In the past few decades the automotive industry has grown exponentially, witnessing several technological advancements among vehicles. A supporting aspect of this is the increase in GDP of several countries that led to an increase in per capita income, which in effect strengthened the buying potential of consumers worldwide. High affordability for the consumers increased the demand of vehicles with enhanced luxury, comfort, and safety of the vehicle. Owing to this, the number of vehicles has been continuously increasing since 2009, which is evident from the fact that the number of vehicle production in 2017 increased to 97.31 million as compared to 94.64 million in 2016.
In addition, the increasing number of the vehicles has increased the content of greenhouse gases (GHG) in the atmosphere. In the same context, using composite materials is considered to be one of the best methods to reduce the GHG emissions, as they are light in weight, thereby helping improve fuel efficiency. Besides being a lighter substitute to steel and aluminum, composite materials have higher strength and durability. Owing to such factors, there is an impending inclination towards the lightweight vehicles among the automakers.
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Some of the other major reasons fueling the adoption of composite materials in the automotive industry are stringent government regulations on GHG emissions, increasing usage of composites, among hybrid and electric vehicles and better structural and mechanical properties of composites than steel and aluminum. Concerned with the alarming level of GHGs in the atmosphere, governmental bodies such as National Highway Traffic Safety and Administration (NHTSA) of the U.S., Environment Protection Agency (EPA), European Commission (EC) and Ministry of Environment and Protection of China, among several others issued regulations mandating the reduction in emission of Carbon Dioxide (CO2) and other greenhouse gases by vehicles.
To motivate the automakers for composite materials, governmental bodies are offering certain subsidies and relaxation in taxes as well. Besides this, the composite materials are now widely adopted in electric and hybrid vehicles to offset the weight increased by the addition of the batteries. Further the better structural and mechanical properties of the composites such as high tensile strength, resistance to corrosion and moisture, high temperature withstand capabilities, and better crashworthiness capabilities than steel and aluminum are also attributed to be the major factors for their widespread adoption. Owing to this, the global automotive composite materials market is expected to reach US$ 8,173.4 million in 2024 from US$ 4, 297.0 million in 2017 at a CAGR of 9.7% during the forecast period (2018-2024).
The factors that are hampering the market growth are the high cost of the raw materials and manufacturing and the lack of innovations in the developing countries. However, the growing advancements in the hybrid composites, increasing partnerships, merger and acquisitions and potential in the emerging markets can be key opportunity areas for the composite materials manufacturers and automotive OEMs in the coming future. Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC), Ceramic Matrix Composite (CMC) and Hybrid Composite are different types of the composite materials widely used across the automotive industry. Currently, PMCs are the most popular composite type among the automakers, as they have high flexibility, high insulation, lower density and lighter weight than other composite material types. Owing to such factors, the polymer matrix composites held the highest market value of US$ 3,259.7 million in 2017 and are anticipated to reach to US$ 6,160 million by 2024 at a CAGR of 9.6% during the forecast period (2018-2024). In addition to this, the high cost and long cycle time of the composites have given birth to hybrid composites. Hybrid composite materials have better mechanical properties than single fiber composites; hence hybrid composites embody high growth opportunities and are expected to grow at the fastest pace of 12.4% CAGR during the forecast period (2018-2024).
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The properties of the composite materials change with the manufacturing techniques. Some of the popular manufacturing processes include Hand Lay Up, Compression Moulding, Injection Moulding, and Resin Transfer Moulding (RTM). Injection Moulding dominated the market in 2017 with a market value of US$ 177.5 million and is anticipated to reach US$ 3,763.4 million by 2024 at a CAGR of 9.7% during the forecast period (2018-2024). On the other hand RTM will be the fastest growing manufacturing process because of its growing adoption in the auto industry. RTM is widely used for mass production of large and complex surfaces as it completely satisfies the low cost- high volume requirement of the automotive industry. RTM held US$ 355.60 million market value in 2017 and is expected to reach US$ 732.75 million at a CAGR of 11.0% during the forecast period.
A visible surge in the usage of composite in almost all the areas of vehicle is witnessed. Composite materials are replacing steel, aluminum and other components in vehicle interiors, exteriors, structures, chassis and powertrain, among others. Among different application areas, exterior application dominated the market in 2017 with a market value of US$ 2,919.4 million in 2017 and is anticipated to reach US$ 5,496.6 million by 2024 at a CAGR of 9.6% during the forecast period. However, the stringent regulations on vehicle interior air quality are expected fuel the demand of composite demand for vehicle interiors. Owing to which, global interior application market is anticipated to reach US$ 626.9 million by 2024 from US$ 309.0 million in 2017, growing at the fastest growing CAGR of 10.8% during the forecast period (2018-2024).
