Concerns regarding increasing carbon emissions have impelled industries and government agencies to adopt several initiatives for environment conservation. The automotive sector has been identified as one of the most prominent contributors to greenhouse gas emissions globally.
Rapid environmental deterioration has urged several governments to formulate several stringent regulations on emission reduction. Hence, an increasing number of companies in the automotive industry are seeking ways to achieve better fuel efficiency in their vehicles. Using lightweight materials for the manufacture of cars and vehicles and the resultant weight reduction in automotive design have emerged as the most preferred strategies by carmakers to enhance the fuel efficiency of their vehicles and to comply with stringent government norms.
Automotive Composite Materials Most Preferred by Carmakers
Alloys, advanced plastics, and other automotive composites are the lightweight materials used extensively in automotive design. The use of these composite materials helps reduce the overall weight of the car, and furthermore, these composites are corrosion-resistant, durable, and easy to mold, and offer a high strength to weight ratio.
Composites available in the market include polymer matrix composites, ceramic composites, and metal composites. Of these, the polymer matrix composites market was valued at US$2,728.6 million in 2014, and by 2022, the segment is expected to reach US$5,290.8 million, developing at an 8.7% CAGR during the period. The metal composites market is likely to exhibit an 8.8% CAGR and reach US$1203.4 million by 2022. These number present a clear indication of the increasing preference among carmakers to use automotive composites for making lightweight vehicle designs.
Demand for Improving Vehicle Aesthetics Boosts Automotive Composites Market
Globally, the demand for fuel-efficient cars has significantly increased. This has in turn led to improvement in vehicle aesthetics to achieve product differentiation, compliance with stringent government regulations, and increase in vehicle production, especially in Asia Pacific. While high cost of composites may prove to be a minor restraint for the market, aforementioned factors will significantly fuel demand from the automotive composites market.
Increasing Demand for Higher Fuel Efficiency in Cars Propels Automotive Composites Market
According to the Germany-based SuperLight-Car, about one-third the total fuel consumption by a passenger vehicle depends on the overall weight of the car. Studies have found that reducing the weight of cars by 100 kilos can save 0.3 to 0.5 liters of fuel per every 100 km driven. The demand for automotive composites has thus augmented to aid in designing and building lightweight cars.
Enhanced Automotive Production in Asia Pacific Fuels Demand for Automotive Composites
The expanding automotive industry in Asia Pacific has aided the growth of the global automotive composites market. The demand for both passenger and commercial vehicles has increased incredibly in the emerging economies of Asia Pacific, especially in India and China. Hence, the consumption of automotive composites in this region has also exhibited steady growth.
Driven by such factors, the automotive composites market is expected to register increasing demand from automotive industries from across the globe.