The
automotive composite market is driven by
increasing demand for lightweight and fuel-efficient vehicles, increasing per
capita vehicle ownership, increasing automotive production, especially in
Asia-Pacific, and strict government regulations to reduce carbon emission from
vehicles.
The implementation of stringent environmental regulations across the
globe is propelling the demand for lightweight materials. Several international
organizations are framing strict guidelines and standards to reduce the
greenhouse gases emission. In 2011, global CO2 emission stood at 31.6 gigatons,
with 23% of these emissions coming from all transport sectors across the globe.
According to the Corporate Average Fuel Economy regulations, all vehicles
plying in the U.S. need to have average fuel efficiency of 54.5 miles per
gallon by 2025. As per the European government CO2 emission regulation, the
total CO2 emission from new passenger cars should be decreased from 130g per Km
travel in 2013 to 95g per Km travel by 2020. According to Germany based
SuperLight-Car, about one-third of total fuel consumption by passenger car
depends on weight. For instance, weight reduction up to 100 kg is expected to
save 0.3 liters to 0.5 liters of fuel for every 100 km drive. Also, with
reduced weight of vehicle, CO2 emissions can be minimized, if not completely
removed. The overall weight of vehicles can be reduced by using advanced
multi-materials, which is a combination of steel, aluminum, magnesium,
plastics, and composites. This is further expected to provide ample growth opportunity
for the composites market in the automotive industry.
In
Europe, Germany, France, U.K., Russia and Spain were the major automotive
composite markets in 2015. The European OEMs account for more than one third of
the global light vehicle production. With various development initiatives going
on, Europe was ranked second in vehicle development in 2015 and is expected to
remain at the same position during the forecast period. The European automotive
industry is at the forefront in terms of technological advancements. It is
focusing on the lightweight technologies and enhancing passenger comfort.
North
America is expected to be the third largest region for automotive composite
market during the forecast period owing to its increasing customer base and
high disposable incomes in the region. This has resulted in increased
manufacturing activities by local automotive OEMs in the region, and supporting
the growth of the automotive composite market.
Some of the major competitors in the global automotive composite market
include Toray Industries, Inc., Koninklijke Ten Cate N.V., SAERTEX GmbH &
Co. KG, Cytec Industries Inc., Scott Bader Company Ltd., Teijin Limited, UFP
Technologies, Inc., E.I. du Pont de Nemours and Company, Johnson Controls Inc.,
and Johns Manville.
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