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Fiber Reinforced Body Panels Market Predicted to Rake in Revenues by 2026
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Fiber Reinforced Body Panel Market Dynamics
The demand growing for fiber reinforced body panels market in automotive applications is driven by their following properties: Light-weight properties, High strength to weight ratio, High impact Scratch and chemical resistance surface, Easy maintenance and installation, Good electrical insulation properties and sanitation protection, High temperature resistance to distortion in shape and size of the panel, Design freedom.
Globally, fiber reinforced body panels market is gaining immense support which constitutes a foremost portion of the overall market. The automotive sector is one of the major end-use markets for fiber reinforced body panels market.
A growing alternative to steel in the fabrication of structural components and body panels; fiber reinforced body panels are the material of high-quality for passenger cars, light commercial vehicles, buses, and trucks. The growing market for electric vehicles is anticipated to drive the demand for fiber reinforced body panels. Some of these criteria are the result of legislation and regulation and some are the requirements of the customers.
However, the obstacles fiber reinforced body panels market faces are listed below: The high-cost and the time requisite in the component manufacturing process, If an automobile meets an accident, the fiber reinforced body panels cannot be replaced/repaired or recycled easily like other metallic parts, Small thermal conductivity of glass and the resin curing systems limits innately the thickness of the fiber reinforced body panels, Challenges in separating base material fiber and matrix to preserve for future re-use in recycling of fiber reinforced body panels thus become environmental and disposal concern.
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The fiber reinforced body panel market is persistently finding innovative applications in automotive industry through developments in resin technology which will ensure dynamic future for fiber reinforced body panels as a cost effective substitute to outmoded materials. Although fiber reinforced body panels market offers energy and economic saving, eco-friendly matrices like UV-degradable plastic and bio-plastics can gain environmental sensitivity for fiber reinforced body panels adopted as Natural Fiber Reinforced Body Panels.
Fiber Reinforced Body Panels Market: Region-wise Outlook
Based on the geography the fiber reinforced body panels market is divided into seven key segments as North America, Asia-Pacific Excluding Japan (APEJ), Latin America, Eastern Europe, Western Europe, Middle-East & Africa (MEA), and Japan. Among these regions North America is expected to be the major emergent in fiber reinforced body panels market followed by Europe. The demand for fiber reinforced body panels in increasing in this region due to rise in research & development activity for reinforcing material, growing demand for lightweight and efficient vehicles.
North America insisting upon automotive industry to meet corporate average fuel efficiency standards (CAFE) by the end of forecast period, also enhances the demand for fiber reinforced body panels. APEJ region have high potential and scope for fastest growing market for fiber reinforced body panels especially in China, India, and South Korea, which are major automotive production hubs in APEJ region.
Fiber Reinforced Body Panels Market: Key players
Some of the major players in the fiber reinforced body panels market are mentioned below: Covestro AG, Toray Industries, Inc., Dow Chemical Company, Teijin Limited, Cytec Solvay Group, SGL Group, Koninklijke Ten Cate NV.
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The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, user types, end user industry and solution types.
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