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Automotive Composites Market to Top $11 Billion by 2020
Global sales of automotive composite materials is expected to grow at an average annual rate of nearly 13% to total about $11.3 billion by 2020 as carmakers shift to lightweight materials to meet more stringent fuel economy and emissions regulations, according to a new report by MarketsandMarkets.
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Global sales of automotive composite materials is expected to grow at an average annual rate of nearly 13% to total about $11.3 billion by 2020 as carmakers shift to lightweight materials to meet more stringent fuel economy and emissions regulations, according to a new report by MarketsandMarkets.
The Pune, India-based research and consulting firm lists structural components as the fastest growing application for composite materials in coming years. This will be followed by powertrain and interior components, according to the report.
It notes that polymer matrix composites are likely to remain the most widely used composites in future vehicles due to the substantial weight savings they can provide in body and chassis systems. The report also forecasts increases for metal matrix- and ceramic matrix-based composites.
In addition to gains for natural-fiber-reinforced-polymer composites, the researchers note that high-end carbon-fiber-reinforced-polymer composites have enjoyed steady growth over the last five years. They predict this to continue, especially in the interiors of luxury vehicles that benefit from CFRP’s superior strength-to-weight ratio and appearance characteristics.
The report is based on the analysis of industry data and interviews with executives from carmakers, component suppliers, composite material producers, raw material suppliers, research institutes and government organizations.
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