29-Dec-16 The global automotive composites market is expected to cross US$7,818 mln by 2021, growing at a CAGR of more than 9%, as per a report by Technavio. The demand for fuel-efficient and green vehicles that can use alternative fuels is increasing rapidly among consumers in both developing and developed countries. High fuel cost and fluctuating fuel prices are the key reasons behind the shift in consumer preference from traditional passenger cars to fuel-efficient cars giving high mileage.
The analysts categorize the global automotive composites market into four major segments by application- Interior components, Exterior components, Structural and powertrain components, and others. The top three application segments for the global automotive composites market are:
* Global automotive composites market in exterior components: The global automotive composites market in exterior components accounted for about 36.9% of the global automotive composites market in 2016. Exterior components form the largest application segment of automotive composites. The reason behind this is that the importance of the aesthetic appeal and attractiveness of automobiles, especially of passenger vehicles, has increased over the years. According to Swapnil Tejveer Sharma, a lead textile, fiber, and composites analyst from Technavio, “The exterior components of automobiles include door modules, fascias, mirror housings, rub strips, wheel cover, wheel trim, claddings, hood, trunk lid, bumper, front grilles, run channels, hydrographic, and rocker panels.”
* Global automotive composites market in interior components: The global automotive composites market in interior components market accounted for around 32.30% of the global automotive composites market in 2016. Interior components of automobiles include parts, such as dash panels, floor components (carpet and center console), upholstery, door panels, steering wheels, all parts of automotive seats, headliners, traps, and roll cages.“The composites used are natural fibers, glass composites, thermoplastic polymers, and carbon composites. In this segment, carbon fiber composites have the largest market share and their share is growing at the fastest rate,” says Swapnil.
* Global automotive composites market in structural and powertrain components- The global automotive composites market in structural and powertrain components accounted for around 22.5% of the global automotive composites market in 2016. Structural components consist of body panels (body in white), chassis, and cross-members. The body components include windows, trims, bonnets, and doors. As structural components account for the highest percentage of vehicle weight, automakers and OEMs are concentrating on reducing the weight of these components without compromising on their strength. Therefore, they are using lightweight materials such as carbon composites, natural fibers, and thermoplastic composites (for doors) for structural components.
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