Composite materials are widely used across all the vehicle types such as super cars, passenger cars and commercial vehicles. Among several vehicle types, passenger car segment held the highest market share with a market value of US$ 4,221.0 million in 2017 and is anticipated to reach US$ 7,865.3 million by 2024 at a CAGR of 9.4%. The highest market value of passenger cars among the vehicle segment is attributed to the growing adoption of composites for the light vehicles.
Further, across different geographies, Asia Pacific dominated the market in 2017 and is expected to remain dominant during the forecast period. The presence of several material suppliers, automotive OEMs, stringent emission regulations and increasing adoption of composites with parallel growing EV market, especially in China, among several other factors, were attributed to the highest market share of Asia Pacific in 2017. Asia Pacific was valued at US$ 2,163.2 million in 2017 and is anticipated to grow to US$ 4,103.6 million by 2024 at a CAGR of 9.7% during the forecast period. Some of the major key players in the automotive composite materials market include BASF, DowDupont, Gurit Holding AG, Magna International Inc., Mitsubishi Chemicals Holding Corporation, Owens Corning, SGL Group, Solvay S.A., Teijin Limited and Toray Industries Inc. These players are entering into several strategies partnerships, merger-acquisitions, joint-venture, product launch, business expansion among others to strengthen their position in the automotive composite materials market.
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List OF CONTENTS AND TABLES:
1. MARKET INTRODUCTION
1.1 Market Definition 22
1.2 Objective of the Study 22
1.3 Limitation 22
1.4 Stakeholders 22
1.5 Currency used in the Report 23
2. RESEARCH METHODOLOGY OR ASSUMPTION 24
2.1 Secondary Data 24
2.1.1 Key Secondary Sources 24
2.2 Primary Data 24
2.2.1 Sampling Techniques & Data Collection Methods 24
2.2.2 Primary Participants 24
3. INDUSTRY PERFORMANCE 25
4. EXECUTIVE SUMMARY 27
5. MARKET OVERVIEW 30
5.1 Introduction 30
5.2 Market Dynamics 31
5.2.1 Market Trends & Drivers 31
5.2.1.1 Stringent Government Regulations on GHG emission 31
5.2.1.2 Increasing Demand of Composites in Hybrid and Electric Vehicles 33
5.2.1.3 Crashworthiness Capability 34
5.2.2 Market Restraints 35
5.2.2.1 Lack of Innovation & Advancements in Emerging Countries 35
5.2.2.2 High Cost of the Raw Materials 36
5.2.3 Market Opportunities 36
5.2.3.1 Growing Scope of Hybrid Composite Materials 36
5.2.3.2 Increase in partnerships Between OEMs and Composite Manufacturers 37
5.2.3.3 Growth in Developing Countries 37
5.3 Key Market Indicators (Demand & Supply) 38
5.3.1 Demand & Supply Side Analysis 38
6. BENEFITS OF COMPOSITE MATERIALS 42
7. MARKET INSIGHTS BY MATERIAL TYPE 44
7.1 General Overview 44
7.2 Polymer Matrix Composite (PMC) 45
7.2.1 Polymer Matrix Composite (PMC) by Matrix Type 47
7.2.1.1 Thermoset Matrix 47
7.2.1.2 Thermoplastic Matrix 48
7.3 Metal Matrix Composite (MMC) 49
7.4 Ceramic Matrix Composite (CMC) 50
7.5 Hybrid Composites 51
8. MARKET INSIGHTS BY MANUFACTURING PROCESS 53
8.1 General Overview 53
8.2 Compression Moulding 54
8.3 Hand Lay up (Manual) 55
8.4 Injection Moulding 57
8.5 Resin Transfer Moulding 58
9. MARKET INSIGHTS BY APPLICATION 60
9.1 General Overview 60
9.2 Interior 61
9.3 Exterior 62
9.4 Chassis, Powertrain and Under the Hood 63
9.5 Structural 64
10. MARKET INSIGHTS BY VEHICLE TYPE 66
10.1 General Overview 66
10.2 Passenger Cars 67
10.3 Super Cars 69
10.4 Others (Light Commercial Vehicles, Buses, Trucks and Others) 70
11. MARKET INSIGHTS BY REGION 72
11.1 General Overview 72
11.2 North America Automotive Composite Materials Market 73
11.2.1 North America Automotive Composite Materials Market by Material Type 74
11.2.1.1 North America Polymer Matrix Composites Market by Matrix Type 75
