The global automotive composites market has been significantly boosted by technological advancements. For example, resin transfer molding (RTM) and automated fiber placement (AFP) have made them more cost-effective and suitable for mass production. Moreover, the rise of electric vehicles (EVs) has created new opportunities for composites.
However, one of the major restraints affecting the automotive composites market is the higher cost of composites as compared to traditional metals such as steel and aluminum; manufacturing processes to produce composites, including molding, curing, and finishing, tend to be more complex and costly; and the cost of composite raw materials, such as carbon fibers and resins, is still relatively high. As a result, automotive OEMs face challenges because it is difficult to justify the higher upfront investment required to produce composite automotive parts.
Carbon Fiber Field
Carbon fiber composites account for more than two-thirds of the global automotive composites market revenue, by fiber type. The lightweighting of carbon fibers improves the fuel efficiency and overall performance of vehicles, especially in terms of acceleration, handling, and braking. In addition, stricter emission standards and fuel efficiency are driving automotive OEMs to develop carbon fiber lightweighting technologies to reduce weight and meet regulatory requirements.
Thermoset Resin Segment
By resin type, thermoset resin-based composites account for more than half of the global automotive composites market revenue. Thermoset resins offer high strength, stiffness, and dimensional stability characteristics, which are essential for automotive applications. These resins are durable, heat resistant, chemically resistant, and fatigue resistant and are suitable for various components in vehicles. In addition, thermoset composites can be molded into complex shapes, allowing for novel designs and the integration of multiple functions into a single component. This flexibility allows automakers to optimize the design of automotive components to improve performance, aesthetics and functionality.
Exterior Components Segment
By application, composite automotive exterior trim contributes nearly half of the global automotive composites market revenue. The light weight of composites makes them particularly attractive for exterior parts. In addition, composites can be molded into more complex shapes, providing automotive OEMs with unique exterior design opportunities that not only enhance vehicle aesthetics, but also improve aerodynamic performance.
Post time: Jul-04-2024
