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Europe automotive composites market to amass significant gains by 2026

Author : Ronak Bora | Published Date : 2021-01-16 

As car sharing and autonomous driving are gaining increased popularity across Europe, they have been metamorphosing the car interiors into working or even living spaces. Although plastic is a highly preferred choice of material, fiber-reinforced thermoplastics are being introduced in recent innovative automobile composites that are significantly slimmer, lighter, sporting a high-quality design. As a result, the demand for high-quality automotive composites will surge, and the trend toward system integration with minimal separate parts will continue to spiral upwards.

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Automotive composites market in Europe to grow at a 6.6% CAGR

The Europe automotive composites market was estimated to be worth more than 1.4 billion in 2019 and is expected to soar rapidly, increasing at a considerable CAGR of 6.6% between 2020 and 2026. The growth in the regional business is stimulated by the boom in the automotive industry and the consequent growing need for light-weight and sturdy materials across multiple automotive applications including suspension & clutch, structural components, and wheels & brakes. By 2026, with a significant enlargement of the market size due to the execution of stringent regulations pertaining to CO2 emissions, the market is projected to garner substantial revenue.

Structural & power trains segment to register remarkable growth, backed by spike in electric vehicle demand

Based on application of automotive composites, the structural & power train segment is poised for expansive growth, since manufacturers have been concentrating on the deployment of thermoset and thermoplastic composites in water pumps and valve covers. Since the past five years bore witness to rapid advancement in hybrid-electric powertrains set in motion by the recent popularity of electric cars, the structural & power train segment is anticipated to exhibit further expansion.

Thermoplastic resins to dominate due to easy recyclability

When compared with thermosetting resins, thermoplastic resins have been collecting higher revenue and are likely to account for a major market share over the forthcoming times, thanks to their easy recyclability and rapid molding capacity. Several leading manufacturers of cars have turned to the incorporation of superior performance thermoplastic composite sheets that allow cost-effective fabrication of automotive trim parts across an extensive choice of interior finishes of cars. The next-generation recyclable composites materials for interior applications have been drawing the attention of numerous OEM automotive consumers.

Glass fiber to contribute fair share owing to multiple advantages

The glass fiber segment is likely to move forward at a fast pace during the forthcoming times, since glass is endowed with multiple advantageous qualities including high strength, stiffness, and budget-friendliness. The development of novel products such as a new glass fiber polypropylene-based composites introduced by Renolit Gor S.p.A. is supporting the expansion of the Europe automotive composites market.

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Recent inclination toward natural-fiber polymer composites to change the game

As attempts are being made at minimizing the carbon footprint across numerous European countries, leading automobile companies have been displaying growing interest in bio-derived materials, particularly natural-fiber reinforced composites such as hemp, jute, kenaf, and flax. They have been using these natural fibers in polymer composites for manufacturing seat backs, dashboards, door panels, and other interior parts. Not only does the utilization of these materials boost the ‘green content’ of vehicles, it significantly lowers the cost, weight, and carbon-footprint as well.

The Europe automotive composites market is rapidly adopting the concept of vehicle light-weighting, along with enhanced aesthetics, improved mechanical properties, and cost-saving techniques that are being adopted by OEM companies.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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