11.2.2 North America Automotive Composite Market by Manufacturing Process 75
11.2.3 North America Automotive Composite Materials Market by Application 76
11.2.4 North America Automotive Composite Materials Market by Vehicle Type 77
11.2.5 North America Automotive Composite Materials Market by Country 77
11.2.5.1 The US Automotive Composite Materials Market 78
11.2.5.1.1 The US Automotive Composite Materials Market by Material Type 78
11.2.5.1.2 The US Polymer Matrix Composites Market by Matrix Type 79
11.2.5.1.3 The US Automotive Composite Market by Manufacturing Process 81
11.2.5.1.4 The US Automotive Composite Materials Market by Application 81
11.2.5.1.5 The US Automotive Composite Materials Market by Vehicle Type 82
11.2.5.2 Canada Automotive Composite Market 82
11.2.5.2.1 Canada Automotive Composite Materials Market by Material Type 83
11.2.5.2.2 Canada Polymer Matrix Composites Market by Matrix Type 84
11.2.5.2.3 Canada Automotive Composite Market by Manufacturing Process 84
11.2.5.2.4 Canada Automotive Composite Materials Market by Application 85
11.2.5.2.5 Canada Automotive Composite Materials Market by Vehicle Type 86
11.2.5.3 Mexico Automotive Composite Materials Market 86
11.2.5.3.1 Mexico Automotive Composite Materials Market by Material Type 87
11.2.5.3.2 Mexico Polymer Matrix Composites Market by Matrix Type 87
11.2.5.3.3 Mexico Automotive Composite Market by Manufacturing Process 88
11.2.5.3.4 Mexico Automotive Composite Materials Market by Application 89
11.2.5.3.5 Mexico Automotive Composite Materials Market by Vehicle Type 89
11.2.5.4 Rest of North America 90
11.2.5.4.1 Rest of NA Automotive Composite Materials Market by Material Type 90
11.2.5.4.2 Rest of NA Polymer Matrix Composites Market by Matrix Type 91
11.2.5.4.3 Rest of NA Automotive Composite Market by Manufacturing Process 91
11.2.5.4.4 Rest of NA Automotive Composite Materials Market by Application 92
11.2.5.4.5 Rest of NA Automotive Composite Materials Market by Vehicle Type 93
11.3 Europe Automotive Composite Materials Market 93
11.3.1 Europe Automotive Composite Materials Market by Material Type 94
11.3.1.1 Europe Polymer Matrix Composites Market by Matrix Type 95
11.3.2 Europe Automotive Composite Market by Manufacturing Process 95
11.3.3 Europe Automotive Composite Materials Market by Application 96
11.3.4 Europe Automotive Composite Materials Market by Vehicle Type 97
11.3.5 Europe Automotive Composite Materials Market by Country 97
11.3.5.1 Germany Automotive Composite Materials Market 98
11.3.5.1.1 Germany Automotive Composite Materials Market by Material Type 98
11.3.5.1.2 Germany Polymer Matrix Composites Market by Matrix Type 99
11.3.5.1.3 Germany Automotive Composite Market by Manufacturing Process 99
11.3.5.1.4 Germany Automotive Composite Materials Market by Application 100
11.3.5.1.5 Germany Automotive Composite Materials Market by Vehicle Type 101
11.3.5.2 France Automotive Composite Materials Market 101
11.3.5.2.1 France Automotive Composite Materials Market by Material Type 102
11.3.5.2.2 France Polymer Matrix Composites Market by Matrix Type 102
11.3.5.2.3 France Automotive Composite Market by Manufacturing Process 103
11.3.5.2.4 France Automotive Composite Materials Market by Application 104
11.3.5.2.5 France Automotive Composite Materials Market by Vehicle Type 104
11.3.5.3 The UK Automotive Composite Materials Market 105
11.3.5.3.1 The UK Automotive Composite Materials Market by Material Type 105
11.3.5.3.2 The UK Polymer Matrix Composites Market by Matrix Type 106
11.3.5.3.3 The UK Automotive Composite Market by Manufacturing Process 106
11.3.5.3.4 The UK Automotive Composite Materials Market by Application 107
11.3.5.3.5 The UK Automotive Composite Materials Market by Vehicle Type 108
11.3.5.4 Spain Automotive Composite Materials Market 108
