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(Transportation-News.com, December 18, 2019 ) Market Overview
What are automotive composite materials??
• Composites materials are novel materials with superior properties such as high corrosion resistance, chemical resistance. They are also light in weight when compared to metals.
• Global Automotive Composites Market growing with a CAGR of 11.75% over the forecast period (2019-2026).
Market Dynamics
• Lightweight property of composites is essential for automotive manufacturing.
• 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 global automotive composite materials market.
• The main motto of using composite materials in automotives is to make the vehicle lighter, safe and fuel-efficient.
• However, 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 set of properties offer lucrative opportunities for composite materials in automotives 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.
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Market Segmentation
Based on the type of material used, the global automotive composite market can be classified into
• Metal matrix composites
• Polymer matrix composites
• Ceramic matrix composites
Industry Forecast
• 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.
Materials Manufacturers
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 process such as automated braiding process.
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