Thermoset resin in the global automotive composites market is forecast to grow at a CAGR of 6.6% from 2016 to 2021.
The future of automotive thermoset resin composites market looks good with opportunities in interior, exterior and others components. The major growth drivers for this market are increasing automotive production and growing demand for lightweight and durable materials due to stringent government regulations to increase fuel efficiency and reduce greenhouse gas emissions.
Emerging trends, which have a direct impact on the dynamics of the automotive thermoset resin composites industry, include development of rapid cure resin systems, emergence of bio based thermosets, and increasing use of Fire, Smoke, and Toxic (FST) resin.
Automotive thermoset resin composite companies profiled in this market report include Ashland, Polynt, Huntsman Corporation, Aliancys A.G., Hexion, and AOC LLC are among the major suppliers of thermoset resin in the global automotive composites market.
On the basis of its comprehensive research, the author forecasts that the exterior component is expected to be the largest market and expected to show the highest growth rate during the forecast period of 2016 to 2021.
Within the thermoset resin in the global automotive composites market, sheet molding Compound/bulk molding compound (SMC/BMC), phenolic molding compound (PMC), and others are the major intermediate materials to manufacture automotive parts. SMC/BMC is expected to remain the largest market by value and volume, mainly driven by lowering the weight of the vehicle as well as offering parts consolidation, corrosion resistance, and lower capital investment for shorter series production.
North American is expected to remain the largest market due to growing demand for lightweight and environmentally sustainable composite materials from the automotive industry. Government regulations, such as CAFÉ Standards in the US are putting pressure on OEMs to incorporate light-weight materials to curb the overall vehicle weight, and this is the key driver for thermoset resin in the automotive industry.
The study includes a forecast for automotive thermoset resin composites market through 2021 segmented by components, application, intermediate material type, resin type, by country and region as follows:
Automotive thermoset resin composites market by Automotive Components (Value ($M) and Volume (M lbs) from 2010 to 2021):
- Interior - Exterior - Others
Automotive thermoset resin composites market by Automotive Applications (Value ($M) and Volume (M lbs) from 2010 to 2021):