11.3.5.4.1 Spain Automotive Composite Materials Market by Material Type 109
11.3.5.4.2 Spain Polymer Matrix Composites Market by Matrix Type 109
11.3.5.4.3 Spain Automotive Composite Market by Manufacturing Process 110
11.3.5.4.4 Spain Automotive Composite Materials Market by Application 111
11.3.5.4.5 Spain Automotive Composite Materials Market by Vehicle Type 111
11.3.5.5 Russia Automotive Composite Materials Market 112
11.3.5.5.1 Russia Automotive Composite Materials Market by Material Type 113
11.3.5.5.2 Russia Polymer Matrix Composites Market by Matrix Type 113
11.3.5.5.3 Russia Automotive Composite Market by Manufacturing Process 114
11.3.5.5.4 Russia Automotive Composite Materials Market by Application 115
11.3.5.5.5 Russia Automotive Composite Materials Market by Vehicle Type 115
11.3.5.6 Italy Automotive Composite Materials Market 116
11.3.5.6.1 Italy Automotive Composite Materials Market by Material Type 116
11.3.5.6.2 Italy Polymer Matrix Composites Market, by Matrix Type 117
11.3.5.6.3 Italy Automotive Composite Market by Manufacturing Process 117
11.3.5.6.4 Italy Automotive Composite Materials Market by Application 118
11.3.5.6.5 Italy Automotive Composite Materials Market by Vehicle Type 119
11.3.5.7 Rest of Europe Automotive Composite Materials Market 119
11.3.5.7.1 Rest of Europe Automotive Composite Materials Market by Material Type 120
11.3.5.7.2 Rest of Europe Polymer Matrix Composites Market by Matrix Type 120
11.3.5.7.3 Rest of Europe Automotive Composite Market by Manufacturing Process 121
11.3.5.7.4 Rest of Europe Automotive Composite Materials Market by Application 122
11.3.5.7.5 Rest of Europe Automotive Composite Materials Market by Vehicle Type 122
11.4 Asia-Pacific Automotive Composite Materials Market 123
11.4.1 Asia-Pacific Automotive Composite Materials Market by Material Type 124
11.4.1.1.1 Asia-Pacific Polymer Matrix Composites Market by Matrix Type 124
11.4.2 Asia-Pacific Automotive Composite Market by Manufacturing Process 125
11.4.3 Asia-Pacific Automotive Composite Materials Market by Application 126
11.4.4 Asia-Pacific Automotive Composite Materials Market by Vehicle Type 126
11.4.5 Asia-Pacific Automotive Composite Materials Market by Country 127
11.4.5.1 China Automotive Composite Materials Market 127
11.4.5.1.1 China Automotive Composite Materials Market by Material Type 128
11.4.5.1.2 China Polymer Matrix Composites Market by Matrix Type 128
11.4.5.1.3 China Automotive Composite Market by Manufacturing Process 129
11.4.5.1.4 China Automotive Composite Materials Market by Application 130
11.4.5.1.5 China Automotive Composite Materials Market by Vehicle Type 130
11.4.5.2 Japan Automotive Composite Materials Market 131
11.4.5.2.1 Japan Automotive Composite Materials Market by Material Type 132
11.4.5.2.2 Japan Polymer Matrix Composites Market by Matrix Type 132
11.4.5.2.3 Japan Automotive Composite Market by Manufacturing Process 133
11.4.5.2.4 Japan Automotive Composite Materials Market by Application 134
11.4.5.2.5 Japan Automotive Composite Materials Market by Vehicle Type 134
11.4.5.3 India Automotive Composite Materials Market 135
11.4.5.3.1 India Automotive Composite Materials Market by Material Type 135
11.4.5.3.2 India Polymer Matrix Composites Market by Matrix Type 136
11.4.5.3.3 India Automotive Composite Market by Manufacturing Process 137
11.4.5.3.4 India Automotive Composite Materials Market by Application 137
11.4.5.3.5 India Automotive Composite Materials Market by Vehicle Type 138
11.4.5.4 Singapore Automotive Composite Materials Market 138
11.4.5.4.1 Singapore Automotive Composite Materials Market by Material Type 139
11.4.5.4.2 Singapore Polymer Matrix Composites Market by Matrix Type 140
11.4.5.4.3 Singapore Automotive Composite Market by Manufacturing Process 140
11.4.5.4.4 Singapore Automotive Composite Materials Market by Application 141
