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Europe’s automotive industry holds 4% of its Gross Domestic Product (GDP). In addition, the total number of new vehicle registrations increased by 3.8% in 2017 as compared to 2016. However, the increasing number of vehicles has contaminated Europe’s atmosphere with Greenhouse Gas (GHG) emissions. According to the U.S.’s governmental agency EPA, Europe accounts for 9% of the global GHG emission as of 2017. Owing to this, European Commission laid a regulation that mandates a target value of 95g/km for CO2 emissions with respect to passenger cars and 147g/km for commercial vehicles to reach by 2020. The government is also motivating the automakers to control CO2 emissions through their vehicles by offering super credits to those who successfully achieve 50g/Km CO2 emission between the year 2020 and 2022. However, there is a provision for penalty of 95 Euros for every g/km of exceedance. Hence to reduce CO2 emissions, automakers in Europe are reducing the overall weight of the vehicle to enhance the fuel efficiency. Using composite materials in the place of steel or aluminum reduces the weight considerably (35-50%), hence they are considered as a great alternative to traditional materials. Besides reduction in the weight, features such as the outstanding aerodynamic design, crashworthiness and toughness imparted by the composite materials are also attracting the automotive industry.
Besides this, Europe is home to several prominent automotive OEMS and composite material suppliers such as BMW AG, Volkswagen AG, Audi, BASF, DowAksa, Gurit Holding AG, Mubea Carbo Tech GmbH, SGL Group and Solvay S.A. among others. These players are coming up with cost effective and innovative products in the market. They are also collaborating among themselves to strengthen their foothold in the automotive composite materials market. For instance, in December 2016, Gurit Holding launched Gurit Smartcure epoxy prepreg press molding system and Gurit Prime 180 for automotive industry. Further, as of April 2018, SGL group extended its partnership with Hyundai to provide SIGRACET (wet-laid nonwoven CFRP gas diffusion layers (GDLs)) for Hyundai’s fuel cell Nexo. Such growing OEM-material supplier relationships in the region are expected to propel the growth of European automotive composite materials market.
In addition to this, the growing number of research and development activities on composites materials for automotive industry is also acting as a catalyst in the region. In January 2016, the European Union launched a project named “CARIM” to manufacture and commercialize lightweight automotive wheels made up of carbon fiber. The consortium formed for this project aims for a short cycle and lower cost production line. The government has also proposed the formation of European Automotive Composites Competence Network and has several other events in line to ensure an adequate support for research and innovation activities in European automotive composite materials market. Hence, the stringent emission standards, increasing automotive OEMs and supplier partnerships and growing R&D activities on automotive composites are some of the prominent factors propelling the market growth of automotive composite materials market. Europe’s automotive composite materials market was valued at US $943.5 million in 2017 and is anticipated to reach US $1,615.1 million by 2024 at a CAGR 8.1% of during the forecast period (2018-2024).
Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC), Ceramic Matrix Composite (CMC) and Hybrid Composite are different types of the composite materials widely used across the automotive industry. In Europe, PMCs are most popular composite type among the automakers, as they have high flexibility, high insulation, lower density and lighter weight than other composite materials type. Owing to such factors, the polymer matrix composites held the highest market value of US $715.8 million in 2017 and are anticipated to reach to US $1,217.3 million by 2024 at a CAGR of 8.0% during the forecast period (2018-2024). Moreover, to get a deep dive analysis of PMC, the segment is further segmented by matrix type this includes, thermosets and thermoplastics. Further, low cost and exceptionally good structural and mechanical properties of hybrid composites are making them ideal alternatives to single fiber composites. Hence hybrid composites are anticipated to be the fastest growing segment during the forecast period.
The properties of the composite materials change with the manufacturing techniques. Some of the popular manufacturing processes include Hand Lay Up, Compression Molding, Injection Molding, and Resin Transfer Molding (RTM). Among these manufacturing processes, Injection molding process dominated the market in 2017 and is expected to continue its dominance over the forecast period. The injection molding process was valued at US $18.3 million in 2017 and is anticipated to reach US $743.7 million by 2024 at a CAGR of 8.1% during the forecast period (2018-2024). On the other hand, RTM will be the fastest growing manufacturing process because of its growing adoption in auto industry. RTM process is expected to grow at a CAGR of 9.3% during the forecast period (2018-2024).
Composite materials are replacing steel, aluminum and other components in vehicle interiors, exteriors, structures, chassis and powertrain, among others. Among different application areas, exterior application held the highest market share and was valued at US $641.0 million in 2017 and is anticipated to grow to US $1,086.1 million by 2024 at a CAGR of 7.9% during the forecast period (2018-2024). However, because of increase in demand of composite materials for interior body parts and stringent regulations on in cabin air quality, this segment will grow the fastest and is anticipated to reach US $123.9 million by 2024 from US $67.8 million in 2017 at a CAGR of 9.1% during the forecast period (2018-2024).
The usage of composite materials in Super Cars is immense, they used in almost all the parts of Super Cars. However, market penetration of composites is rapidly increasing in passenger cars segment, in addition passenger cars is the largest automotive segment of European automotive industry. Owing to such factors, passenger cars segment held the highest market share in European automotive composite materials market with market value of US $926.9 million in 2017 and is anticipated to reach US $1,554.1 million by 2024 at a CAGR of 7.8%.
Some of the prominent countries pertaining to automotive composite materials market include Germany, France, the U.K, Spain, Russia, Italy and Rest of Europepe. In Europe, Germany is expected to lead the market because of the presence of several prominent automotive OEMs and composite material suppliers; in addition Germany has the largest automotive industry in Europe. The market value of Germany was estimated at US $173.1 million in 2017 and is anticipated to reach US $306.9 million by 2024 at a CAGR of 8.6% during the forecast period (2018-2024).
