Composite materials have huge demand over steel in the automobiles manufacturing industries as it enables manufacturing of safer, lighter, and more fuel-efficient vehicles. A composite material is made of high-performance fibers such as glass or carbon in a matrix material like epoxy polymer, which when combined gives various enhanced properties. Automotive composite materials enable revolutionary vehicle designs while reducing vehicle weight, as well as CO2 emission levels. Automotive composites are used in trucks and autos, mainly under the hood, in interiors, and in exteriors such as wheel covers, rear windshield glazing, fender, and bumper.
Exterior/Powertrain Components to Generate Highest Demand
Major application areas for automotive components can be categorized into exterior, interior, and structural and powertrain components. Application in structural and powertrain components may expand at a healthy growth rate from 2017 to 2025. Extensive R&D for more applications in structural and powertrain components is likely to boost segment growth. Moreover, rising preference for composites in exterior and powertrain components is expected to positively affect the overall demand. The exterior component is anticipated to emerge as the largest application as these composites provide properties such as better tensile strength and resistance against abrasion, chemicals, and impact.
Companies are constantly introducing new products for various applications through M&A and joint venture activities to beat the competition. For example, Bertrandt in collaboration with SGL Group recently showcased a composite materials-based innovative and integrated concept for interior structures of automobiles. They have designed a car model named Carbon Carrier, which is said to be an ideal example of composite mix in the sector. The companies also reported that the new model, with its cutting-edge designs and advanced technology, can bring a transformational change in the carbon fiber composites industry.
Market Insights
A research conducted by Grand View research, Inc. predicts that the global automotive composite market would reach at USD 6.97 billion by 2025. This growth is attributed to various factors such as rising awareness and need to reduce carbon emissions and high demand for light-weight vehicles that lower CO2 emissions and enable fuel saving. Some of the companies operating in the global market are SGL Group; Teijin Ltd.; Toray Industries, Inc.; and Solvay S.A.
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