From 2020 to 2025, glass fiber composite is still the largest market segment in the global automotive industry
According to the latest global automotive composite market analysis report recently released by American research and markets, the global automotive composite market is expected to grow from US $5.4 billion in 2020 to US $9.3 billion in 2025, and the compound annual growth rate (CAGR) between 2020 and 2025 is 11.5%.
The demand for lightweight and energy-saving vehicles and the emerging development of electric vehicles are the main factors to promote the growth of composite materials market in the automotive industry, while improving OEM manufacturers' understanding of strict government emission control regulations is an opportunity for the growth of composite materials market. However, the negative impact of the epidemic of covid-19 on automotive composites has had a negative impact on the market growth of the automotive industry.
As far as the types of reinforcing fibers are concerned, glass fiber composites are still the largest market segment of composites in the automotive industry. Glass fiber has the advantages of strength, durability, flexibility, stability, light weight, heat resistance, temperature resistance and moisture resistance, so it is the preferred material for composite material manufacturers in automobile industry. For example, in a car, fiberglass can be used for different applications, such as underbody systems, front end modules, deck covers, bumper beams, hood panels and air ducts, and other body parts.
As far as the types of applied structural parts are concerned, body structure is the largest application of composite materials in the automotive industry. The body composite material placed on the exterior surface of the integral body is called the exterior part of the body. External parts include main components such as bumper, fender, front end module, door panel and hood. The use of composites in the automotive industry is an emerging trend, as these composites contribute to the realization of high performance properties such as high stiffness, lightweight and high strength to weight ratio. External parts made of composite materials are rigid and therefore provide the minimum risk of damage in the event of an accident.
The composite also helps to reduce the weight of the exterior components, which makes the overall body lighter and more fuel efficient. The external parts are located on the outer surface of the car body, which are easier to wear due to exposure to harsh environment and extreme weather. The use of composite materials in external parts, such as fender, hood, bumper crossbeam, trunk cover and other parts, increases the durability of the car, ensures long service life and reduces maintenance costs.
As far as the types of lightweight vehicles are concerned, non electric vehicles are still the models with the largest application of composite materials in the automotive industry, including BMW, Audi, Renault, Porsche, Volkswagen, Fiat Chrysler and many other car companies, all of which use composite materials in their high-end non electric vehicles. For example, the Porsche GT3 cup II makes CFRP assembly brackets, while BMW and Fiat Chrysler use carbon fiber composites and glass fiber reinforced polypropylene (PP) composites in their lightweight dashboard brackets and the entire chassis of the Alfa Romeo 4C sports car. German automakers have developed the rodeo concept, an all wheel drive carbon fiber SUV based on the classic 911 Safari rally car. These initiatives taken by Global OEMs have been promoting the application of automotive composites in non electric vehicles.
In terms of the automotive composite industry region: Europe is the leading automotive composite market. The growth of the automotive Composites Market in Europe is driven by the presence of established automotive manufacturers in the region, industrial expansion and the introduction of industry 4.0 technology into the region's automotive industry. The automotive industry is one of the major industries in Europe, higher than any other region. The EU is one of the largest automobile producing countries in the world. The industry is the largest private investor in R & D, with an annual investment of about 57.4 billion euros. The turnover of EU automobile industry accounts for 7% of GDP.