A report by Transparency Market Research, titled, “Automotive Composite Material Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025,” envisages this market to witness boundless growth primarily because of increased vehicular production by incorporating the use of strong materials. This is mainly due to an extensive use of the composite materials to make vehicles lighter, stronger, safer, and more fuel efficient.
A remarkable increase in vehicle production all over the world has caused a dramatic rise in the use of automotive composite materials, consequently driving the relevant market. With changing norms for achieving better fuel efficiency, a great need for using products that can help achieve mandatory characteristics that need to be present in a vehicle was felt by automobile companies. As this need can be readily fulfilled by using automotive composite materials, the global automotive composite materials market is growing at a rapid pace. These materials are also known to cause minimal damage during vehicular crashes, accidents, and other such events, owing to their high stiffness and strength. Thus, these properties are being greatly responsible for driving the global automotive composite market.
Rising demand for sports vehicles is a crucial reason too that has been making the market experience a brisk pace, in terms of advancements and revenue gained. This is mainly because of properties of composite materials such as fatigue resistance, stiffness, high modulus, fire resistance, and high internal strength, which makes companies commonly use the materials used for sports car manufacturing.
However, high costs of the composite materials are expected to discourage many small scale manufacturers to not use them, thereby hindering the global automotive composite material market. Composite materials such as carbon fibers are highly expensive to process when it comes to mass production of vehicles, and this cost is mainly transferred to customers in terms of high vehicle pricing. Thus, such costly scenarios have significantly hampered growth of the automobile composite material market. Shortage of raw materials needed to process composite substances might be witnessed by several underdeveloped and emerging economies. This could hamper the market’s growth substantially from a geographical perspective. Nevertheless, many companies are developing low cost composite material manufacturing methods, consequently reducing effects of restraints acting on the global composite material market up to a certain extent.
The global automotive composite material market depicts the presence of a highly competitive vendor landscape, owing to the presence of innumerable players. Moreover, the competition is expected to get tougher with the entry of new players on a regular basis in the market.
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Most players are trying to achieve improvement in products’ quality as a chief strategy to outshine their rivals. Other schemes wherein an extensive focus has been imparted by most companies include product differentiation, expansion of product portfolio, and increasing geographical reach. Regulating costs of the composite materials to regulate overall automobile costs is a prime factor associated with most companies present in this market. TEIJIN LIMITED, Owens Corning, SGL GROUP, Cytec Industries Inc., and TORAY INDUSTRIES, INC., are key players operating in the global automotive composite materials market.