According to the latest Global Market Insights, Inc. research report, the global automotive composites market will reach 24 billion U.S. dollars by 2024. The market demand for automotive composites is expected to reach 4 million tons in 2024.
Continued efforts by global automakers to reduce the overall weight of vehicles will mainly drive growth in the automotive composites market, which has led to a significant reduction in carbon emissions and a positive impact on the industry, but their high cost may hinder the growth of the industry .
Due to strict environmental regulations, most OEMs in Europe and North America have substantially reduced their vehicle weight. In addition, the National Highway Traffic Safety Administration (NHTSA) and the U.S. Environmental Protection Agency (EPA) have launched a nationwide large Measures to Reduce Carbon Emissions and Fuel Efficiency in Heavy-Duty Vehicles It is estimated that by 2024 these regulations will have a huge potential for stimulating the automotive composites market.
The increased use of carbon fiber as a plastic matrix reinforcement has gained recognition in the automotive composite market, which offers higher stiffness and greater weight loss potential than its counterpart.
Companies in the industry are working to develop low-cost carbon fiber composites and their recycling, paving the way for the automotive composites market over the next eight years.Hybrid-composite structures made of glass and carbon fiber are another innovation as they The increased use in external devices is gaining popularity in the automotive industry. The bias towards using these hybrid composites can be attributed to their excellent properties, such as high compressive strength.
Composites made of fiberglass accounted for more than $ 9 billion in the automotive composites market in 2016 and is expected to continue to dominate the projected timeframe with significant revenue attributable to its superiority over rival materials For example, higher strength and resistance to thermal chemical attack.
Better insulation is another factor supporting its industry advantage: From 2017 to 2024, natural fiber will grow at a CAGR of over 7.5% due to the high use of natural fiber as an alternative to glass fiber in vehicle exterior components , Prefer to use natural fiber because it is lighter than glass fiber.
The demand for thermosetting resins is expected to exceed 2.5 million tons by 2024, accounting for more than 55% of the automotive composite market share, such as high temperature resistance, corrosion and solvent resistance, better adhesion and surface treatment, and customized elasticity The advantage will further support revenue generation, with a CAGR of over 6.5% for thermoplastic resins as their use is more and more due to their reshaping ability and better impact resistance compared to their counterparts.
Due to the high use of compression molding in fiberglass composites, the automotive composites market that is expected to be compression molded in the next eight years will account for more than $ 9 billion in revenue, and the process is used for the mass production of composites, further Consolidating the dominant position in the industry Due to the frequent innovation in resin transfer molding processes over the past few years, resin transfer molding is likely to experience a CAGR of around 7% by 2024. And more and more manufacturers are using This process to create low-cost products to further promote the development of the industry.
External applications will account for about $ 9 billion by 2024 due to the widespread use of these composites in exterior vehicle components.The use of these composites leads to a 20% reduction in vehicle weight, higher damage tolerance, and shorter production time.
Due to the high use of glass and carbon fibers in structural parts of vehicles, the automotive composites market for structural parts and drive systems will show a CAGR of around 7%. Improving fuel efficiency is another area that supports growth in the next few years. A factor.