Report assesses outlook for automotive composites through 2024

Market analyst Visiongain (London, UK) has published a new report, "Automotive Composites Market Forecast 2014-2024: Leading Companies Striving for Light-Weighting, Fuel Efficiency & Emission Reduction."

The report notes that growth in the automotive composites market is mainly driven by four factors. First, the constant demand for fuel-efficient vehicles, mainly to reduce weight, which reduces running costs and fuel consumption, has resulted in the penetration of composites into the automotive sector due to their lightness and stiffness.

Second, environmental regulations for low CO₂ emissions and fuel efficiency in the EU and the US dictate more fuel-efficient vehicles from 2015 onwards.

Third, the increased demand for electric and hybrid vehicles in which composites' usage for light-weighting is of essence, has turned automakers' focus to light-weight composite materials as a substitute for heavier steel and iron in all types of vehicles.

Fourth, the introduction of new models with more varied and extensive usage of composites in the period 2015-2020 will substantially increase the production of composites for automotive applications.

However, the high cost of some automotive composites, especially carbon fiber, and difficulties in repairing and recycling prevent their penetration into the high-volume medium and low-end car segments where cost is of essence. Additionally, the current low- volume production due to existing production techniques and a lack of general engineering experience results in a higher manufacturing cycle and prevents investments from automotive manufacturers. Last, the strong position of steel companies in the automotive sector as the main suppliers of car body, engine and drivetrain materials, in conjuction with existing heavy investment from auto manufacturers into metal poduction lines, prevents the easy substitution of metal with composites.

Visiongain assesses that the reduction of automotive composites' price due to higher volume and economies of scale, the introduction of recycling and repairing processes from the increased engineering experience, accompanied with the improvement of the economic climate which will enable further investments in the automotive composites will enable growth drivers to overcome the effect of the opposed restraints.

The report assesses that towards the end of the forecast period, the penetration of automotive composites, such as carbon fiber, into medium and low-end vehicles will increase substan tially driven by the higher volume production of light-weight composite materials and the proliferation of composite components into the vehicle's body, interior, engine and drivetrain.

The report provides detailed revenues projections of the market, the competitors and the commercial drivers and restraints, allowing users to more effectively compete in the market. In addition to market forecasts from 2014-2024, the study shows current market data, and market shares.

The report also provides an understanding of the competitive landscape, with profiles of 20 leading companies — manufacturers and key suppliers — involved with automotive composites, examining their positioning, capabilities, product portfolios, R&D activity, services, focus, strategies, M&A activity and future outlook. The companies include: