Automotive Composite Materials Market Drivers, Analysis, Share, Growth, and Trends & Forecast (2019-2025)
The Europe Automotive Composite Material Market was valued at US$ 1,013.3 Million in 2018 and is anticipated to reach US$ 1,757.4 Million by 2025 displaying a reasonable CAGR of 8.29% over the forecast period (2019-2025). Europe’s automotive industry holds 4% of its Gross Domestic Product (GDP). In addition to this, the number of new vehicle registrations increased by 3.8% in 2017 as compared to 2016. The increasing number of vehicles has contaminated Europe’s atmosphere with Green House Gases (GHG), owing to which European Commission laid regulation that mandates a target value of 95g/km of CO2 emission for passenger cars and 147g/km for commercial vehicles to achieve by 2020. To comply with such regulations, automakers in Europe are using composite materials to reduce the overall weight of the vehicle which results in improving fuel efficiency. Using composite materials in the place of steel or aluminum reduces vehicular weight considerably (35-50%). Besides reduction in weight, features such as excellent aerodynamic design, crashworthiness, and toughness of the composite materials are also attracting the European automotive industry. Further, the presence of some of the prominent material suppliers such as BASF, DowAksa, Gurit Holding AG, Mubea Carbo Tech GmbH, SGL Group and Solvay S.A. among others in Europe is also propelling the market growth. However, the high cost of the materials, discrepancies in the manufacturing processes and high R&D investment in this industry are acting as the major challenges hampering the market growth.
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“Polymer Matrix Composite is expected to dominate during the analyzed period.”
“Polymer Matrix Composite is expected to dominate during the analyzed period.”
The Europe automotive composites material market is segmented based on different materials such as Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC), Ceramic Matrix Composite (CMC) and Hybrid Composite. Due to high flexibility, high insulation, lower density and lighter weight than other composite materials, PMCs held the maximum market share in 2018 and their dominance is expected to prevail during the forecast period. However, due to the low cost and high flexural and tensile strength of hybrid composites as compared to single fiber composites, the hybrid composites are anticipated to be the fastest-growing polymer type during the forecast period
“Thermoset held the largest market share in 2018 and are expected to dominate the market in 2025.”
The study further bifurcates the PMCs by matrix types, which include thermosets and thermoplastics. wherein thermoset held the largest market share in 2018 and is expected to dominate the market by 2025. However, thermoplastic is expected to register the highest growth during the forecast period as they are compact and wireless
The study further bifurcates the PMCs by matrix types, which include thermosets and thermoplastics. wherein thermoset held the largest market share in 2018 and is expected to dominate the market by 2025. However, thermoplastic is expected to register the highest growth during the forecast period as they are compact and wireless
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“Amongst Manufacturing Process, Injection molding is projected to hold the largest market share and will dominate the Europe automotive composite material market by 2025.”
“Amongst Manufacturing Process, Injection molding is projected to hold the largest market share and will dominate the Europe automotive composite material market by 2025.”
Europe's automotive composite market is further fragmented across different manufacturing processes. This includes hand lay-up, compression molding, injection molding, and resin transfer molding (RTM). The injection molding process and is anticipated to reach US$ 809.3 million by 2025. On the other hand, RTM will be the fastest-growing manufacturing process because of its growing adoption in the auto industry
“Amongst applications, the exterior segment is anticipated to dominate Europe automotive composite material market by 2025.”
Based on several application areas in automobiles, Europe's automotive composite materials market is segmented into the interior, exterior, chassis, powertrain & under the hood and structural. Among different application areas, an exterior segment dominated the market however a gradual increase in the adoption rate of composite materials for vehicle interiors is expected in the upcoming years
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"Amongst vehicle type, passenger cars hold the major share in Europe automotive composite material market.”
"Amongst vehicle type, passenger cars hold the major share in Europe automotive composite material market.”
Based on different vehicle types, Europe's automotive composite materials market is segmented into performance cars, passenger cars and others (commercial vehicles and others). Europe’s passenger car market is the biggest segment in the automotive industry of the region, because of the largest share in the auto industry and increasing penetration of composite materials in the passenger car segment.
“China represents one of the largest markets of Europe automotive composite material market.”
“China represents one of the largest markets of Europe automotive composite material market.”
For a deep-dive analysis of the industry Europe automotive composite materials market is further segmented across different countries, which includes Germany, France, the U.K, Spain, Russia, Italy and the Rest of Europe. China dominated the market in 2018 and is expected to prevail over the others during the forecast period. Germany is expected to lead the market because of the presence of several prominent automotive OEMs and composite material suppliers
Competitive Landscape -
BASF SE, DowDupont Inc., Gurit Holding AG, Magna International Inc., Mitsubishi Chemical Holdings Corporation, Owens Corning, SGL Group, Solvay SA, Teijin Limited and Toray Industries Inc. are some of the prominent players operating in the Automotive Composites market industry. Some of the key players are also expanding their businesses by setting up new plants or increasing their expenditure on R&D to develop cheaper manufacturing methods. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.
Competitive Landscape -
BASF SE, DowDupont Inc., Gurit Holding AG, Magna International Inc., Mitsubishi Chemical Holdings Corporation, Owens Corning, SGL Group, Solvay SA, Teijin Limited and Toray Industries Inc. are some of the prominent players operating in the Automotive Composites market industry. Some of the key players are also expanding their businesses by setting up new plants or increasing their expenditure on R&D to develop cheaper manufacturing methods. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.
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Labels: automotive composite material market, automotive composite material market Research, automotive composite material market Size, Europe Automotive Composite Market
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