According to a new market report published by Lucintel, the future of thermoset resin in the global automotive composites market looks good with opportunities in various applications of interior, exterior and others. Thermoset resin in the global automotive composites market is forecast to grow at a CAGR of 6.6% from 2016 to 2021. 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.
In this market, interior, exterior and others are the applications. On the basis of its comprehensive research, Lucintel forecasts that the exterior is expected to be the largest market and witness the highest growth rate during the forecast period of 2016 to 2021.
Within the thermoset resin in the global automotive composites market, SMC/BMC, 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.
By resin type, unsaturated polyester resin composites are expected to remain the largest market by value and volume consumption. Ease of handling, low cost, chemical resistance, and dimensional stability, as well as good mechanical and electrical properties are the properties which drive unsaturated polyester resin composite demand in automotive.
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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.
For business expansion, Lucintel’s report suggests innovation and new product development to produce thermoset resin that have higher strength, lower environmental impact, fast curing, and ease of processing. The report further suggests the development of partnerships with customers to create win-win situations and development of low-cost solutions for customers.