with cost efficiency. The automotive industry is moving rapidly towards vehicle light-weighting and OEMs are experimenting with a multi-material approach to achieve optimum weight savings and adhere to regional regulations pertaining to vehicle weight, fuel efficiency, and emission norms. Composites represent a vital part of the light-weighting strategy as they are increasingly applied in interiors, exterior structural, as well as under-the-hood applications. Growing demand for electric vehicles (EVs) also exert considerable influence on the composites market as manufacturers look to offset the high battery weight by shedding load in other components. The composites market is also driven by the rise in global vehicle manufacturing, particularly in the APAC region. The overall optimistic outlook for automotive production, coupled with its direct influence on the consumption of plastics and composites, is expected to have a high impact throughout the forecast period.Regional Trends: APAC is expected to provide the best opportunity for the automotive composite market owing to the sheer volume of vehicles produced. The region accounts for over half of the global vehicle production. However, glass fiber composites will continue to be the most preferred material in APAC as the majority of vehicles manufactured in the region are economy vehicles and this segment is extremely cost sensitive in nature. Carbon fiber composite is likely to witness a higher growth rate in Europe and North America due to the presence of premium and super-premium vehicle manufacturers.
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