LONDON, March 28, 2018 /PRNewswire/ -- Download the full report: https://www.reportbuyer.com/product/5360482
The global automotive polymer composites market size is expected to reach USD 11.6 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 6.8% during the forecast period. Polymer, metal, and ceramic matrix composites are key composites used in the automotive industry.
The use of polymer matrix composites on a large scale in the manufacturing of exterior components such as rear windshield glazing, fender, panoramic roof modules, wheel covers, headlight lenses, headlight housings, bumper, and front grille is expected to drive the market over the forecast period.The automotive industry is witnessing challenges in aligning production or assembly processes with enhanced material properties and innovative product design, especially for large-volume production facilities.
Although aluminum and steel are mostly used in lightweight vehicles, high-performance FRP composites can potentially outperform both aluminum and steel.
Private collaborations between companies in automotive and chemical industries, such as Toray and Daimler, SGL and BMW, SGL and Volkswagen, and Toho Tenax and General Motors, have substantially helped in the allocation of resources in the automotive polymer composites industry. For instance, in 2014, BMW-SGL announced an investment of approximately USD 200 million to triple the production capacity of its CFRP plant located in Moses Lake, Washington, U.S.
Product innovation is one of the key challenges faced by companies operating in the market.Manufacturers are aiming at reducing costs and increasing efficiency of products.
Implementation of passenger safety laws such as the Federal Motor Vehicle Safety Standards (FMVSS) is anticipated to drive the automotive polymer composites market over the forecast period.
Further key findings from the study suggest:
• Demand for automotive polymer composites from electric vehicles is expected to rise at an estimated CAGR of 7.0% from 2017 to 2025 due to increasing focus on using lightweight materials
• Vinyl ester-based polymer composites are expected to witness the highest growth over the forecast period. These composites are used in mainstream automotive applications such as sunroof, radiator assembly, and heat shields
• In recent years, various initiatives have been undertaken to commercialize CFRP for use in mass production of vehicles. In order to sustain increasing competition, composite suppliers are forced to upgrade their capabilities to cater to higher volume segments
• In April 2017, Solvay entered into a consortium with Bentley and Penso to develop high-volume composite technologies
• Countries such as Japan, China, Vietnam, and Indonesia have laid down several policies pertaining to emission control, in keeping with EU's emission standards
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