Some of the major key players in the automotive composite materials market include BASF, DowDupont, Gurit Holding AG, Magna International Inc., Mitsubishi Chemicals Holding Corporation, Owens Corning, SGL Group, Solvay S.A., Teijin Limited and Toray Industries Inc. These players are entering into several competitive strategies (partnerships, merger-acquisitions, joint venture, new product launch, business expansion and others) with each other or other supplier or automotive OEMs to strengthen their position in the global automotive composite materials market.
Besides this, Europe is home to several prominent automotive OEMS and composite material suppliers such as BMW AG, Volkswagen AG, Audi, BASF, DowAksa, Gurit Holding AG, Mubea Carbo Tech GmbH, SGL Group and Solvay S.A. among others. These players are coming up with cost effective and innovative products in the market. They are also collaborating among themselves to strengthen their foothold in the automotive composite materials market. For instance, in December 2016, Gurit Holding launched Gurit Smartcure epoxy prepreg press molding system and Gurit Prime 180 for automotive industry. Further, as of April 2018, SGL group extended its partnership with Hyundai to provide SIGRACET (wet-laid nonwoven CFRP gas diffusion layers (GDLs)) for Hyundai’s fuel cell Nexo. Such growing OEM-material supplier relationships in the region are expected to propel the growth of European automotive composite materials market.
In addition to this, the growing number of research and development activities on composites materials for automotive industry is also acting as a catalyst in the region. In January 2016, the European Union launched a project named “CARIM” to manufacture and commercialize lightweight automotive wheels made up of carbon fiber. The consortium formed for this project aims for a short cycle and lower cost production line. The government has also proposed the formation of European Automotive Composites Competence Network and has several other events in line to ensure an adequate support for research and innovation activities in European automotive composite materials market. Hence, the stringent emission standards, increasing automotive OEMs and supplier partnerships and growing R&D activities on automotive composites are some of the prominent factors propelling the market growth of automotive composite materials market. Europe’s automotive composite materials market was valued at US $943.5 million in 2017 and is anticipated to reach US $1,615.1 million by 2024 at a CAGR 8.1% of during the forecast period (2018-2024).
Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC), Ceramic Matrix Composite (CMC) and Hybrid Composite are different types of the composite materials widely used across the automotive industry. In Europe, PMCs are most popular composite type among the automakers, as they have high flexibility, high insulation, lower density and lighter weight than other composite materials type. Owing to such factors, the polymer matrix composites held the highest market value of US $715.8 million in 2017 and are anticipated to reach to US $1,217.3 million by 2024 at a CAGR of 8.0% during the forecast period (2018-2024). Moreover, to get a deep dive analysis of PMC, the segment is further segmented by matrix type this includes, thermosets and thermoplastics. Further, low cost and exceptionally good structural and mechanical properties of hybrid composites are making them ideal alternatives to single fiber composites. Hence hybrid composites are anticipated to be the fastest growing segment during the forecast period.
The properties of the composite materials change with the manufacturing techniques. Some of the popular manufacturing processes include Hand Lay Up, Compression Molding, Injection Molding, and Resin Transfer Molding (RTM). Among these manufacturing processes, Injection molding process dominated the market in 2017 and is expected to continue its dominance over the forecast period. The injection molding process was valued at US $18.3 million in 2017 and is anticipated to reach US $743.7 million by 2024 at a CAGR of 8.1% during the forecast period (2018-2024). On the other hand, RTM will be the fastest growing manufacturing process because of its growing adoption in auto industry. RTM process is expected to grow at a CAGR of 9.3% during the forecast period (2018-2024).
Composite materials are replacing steel, aluminum and other components in vehicle interiors, exteriors, structures, chassis and powertrain, among others. Among different application areas, exterior application held the highest market share and was valued at US $641.0 million in 2017 and is anticipated to grow to US $1,086.1 million by 2024 at a CAGR of 7.9% during the forecast period (2018-2024). However, because of increase in demand of composite materials for interior body parts and stringent regulations on in cabin air quality, this segment will grow the fastest and is anticipated to reach US $123.9 million by 2024 from US $67.8 million in 2017 at a CAGR of 9.1% during the forecast period (2018-2024).
The usage of composite materials in Super Cars is immense, they used in almost all the parts of Super Cars. However, market penetration of composites is rapidly increasing in passenger cars segment, in addition passenger cars is the largest automotive segment of European automotive industry. Owing to such factors, passenger cars segment held the highest market share in European automotive composite materials market with market value of US $926.9 million in 2017 and is anticipated to reach US $1,554.1 million by 2024 at a CAGR of 7.8%.
Some of the prominent countries pertaining to automotive composite materials market include Germany, France, the U.K, Spain, Russia, Italy and Rest of Europepe. In Europe, Germany is expected to lead the market because of the presence of several prominent automotive OEMs and composite material suppliers; in addition Germany has the largest automotive industry in Europe. The market value of Germany was estimated at US $173.1 million in 2017 and is anticipated to reach US $306.9 million by 2024 at a CAGR of 8.6% during the forecast period (2018-2024).
Some of the major key players in the automotive composite materials market include BASF, DowDupont, Gurit Holding AG, Magna International Inc., Mitsubishi Chemicals Holding Corporation, Owens Corning, SGL Group, Solvay S.A., Teijin Limited and Toray Industries Inc. These players are entering into several competitive strategies (partnerships, merger-acquisitions, joint venture, new product launch, business expansion and others) with each other or other supplier or automotive OEMs to strengthen their position in the global automotive composite materials market.
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