The global Automotive Composite Market size was projected at USD 21.79 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.9% from 2020 to 2027.
The automotive composites are used to manufacture the exterior parts of vehicles as they result in their increased strength and lightweight. They also increase the durability of vehicles, thereby ensuring their long life cycles and low maintenance costs.
Major role player in the automotive market are E. I. Du Pont De Nemours and Company, Johns Manville, DowAksa, UFP Technologies, Hexcel, Scott Bader, Owens Corning, SGL Group, Teijin.
The market for carbon fiber in automotive applications was estimated at more than 7,000 metric tons (MT) per year with more than 100 models currently specifying carbon fiber-reinforced plastic (CFRP) for OEM components. By projects this market will grow to almost 11,000 metric tonnes by 2025. Safran Nacelles (Burnley, U.K.) and Saertex GmbH (Saerbeck, Germany) signed a 10-year contract on cooperation for the production of aircraft equipment made of carbon fiber fabrics. Under the contract, Saertex will supply multiaxial carbon fiber fabrics which Safran will use to produce engine nacelles for various aircraft using infusion technology. CSP VICTALL (Tanshan, China) has announced that Jiangling Motors Corp. (JMC) will use advanced composites for the pickup boxes of its new Yuhu 3 and Yuhu 5 pickup trucks, the first such use of composites in the Chinese automotive industry. SAMAD aerospace’s concept 2-seat Q-Starling is a high-end Personal Air Vehicle (PAV) combining the best of design elements from jets and vertical take-off and landing (VTOL) aircraft. The use of carbon fiber throughout the PAV leads to high-performance capabilities and enhances maneuverability thanks to the increased strength and lightweight.
Moi Composites is a start-up 3D printing company using robots and advanced composite materials to create powerful products. To create MAMBO (Motor Additive Manufacturing Boat), Moi’s team worked with expert partners in automation, composites, and the marine industry and utilized their own patented scalable 3D printing technology, Continuous Fiber Manufacturing (CFM). MAMBO’s unique shape, similar to an inverted tricycle, was digitally crafted in Moi’s CFM by machines depositing continuous fibers impregnated with thermosetting resin, creating fiber-reinforced products with mechanical characteristics that meet or exceed the characteristics of unidirectional fiberglass which is traditionally used in marine manufacturing. Bypassing the need for molds and other tooling, time and money are saved using the CFM process.
Market segmentation is based on their type, application and region wise. By type (Polymer Matrix Composites, Ceramic Matrix Composites, Metal Matrix Composites) By application (Interior Components, Exterior Components, Structural and Powertrain Components).By region (North America, Europe, Asia-Pacific, and South America). The global automotive composite market is led by Asia-pacific followed by Europe and North America, respectively. The demand for lightweight material is growing rapidly in the region due to the growing automotive industry and emission regulations. For instance, In India, the automotive industry is expanding rapidly, with rise in income level of consumers. In addition, the demand for lighter vehicles has increased with awareness about fuel efficiency and environmental benefits. Currently, India is the fifth-largest producer of light and commercial vehicles and is also the second-largest producer of two-wheeler vehicles.
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