Automotive Composites Market Size
An outline of automotive composites market in terms of the competitive landscape: regulatory initiatives to majorly influence the industry growth
Powered by the rising concerns with regard to environmental degradability, global automotive composites market has gained a remarkable momentum over the recent years. The problem of exponentially increasing carbon dioxide emissions has been recognized as a matter of concern at a global level, in response to which, both the government as well as private entities are striving hard to combat this issue. Citing an instance with the regulatory frame of reference, The European Union (EU) has introduced norms that aim to limit the CO2 emission per vehicle to 95g/km by 2020. Reportedly, as of now, each vehicle in Europe emits approximately 133.3g/km of carbon dioxide. Yet another initiative being widely undertaken to curtail these emissions revolves around reducing the overall weight of the vehicles, subject to the fact that the lightweight automobiles depot a high fuel efficiency and a considerably lower rate of emission. The aforementioned fact can be validated by the recent trend of lightweight material adoption in the automotive sector spanning across the interior as well as exterior designs of the vehicles, that has led to a major revolution of sorts in automotive composites industry.
U.S. Automotive Composites Market, By Fiber, 2016 & 2024, (Kilo Tons)
How McLaren Automotive took a step forward toward consolidating their position in automotive composites market
The demand for composite materials is expected to rise several notches higher in the years to come, on the grounds of which various educational research institutes and renowned players of the automotive composites market have been working diligently toward the development of novel composite materials through innovative technology. For instance, the British automotive composites industry player, McLaren Automotive, has recently constructed the McLaren Composites Technology Centre (MCTC) worth GBP 50 million, at Sheffield in UK, wherein the company plans to manufacture lightweight carbon fiber with advanced manufacturing processes. MCTC is also expected to commence the production of carbon fiber tubs for its automotive wings including supercars, sports and racing cars by 2019, further impelling the regional automotive composites market share. The UK government seems to be keenly encouraging education hubs to develop trained composite engineers and scientists in a bid to tackle any future challenges that might arise ahead, with regards to composite materials, that is certain to impel the regional automotive composites industry. Say for instance, the Higher Education Funding Council for England (HEFCE) has granted a fund of GBP 200,000 to the joint projects of the University of Bristol and the University of Plymouth to carry out research related to composite materials. This precedence indeed validates that the increasing involvement of research institutes and industry giants toward enhancing the product portfolio of this business space will stimulate UK automotive composites market size.
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The impact that the Trelleborg-Automated Dynamics deal may have on automotive composites market
It is imperative to state that automotive components manufactured with composites as a raw material have a longer shelf life that ordinary components and require lesser maintenance and less frequent replacements. These components can also be used as an alternative for metal bearings, owing to their massive endurance strength and eco-friendly features, that enable them to function without lubricants. Taking into account the diversified deployment scope of composites for automotive applications, major players in automotive composites market are looking forward to strengthening their position in this business space via mergers and acquisitions. For instance, in 2018, Sealing Solution unit of Trelleborg A.B. acquired the reputed advanced composite components manufacturer, Automated Dynamics, with an aim to improve its technology portfolio using Trelleborg’s next-generation composites. It is also expected that the technological expertise that buyers would gain through strategic takeovers would leverage their presence in global automotive composites industry.
Currently, it has been observed that numerous governmental bodies, at the regional as well as international level, have been focusing on the deployment of renewable energy sources for overcoming the shortage of fossil fuel sources – a trend that is predicted to influence automotive components market. The prevalence of a strict regulatory frame of reference mandating specific norms encouraging the adoption of renewable resources will further enable the masses to incline toward electric vehicles. In consequence, this would increase the dependency on renewable energy sources in the future, which seems to be one of the pivotal strategies of the government to expedite the growth of automotive composites industry. In essence, the shifting trends toward green mobility and the elimination of carbon emissions are certain to have a considerable impact on automotive composites market outlook in the ensuing years.
Author Name : Sunil Hebbalkar