Automotive composites are lightweight materials that are used to make
vehicles fuel efficient and impact resistant. These composites offer better
properties as compared to traditional materials such as aluminum and steel.
They result in a significant weight
reduction of cars, thereby leading to their increased fuel efficiency. The automotive
composites are used in both, electric as well as non-electric vehicles for
manufacturing their exteriors, interiors, chassis, and powertrains. In terms of
value, the automotive composites market is projected to reach USD 13.14 billion
by 2022, at a CAGR of 12.26% from 2017 to 2022.
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The key players
operating in the automotive composites market are increasingly adopting
inorganic and organic growth strategies to strengthen their positions in the automotive
composites market. These companies have adopted agreements, expansions &
investments, mergers & acquisitions, and new product developments as key
growth strategies between January 2013 and August 2017 to enhance their
positions in the market.
For instance, SGL Group (Germany), which is one of
the world’s leading manufacturers of carbon-based products and materials, is
focusing on strategic approaches, namely, expansions, new product developments,
and agreements to enhance its position in the automotive composites market. In
October 2015, the company launched unidirectional tapes and
long-fiber-reinforced thermoplastics based on glass and carbon fibers for
several applications in the automotive industry. Moreover, through SGL
Automotive Carbon Fibers (Germany), which is a joint venture of SGL Group
(Germany) and BMW Group (Germany), the company has tripled the capacity of its
carbon fiber plant in Moses Lake, WA (U.S.). This joint venture has
enabled BMW Group to use carbon fiber materials in its car models at competitive costs and in large quantities.
The major
players operating in the automotive composites market are Toray Industries,
Inc. (Japan), SGL Group (Germany), Mitsubishi Chemical Corporation (Japan), Plasan
Carbon Composites (U.S.), Solvay S.A. (Belgium), UFP
Technologies, Inc. (U.S.), Toho Tenax Co., Ltd. (Japan), Koninklijke Ten Cate B.V.
(Netherlands), Continental Structural Plastics Inc. (U.S.), Gurit
(Switzerland), and Owens Corning (U.S.), among others. These companies have an
established presence in the automotive composites market and are continuously
making efforts to improve their business strategies and their product portfolios.
The various key parameters such as geographic footprints, inorganic and organic
growth strategies, business revenues, and product offerings, among others are
taken into consideration by these players to remain competitive in the automotive
composites market.
For
instance, in March 2017, Mitsubishi Chemical Corporation (Japan) acquired
Gemini Composites (U.S.), which specializes in designing, engineering, and
prototyping products using forged composite technology. This acquisition is
expected to not only help the company in enhancing its product development
capabilities for automotive sheet molding compounds (SMC) components but also enable
development of innovative products based on the component design-driven
approach. In March 2017, the company developed a carbon fiber sheet molding
compound for Toyota Motor Corporation (Japan). This compound is used in the
rear door frame of the new Toyota Prius PHV car model. The focus of the company
on new product developments has further helped it to supply innovative products
to its customers and broaden its carbon fiber materials product portfolio.
Solvay S.A.
(Belgium), which is a key manufacturer and provider of automotive composites,
has adopted the strategies of partnerships and new product developments to
enhance its position in the automotive composites market. For instance, in
April 2017, the company entered into a partnership with Bentley and Penso
Consulting Ltd. (U.K.) for the development of flexible
and lightweight architecture for high-volume applications in automotive.
This partnership is expected to enable Solvay S.A. to develop composite
solutions to meet the requirements of automotive original equipment
manufacturers (OEMs).
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