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
Europe biobased polypropylene market to attain significant growth in the coming years, Injection applications to prominently drive the demand
Europe Biobased Pp Market Size, By Application, 2014 & 2022 (USD Million)
Injection applications represent a major share of biobased polypropylene industry and are expected to attain the highest gains in the coming five years. Growing demand for lightweight materials in myriad end use industries including automotive, construction, industrial as well as packaging is driving this application landscape. The influential impact of the advanced automobile sector has also played a crucial role in changing the market dynamics. Countries such as Malaysia, China, Thailand, and Mexico are encountering a heavy surge in the vehicle sales which is further creating a lucrative consumer base to biobased PP market. As per an estimation, the overall market from injection application is anticipated to record a revenue of more than USD 20 million by the end of 2022.
Positive outlook of some of the automotive manufacturing giants like Toyota Motor Corp., General Motors, and Ford flex in this regard also have had a persuasive impact on the overall biobased polypropylene market development. An announcement by Toyota Motor Corp. which states that 20% synthetic polymers will soon be replaced by biobased PP is expected to complement the overall market dynamics in the coming time frame.
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Regionally, North America has established profound grounds enhancing biobased PP industry outlook. The trend of light weight vehicle in U.S. is acting as a prime factor catering the regional market growth. Concurrently, regulatory mandates supported by EPA to curb the greenhouse gas emission has further fueled the demand for biodegradable polymers. North America biobased polypropylene industry size is expected to expand massively in terms of volume coverage in coming five years by accounting for almost over 6 kilotons by 2022.
Textile is another niche application segment of global biobased polypropylene industry. Geotextiles which are gaining a global popularity owing to its rising scope of application in soil erosion and drainage activities is primarily favoring the overall market growth. Biobased PP market demand from textile applications is foreseen to rise high in the coming five years, with an estimated volume coverage of 1.5 kilotons by 2022. Biobased polypropylene films are being extensively implemented in green packaging especially for food and beverage and medical purposes owing to its strengthening properties and transparency. Biobased PP industry from this application is projected to show an upswing in its growth chart with a CAGR projection of 4.5% over the period of 2016-2022.
Considering the market analysis based on textile application, Asia Pacific has marked its footprints in the global landscape. With rapid industrialization of emerging economies of APAC belt such as Japan, China, India, biobased polypropylene industry is slated to register a signification growth at an annual rate of 5% over the coming five years.
Biobased PP industry is gaining a substantial traction with increasing number of market players focusing on enhancing the raw material portfolio to minimize the production cost. Some of the prominent industry participants working rigorously in this domain include Biobent Polymers, Global Bioenergies, Dow Chemicals, and Braskem.
Author Name :Satarupa De