The global automotive industry, which comprises passenger cars, buses, trucks, and heavy-duty vehicles, is projected to expand at a CAGR of 3.5% during the forecast period. Automotive production has increased by 15% since 2010. The passenger cars segment is anticipated to drive the global automotive industry. However, growth in environmental concerns such as pollution is estimated to hamper the market during the forecast period. OEMs face the challenge of providing high number of options to customers at low cost. Moreover, increase in pressure to offer energy-efficient vehicles at low prices is another challenge faced by automotive manufacturers.
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In order to provide efficient cars and reduce fuel consumption, automotive manufacturers are focusing on reducing the weight of vehicles; therefore, OEMs are substituting traditional materials with advanced engineered plastics, aluminum, filled elastomers, specialty silica, and composites. Growth in the automotive industry offers lucrative opportunities to manufacturers of engineered materials such as composites, which is used to manufacture various vehicle components such as interiors, exteriors, chassis, and structural composites. This trend is likely to continue during the forecast period.
Automotive Composites Market: Drivers and Restraints
Focus on reduction of vehicle weight to decrease CO2 emissions has been a key trend in the automotive industry. Stringent environmental norms and government regulations have encouraged automotive manufacturers and OEMs to use innovative materials to curb weight of the vehicle, carbon emission targets, and achieve fuel efficiency. The global production of lightweight vehicles increased to 50 million units in 2015 from approximately 35 million units in 2010, which significantly propelled the development and consumption of advanced materials such as composites to partially replace traditional materials such as steel.
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Composites offer several structural and weight advantages over traditional steel and injection molded automotive parts. Composites are used as raw materials to manufacture various structural, interior, exterior, and other automobile components. These composites offer high stiffness, tensile strength, temperature tolerance, reduced weight, and thermal expansion; and are preferred materials used to manufacture automobiles. Polymer-reinforced composites offer excellent crash performance as compared to traditional steel. While the latter absorbs nearly 35J/kg of energy. Therefore, along with weight reduction, composites in vehicles offer better safety components. The added safety factor is projected to further fuel the growth of lightweight vehicles. This, in turn, is expected to propel the automotive composites market during the forecast period.
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