11.4.5.4.5 Singapore Automotive Composite Materials Market by Vehicle Type 142
11.4.5.5 South Korea Automotive Composite Materials Market 142
11.4.5.5.1 South Korea Automotive Composite Materials Market by Material Type 143
11.4.5.5.2 South Korea Polymer Matrix Composites Market by Matrix Type 143
11.4.5.5.3 South Korea Automotive Composite Market by Manufacturing Process 144
11.4.5.5.4 South Korea Automotive Composite Materials Market by Application 146
11.4.5.5.5 South Korea Automotive Composite Materials Market by Vehicle Type 146
11.4.5.6 Australia Automotive Composite Materials Market 147
11.4.5.6.1 Australia Automotive Composite Materials Market by Material Type 147
11.4.5.6.2 Australia Polymer Matrix Composites Market by Matrix Type 148
11.4.5.6.3 Australia Automotive Composite Market by Manufacturing Process 148
11.4.5.6.4 Australia Automotive Composite Materials Market by Application 149
11.4.5.6.5 Australia Automotive Composite Materials Market by Vehicle Type 150
11.4.5.7 Rest of Asia-Pacific Automotive Composite Materials Market 150
11.4.5.7.1 Rest of APAC Automotive Composite Materials Market by Material Type 151
11.4.5.7.2 Rest of APAC Polymer Matrix Composites Market by Matrix Type 151
11.4.5.7.3 Rest of APAC Automotive Composite Market by Manufacturing Process 152
11.4.5.7.4 Rest of APAC Automotive Composite Materials Market by Application 153
11.4.5.7.5 Rest of APAC Automotive Composite Materials Market by Vehicle Type 153
11.5 Middle East & North Africa Automotive Composite Materials Market 154
11.5.1 MENA Automotive Composite Materials Market by Material Type 154
11.5.1.1.1 MENA Polymer Matrix Composites Market by Matrix Type 155
11.5.2 MENA Automotive Composite Market by Manufacturing Process 156
11.5.3 MENA Automotive Composite Materials Market by Application 156
11.5.4 MENA Automotive Composite Materials Market by Vehicle Type 157
11.5.5 MENA Automotive Composite Materials Market by Country 158
11.5.5.1 The United Arab Emirates Automotive Composite Materials Market 158
11.5.5.1.1 The UAE Automotive Composite Materials Market by Material Type 159
11.5.5.1.2 The UAE Polymer Matrix Composites Market by Matrix Type 159
11.5.5.1.3 The UAE Automotive Composite Market by Manufacturing Process 160
11.5.5.1.4 The UAE Automotive Composite Materials Market by Application 161
11.5.5.1.5 The UAE Automotive Composite Materials Market by Vehicle Type 161
11.5.5.2 Saudi Arabia Automotive Composite Materials Market 162
11.5.5.2.1 Saudi Arabia Automotive Composite Materials Market by Material Type 162
11.5.5.2.2 Saudi Arabia Polymer Matrix Composites Market by Matrix Type 163
11.5.5.2.3 Saudi Arabia Automotive Composite Market by Manufacturing Process 164
11.5.5.2.4 Saudi Arabia Automotive Composite Materials Market by Application 164
11.5.5.2.5 Saudi Arabia Automotive Composite Materials Market by Vehicle Type 165
11.5.5.3 Algeria Automotive Composite Materials Market 165
11.5.5.3.1 Algeria Automotive Composite Materials Market by Material Type 166
11.5.5.3.2 Algeria Polymer Matrix Composites Market by Matrix Type 166
11.5.5.3.3 Algeria Automotive Composite Market by Manufacturing Process 167
11.5.5.3.4 Algeria Automotive Composite Materials Market by Application 168
11.5.5.3.5 Algeria Automotive Composite Materials Market by Vehicle Type 168
11.5.5.4 Kuwait Automotive Composite Materials Market 169
11.5.5.4.1 Kuwait Automotive Composite Materials Market by Material Type 169
11.5.5.4.2 Kuwait Polymer Matrix Composites Market by Matrix Type 170
11.5.5.4.3 Kuwait Automotive Composite Market by Manufacturing Process 170
11.5.5.4.4 Kuwait Automotive Composite Materials Market by Application 171
11.5.5.4.5 Kuwait Automotive Composite Materials Market by Vehicle Type 172….….continued

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