During the forecast period, the Global Automotive Composite Market is estimated to grow to USD 10.92 billion. This growth is primarily driven by increasing demand for fuel-efficient, lightweight vehicles, rising popularity of electric and hybrid cars, the adoption of luxurious cars, and supportive government regulations. The market’s demand is further propelled by the need for cost-effective solutions to reduce carbon emissions, and the increase in the usage of lightweight materials. The current automotive composite products provide high strength to weight ratio and play a crucial role in achieving fuel efficiency. The market offers huge opportunities for startup companies to enter with low capital investment, owing to advancements in production facilities. The development of electric or hybrid vehicles having lesser weight is further boosting the market’s demand. Countries worldwide are introducing strict regulations to reduce carbon emissions, which will contribute significantly to the market’s growth during the forecast period.
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However, the manufacturing of lightweight vehicles requires complex processes and technologically advanced infrastructure, making the manufacturing process quite costly. This ultimately leads to a high price tag for the cars. Automotive composite manufacturers are facing a challenge in optimizing the cost of their products and are striving to come up with innovative solutions. The COVID-19 pandemic outbreak has further compounded this problem, leading to a lack of skilled labor, which is hindering the market’s growth to some extent.
Driving factors of Automotive Composite Market
- Increasing demand for fuel-efficient, lightweight vehicles.
- Growing popularity of electric and hybrid cars.
- Rise in adoption of luxurious cars.
- Supportive government regulations.
- Need for cost-effective solutions to reduce carbon emissions.
- Increase in the usage of lightweight materials.
- Advancement in production facilities, reducing operational time and cost involved.
- Huge opportunities for start-up companies to enter the market with relatively low capital investment.
- Development of electric or hybrid vehicles with lesser weight.
- Stringent regulations worldwide to reduce carbon emissions.
Some of the notable innovations in the Automotive Composite Market
- Thermoplastic Composites: The development of thermoplastic composites has revolutionized the automotive industry by providing enhanced strength and stiffness, lower weight, and faster production rates.
- Bio-based Composites: Automotive composite manufacturers have shifted towards bio-based materials such as hemp and flax, which provide excellent mechanical properties, environmental benefits, and cost savings.
- Carbon Fiber Reinforced Polymers (CFRPs): CFRPs are increasingly being used in the automotive industry, providing high strength-to-weight ratio, improved performance, and greater design flexibility.
- 3D Printing: 3D printing is revolutionizing the manufacturing process of automotive composites by enabling the creation of complex geometries, reducing lead times, and minimizing material waste.
- Smart Composites: The integration of sensors and other electronic components into composites is enabling the development of smart composites that can self-monitor and adjust their properties based on changing conditions.
- Recyclable Composites: The development of recyclable composites is an important innovation in the automotive industry, providing a sustainable solution for end-of-life composites and reducing environmental impact.
Key players in the market include
Owens Corning, Toray Industries Inc, Hexcel Corporation, SGL Carbon, Toho Tenex(Teijin Ltd.), Quantum Composites, Nippon Sheet Glass Co. Ltd., SABIC, Solvay, and Arkema, among others.
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