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(IT-NEWSWIRE.COM, September 06, 2019 ) Market Overview
What are automotive composite materials?
• Composites materials are novel materials with superior properties such as high corrosion resistance, chemical resistance. They are also light in weight when compared to metals.
Market Dynamics
• Lightweight property of composites is essential for automotive manufacturing.
• Vehicle’s fuel efficiency highly depends on the overall weight of the vehicle.
• When lightweight materials like composites are used in the construction of automobile components, the overall weight of the vehicle decreases thereby increasing fuel efficiency.
• This factor acts as a major driver for the growth of global automotive composite materials market.
• The main motto of using composite materials in automotives is to make the vehicle lighter, safe and fuel-efficient.
• These superior set of properties offer lucrative opportunities for composite materials in automotives in the coming years.
• On the other side, manufacturing costs associated with composites are comparatively higher than plastics. This is anticipated to hamper the growth of the global automotive composite material market.
Materials Segmentation
Based on the type of material used, the global automotive composite market can be classified into
• Metal matrix composites
• Polymer matrix composites
• Ceramic matrix composites
Industry Forecast
• The polymer matrix composites segment is anticipated to expand at a higher growth rate during the forecast period due to its superior properties such as lightweight and comparatively low cost of manufacturing.
Company profiles
• Pentaxia, Crawford Composites LLC
• Owens Corning
• Toray Industries
• SGL Group.
• Others
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