The automotive market has two major distinct sectors, the large-volume segment and the specialist field introducing the modified or complete vehicles in the small numbers. The challenges of every are dissimilar and this is replicated in the method car produces method the usage of composites. The foremost benefits composites suggest the automotive applications are in the price deduction, weight deduction and recyclability. The Composites suggest several structural and weight benefits over the traditional steel and injection moulded automotive parts.
In addition, the potential players in the automotive composite material market are playing an important role for increasing the application, decreasing the prices of the good and increasing the requirement for the automotive composite material which further benefitted for generating the high amount of revenue.
According to the report analysis, ‘MENA Market Insights on Automotive Composite Materials, 2018-2024: Emphasis on Material Type (Polymer Matrix Composites, Metal Matrix Composites, Ceramic Matrix Composites and Hybrid Composites), Manufacturing Process (Hand Lay up, Compression Molding, Injection Molding, Resin Transfer Molding)’ states that in the MENA market insights on automotive composite material, there are several key players which recently functioning more positively for leading the fastest market growth and registering the high value of market share during the short duration while effectively increase in the need of the composites among the hybrid and electric vehicles, enormously decreasing the price of raw material and increasing the scope of hybrid composite materials includes BASF SE, DowDuPont Inc., Gurit Holding AG, Magna International Inc., Mitsubishi Chemical Holdings Corporation, Owens Corning, SGL Group, Solvay SA, Teijin Limited, Toray Industries Inc. and several others.
Additionally based on the applications, among the numerous application areas, exterior segment registered the market. However, a gradual lead in the adoption rate of composite materials for vehicle interiors is estimated in the coming years. Not only has this, on the basis of vehicle type, this sector involves the performance cars, passenger cars and several other (commercial vehicles and others). In 2017, Passenger cars controlled the determined market share and they are anticipated to overcome during the forecast period.
Sideways, based on the country, the Saudi Arabia controlled the largest market share in 2017 and the country is estimated to remain dominant during the review period. Owing to the augmented percentage of GHG emissions in the region owing to the nonexistence of government attention.
In the terms of revenue, the Automotive Composite Material market in Middle East and North Africa Market economy is predicted to increase rapidly. Increasing emission standards in several economies across the region are boosting the growth of this market in MENA. However, high cost of the raw materials and recyclability issues are restricting the market growth.
Furthermore, on the basis of material type, the major widespread composite type among the automakers is PMC, as they have extraordinary flexibility, high insulation, lower density and lighter weight than other composite material varieties. The PMCs are the most common composite type among the automakers, as they have high elasticity, high insulation, subordinate density and lighter weight than many other composite material types. Therefore, in the near years, it is anticipated that the MENA insights on the automotive composite material will increase more positively over the coming years.
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Ankur Gupta, Head Marketing & Communications