This Lucintel brief presents opportunities in composite materials outlook in the automotive industry. This brief covers market trends, market insights, opportunities, drivers, and challenges for composite materials in automotive industry.
Some highlights of the briefing are as follows:
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Composite materials shipment in the global automotive industry was estimated at 3.8 billion lbs in 2013, and is likely to grow with a CAGR of 6% in next 6 years to reach 5.1 billion lbs in 2018
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CAFÉ standards of 54.5 mpg by 2025, EU mandate of CO2 emission to the level of 95 g/km by 2020 and light weighting of vehicle parts are the major drivers of composite materials in the auto industry.
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Glass fiber composites is likely to remain dominant in exterior, interior, and under the hood applications.
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Increasing use of natural fiber composites in major applications such as door panel and seat backs are expected to drive the market in coming years.
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Carbon composites have excellent weight saving potential than other materials but price is very high. Significant interest by auto makers in carbon fiber parts.