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Prediction: the automotive composite material market will exceed $24billion by 2024

prediction: the automotive composite material market will exceed $24billion by 2024

March 6, 2018

[China paint information]

a company called global market insights Inc. (SELBYVILLE, De, USA) recently contacted the author to remind him of a new forecast report on automotive composite materials. The report has a long title - the industry scale of automotive composite materials market based on fiber (glass, carbon, natural), resin (thermosetting, thermoplastic), manufacturing process (compression, injection molding, resin transfer molding (RTM), and the application of industry analysis report (internal, external, structure), Regional development (the United States, Canada, Germany, the United Kingdom, France, Russia, Italy, Poland, Spain, China, India, Japan, South Korea, Australia, Taiwan, Brazil, Mexico, Argentina, Saudi Arabia, the United Arab Emirates, South Africa), growth potential, price trends, competitiveness and prediction of market share. On January 15, 2018, it is predicted that the automotive composite market will exceed US $24billion by 2024

amulya Agarwal, the leader of the team of the author of the report (an engineer with rich experience in the field of chemistry and materials), said: the demand of the global automotive composite market is expected to reach tons by 2024 to reduce the total weight of vehicles, which is the result of the continuous efforts of global automotive manufacturers. Of course, the biggest problem is that although composites can reduce carbon emissions by reducing vehicle weight, cost problems and lagging design tool process integration hinder the development of the industry

the report points out that due to strict environmental regulations, most automotive original equipment manufacturers in Europe and North America have implemented large-scale vehicle weight reduction plans. In addition, the current solution of the National Corporation of the United States is to jointly launch a national plan based on different fibers and different substrates. The traffic safety administration (NHTSA) and the U.S. Environmental Protection Agency (EPA) require to significantly reduce carbon emissions and improve the fuel efficiency of heavy commercial vehicles. These Regulations are expected to significantly expand the size of the automotive composite market

carbon fiber, as a material for strengthening plastic matrix, is also increasingly used in the automotive composite market. Compared with glass or natural fibers, carbon composites have higher stiffness and greater weight reduction potential. Industry participants are committed to developing low-cost carbon fiber composites and creating opportunities for automotive composite growth in the next eight years through recycling strategies. The hybrid composite structure developed by the combination of glass and carbon fiber is another innovation in the automotive industry. The reason why we prefer these hybrid composites is because of their high compressive strength and low cost

according to the report, the sales volume of glass fiber automotive Composites Market in 2016 exceeded US $9billion, and it is likely to continue to occupy a dominant position in the forecast time. The advantages of glass fiber (including partial consolidation, heat resistance and chemical properties) have also brought considerable income. From 2017 to 2024, the compound annual growth rate of natural fiber will exceed 7.5% due to the application of natural fiber in the car compartment with a total investment of 5billion yuan in the cheping coal Guoneng 10gwh high specific energy lithium-ion battery project and the high utilization rate in some semi-structural components. The reason why this kind of material is preferred is that compared with other materials, it has lightweight ability, low cost and recycling

it is estimated that by 2024, the demand for thermosetting resin will exceed 25000 million tons, accounting for more than 55% of the market revenue share of automotive composite materials, which is due to its own performance and easy manufacturing. Compared with thermosetting materials, thermoplastic materials have remolding and higher impact resistance, which leads to the increase of their adoption rate. Therefore, the average annual compound growth rate of thermoplastic resin may be higher than 6.5%

in terms of process, the report predicts that compression molding will dominate the revenue share, which may exceed $9billion in the next eight years. Due to conventional innovations in the past few years, resin transfer molding (RTM) may maintain a compound annual growth rate of about 7% until 2024. In addition, manufacturers are increasingly using them to manufacture low-cost products, further promoting the growth of the industry. And due to the extensive use of glass and carbon fiber in structural components, the application of materials in the structure and power system will reach about 7% when the automobile composite 7, various lengths and pneumatic units are interchanged

the report predicts that by 2024, Asia Pacific Automotive composites is expected to obtain a revenue share of more than 45%. With the continuous growth of automobile production, a large number of automobile manufacturers began to emerge in various regions, especially in emerging countries including India and China, And they will mainly support the expected business. An expert from building materials said, "inorganic thermal insulation materials can be used for growth. Due to the strict control of vehicle carbon emissions, the widespread use of composite materials will increase the average annual compound growth rate in Europe by about 6%. With the continuous development of the automotive industry, the continuous growth of RD investment will also further promote regional economic growth

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