A composite material comprising two or more different materials that have dissimilar properties. The properties of the composite material are completely different and superior to those of the two or more materials that have been combined. Composites used in vehicles are composed of a high performance fiber embedded in a matrix material. Application of composites in vehicles make the vehicle lighter, safer, and more fuel-efficient.
Increasing vehicle production is expected to drive the automotive composite material market during the forecast period. Application of composite materials in vehicle manufacturing achieves the objectives of fuel efficiency and downsizing of vehicles. Moreover, composite materials have proven to cause minimal damage during crashes and accidents due to their high strength, stiffness, high modulus, fatigue resistance, fire resistance, and resistance against crack propagation, corrosion resistance and shock absorption capacity. This, in turn, is expected to offer lucrative opportunities for composite materials in the automotive industry in the near future. Rising demand for sports vehicles in various regions across the world, especially in North America, due to the increasing public interest in entertainment and sports activities for the last few years, is anticipated to fuel the automotive composite materials market in the near future.
Composite materials are more expensive than other plastic materials that are utilized in the manufacture of vehicles. This is expected to restrain the automotive composite materials market to some extent in the near future. The basic cost of carbon fiber is way higher than that of metal. Furthermore, the processing of carbon fibers is an expensive process, especially when it comes to mass production of automotive components. However, the development of low-cost manufacturing methods for automotive composites is receiving a lot of attention from leading vehicle manufacturers across the world. These drawbacks of composite materials are expected to hamper the automotive composite materials market to some extent during the forecast period.
Based on type, the automotive composite materials market can be segmented into polymer matrix composites, metal matrix composites, and ceramic matrix composites. The polymer matrix composites segment can be further sub-divided into carbon fiber reinforced plastic (CFRP), glass fiber reinforced plastic (GFRP), and glass fiber reinforced plastic (GFRP). The polymer matrix composites segment is expected to expand at a significant growth rate during the forecast period owing to its remarkable properties such as light weight and comparatively low cost.
Based on application, the automotive composite materials market can be divided into interior and exterior. The exterior components of the vehicle such as bonnet, side valences, bumper, chassis, and front fascia are made from composite material. Similarly, composite materials are utilized in several interior components of the vehicle such as inner deck lid, front end carrier, under the hood applications, truck box tail gate for pickup trucks, and top sleeper in trucks. Composites possess remarkable properties such as high strength, stiffness, modulus, and are proven materials for providing high crashworthiness. These properties of composite materials are expected to provide lucrative opportunities for the exterior segment in the automotive composite material market during the forecast period.
Based on method of manufacturing, the automotive composite materials market can be classified as layup process, compression molding, resin transfer molding (RTM), filament winding, injection molding, pultrusion, and others.
Based on vehicle type, the automotive composite materials market can be segmented into passenger vehicles and commercial vehicles. The passenger vehicles segment is anticipated to expand at a rapid pace owing to the increasing production of passenger vehicles in recent years.
Based on the reinforcing material used in the composite, the automotive composite material market can be classified into particulate composite, fiber reinforced composite, and structural composites. The fiber reinforced composite segment is expected to expand at a significant growth rate during the forecast period owing to its remarkable properties such as high strength, stiffness, and modulus, which are desired in a vehicle.
Based on sales channel, the automotive composite materials market can be segregated into OEM (original equipment manufacturer) and aftermarket. The aftermarket segment is anticipated to expand at a significant growth rate during the forecast period owing to the need for replacement of a vehicle’s exterior parts, which are made of composite material after the vehicle meets with an accident.
Based on geographical region, the automotive composite material market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the automotive composite material market during the forecast period owing to the rapid technological advances in the plastics and composites industry, increasing volumes of vehicle production, and the rising consumer demand for sports vehicles, where robustness of the vehicle is of a prime concern. The market in Asia Pacific is also expected to expand considerably during the forecast period owing to the increasing vehicle production and the presence of well-established vehicle manufacturers in a few countries of Asia Pacific such as China, Japan, and South Korea.
Key players operating in the global automotive composite material market include Owens Corning, Cytec Industries Inc., TORAY INDUSTRIES, INC., SGL GROUP, and TEIJIN LIMITED.
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