The automotive composites have long been and effectively utilized in the several vehicles such as autos, trucks and several others, generally under the hood and in interiors. Carbon fiber has been utilized in the high-performance vehicles for several years, and now fresh and high speed manufacturing technology is enabling carbon fiber to shift into production vehicles. Not only has this, composites are the composition of two or more constituent materials, announce an essential portion of an automobile and, if successfully castoff, can lead to quickly lighter vehicles that are meaningless and more fuel-effective. Furthermore, on the back of grueling fossil fuel sources and increasing approach ability interrelated to the pollution initiated by it, a transfiguring trend in the automotive industry is energy dexterous.
According to the report analysis, ‘Latin America 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 Latin America Market Insights on Automotive Composite Materials, there are numerous key players which recently performing more significantly for leading the fastest market growth and registering the high value of revenue during the short span of time while proficiently analyzing and studying the stringent government regulations and GHG emission, increasing demand of the composites among the Hybrid and Electric vehicles, deducting the cost of the raw Materials and evolving the Brazilian Automotive Composite Market 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.
In the terms of revenue, the Latin America is deliberated to be one of the foremost potential business locations by most of the automotive OEMs and composite materials merchants. Therefore, these players are prolonged their businesses in the economy to tap the possible and profit making opportunities. Due to the growth measured in the number of new vehicle registration during the past few years and therefore, the significant development in the level of Greenhouse Gases (GHG) emissions in the environment. Players in the economy are to deploy composite materials in their models as it decreases the overall weight of the vehicle and effective rise of the fuel efficiency.
Based on the country, the Latin America is the chief contributor to the high levels of CO2 emission. Due to the alarming GHG level in the economy, regions such as Brazil, Argentina, Chile and others have promised to deduct the GHG levels to a certain level in the foreseeable forthcoming. Such initiatives have interested the auto players in to organize composite materials in their models as composites decrease the overall weight of the vehicle and intensify the fuel efficiency. In 2017, Brazil accounted the market in Latin America economy.
Additionally, based on the material type, in the recent time, the PMCs are the most widespread composite type among the automakers owing to the great flexibility, extraordinary insulation, cheap density and lighter weight as compared to other composite materials type. However, cheap cost and exceptional structural and mechanical possessions of hybrid composites are creating them an alternative to the single fiber composites. Therefore, in the near years, it is predicted that the Latin America Market Insights on Automotive Composite Materials will increase more significantly over the coming years.
For more information on the research report, refer to below link:-
Ankur Gupta, Head Marketing & Communications