Market overview
Recently, Fact.MR, a well-known foreign market research and consulting service provider, released the latest automotive industry composite materials industry report. According to the analysis of the report, the global automotive industry composite materials market will be worth 9 billion US dollars in 2020, and it is expected to reach 20 billion US dollars, the compound annual growth rate in the next ten years will reach 11%. According to forecasts, the global automotive industry’s demand for glass fiber composite materials will reach about 11 billion U.S. dollars, and the demand for carbon fiber composite materials will also surge by 12%.
At present, composite materials have been widely used in a series of interior and exterior parts of automobiles, with the main goal of reducing vehicle weight and carbon emissions. Through the use of advanced composite materials, automobiles not only improve the safety level, but also reduce fuel consumption.
Main opportunity
In the next ten years, the global demand for automotive composite materials is expected to grow at a steady rate. After a certain period of development, suppliers in the automotive industry have begun to rely on the use of composite materials to improve manufacturing efficiency. Therefore, the global automotive composite materials market will grow to new heights in the next few years.
The increasing demand for reducing the weight of vehicles through structural improvements and the urgent need to improve fuel economy are key factors driving the demand for composite materials for the automotive industry across regions. In addition, design innovations aimed at enhancing vehicle functions are gaining more and more attention and are also driving the demand for composite materials. This is partly due to the growing consumer demand for stylish, faster cars.
The automotive industry is one of the main industries in the European region, and it is larger than any other region. Strict regulations imposed by European authorities set limits on carbon emissions, which put pressure on automakers. For example, the European Commission (EC) has mandated an increase in the EU’s 2030 GHG (greenhouse gas) emission reduction target from a 40% reduction in carbon dioxide emissions to 50% or 55%. The increased fuel efficiency requirements and the lightening of vehicles urgently require the use of composite materials in automobiles, thereby driving the demand for this product in the region. The global market for automotive composite materials in Europe is expected to grow at a compound annual growth rate of 12% during the forecast period.
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Post time: Aug-23-2021