Irving, Texas (PRWEB) April 12, 2013
The European automotive composites market is expected to witness good growth over the next five years and reach an estimated $2,270 million in 2018. The market for products made of composites, such as interior headliners, fenders, pickup boxes, door modules, instrument panels, running boards, and front-end carriers is expected to almost double by 2018 from 2012 levels.
Lucintel, a leading global management consulting and market research firm, has conducted a competitive analysis on the European automotive composites market and presents its findings in “Opportunities for Composites in European Automotive Market 2013-2018.” The use of composite materials, which initially was driven by exterior applications, has now spread to all areas of the vehicle – interior and under-the-hood applications, both of which represent good growth potential.
As per the study, while somewhat more expensive than the competition, the use of composites is growing in applications where weight savings, fuel economy, and other performance benefits are critical. Nevertheless, high cost and lack of suitable manufacturing process for high-volume applications continue to be a limiting factor for consumption of composite materials in the automotive industry. The high cost of material is also a limiting factor for developing new applications with high-performance materials such as carbon fiber composites.
The increased use and trust of composite materials is not without its challenges. The number one challenge of all OEMs is the importance of price. Cost pressures are everywhere and the automotive composites market must be part of the solution if use of composites is to grow. Primary resin and fiber costs present the single greatest barrier to the use of composite materials in automotive applications. For base resin suppliers, the last five years brought mixed results, as they have had to contend with higher costs, in most cases by issuing their own price increases.
The composites market report which provides trend scenarios and forecast statistics for 2013-2018, details industry drivers and challenges, compares properties and prices, and highlights industry leaders. The study also describes growth opportunities and emerging applications, manufacturing processes, and more.
For a detailed table of contents and pricing information on this timely, insightful report, contact Lucintel at +1-972-636-5056 or via email at helpdesk(at)lucintel(dot)com. Lucintel provides cutting-edge decision support services that facilitate critical decisions with greater speed, insight,automotive consulting and cost efficiency. To learn more, visit http://www.lucintel.com.