Automotive Composite Market is driven by increasing demand for lightweight and fuel-efficient vehicles

The implementation of stringent environmental regulations across the globe is propelling the demand for lightweight materials. Several international organizations are framing strict guidelines and standards to reduce the greenhouse gases emission. In 2011, global CO2 emission stood at 31.6 gigatons, with 23% of these emissions coming from all transport sectors across the globe.

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According to the Corporate Average Fuel Economy regulations, all vehicles plying in the U.S. need to have average fuel efficiency of 54.5 miles per gallon by 2025.

As per the European government CO2 emission regulation, the total CO2 emission from new passenger cars should be decreased from 130g per Km travel in 2013 to 95g per Km travel by 2020. According to Germany based SuperLight-Car, about one-third of total fuel consumption by passenger car depends on weight. For instance, weight reduction up to 100 kg is expected to save 0.3 liters to 0.5 liters of fuel for every 100 km drive.

Also, with reduced weight of vehicle, CO2 emissions can be minimized, if not completely removed. The overall weight of vehicles can be reduced by using advanced multi-materials, which is a combination of steel, aluminum, magnesium, plastics, and composites. This is further expected to provide ample growth opportunity for the composites market in the automotive industry.

In 2015, Asia-Pacific was the largest market for automotive composite, followed by Europe and North America. Asia-Pacific is also likely to lead the automotive composite market during the forecast period, owing to the expected increase in the sales and production of vehicles, increasing demand for lightweight vehicles paired with better fuel efficiency, and growing environmental concern regarding CO2 emissions from vehicles.

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In Europe, Germany, France, U.K., Russia and Spain were the major automotive composite markets in 2015. The European OEMs account for more than one third of the global light vehicle production. With various development initiatives going on, Europe was ranked second in vehicle development in 2015 and is expected to remain at the same position during the forecast period.

North America is expected to be the third largest region for automotive composite market during the forecast period owing to its increasing customer base and high disposable incomes in the region. This has resulted in increased manufacturing activities by local automotive OEMs in the region, and supporting the growth of the automotive composite market.

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Some of the major competitors in the global automotive composite market include Toray Industries, Inc., Koninklijke Ten Cate N.V., SAERTEX GmbH & Co. KG, Cytec Industries Inc., Scott Bader Company Ltd., Teijin Limited, UFP Technologies, Inc., E.I. du Pont de Nemours and Company, Johnson Controls Inc., and Johns Manville.

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