The automotive industry of most of the countries in Latin America witnessed growth in the number of new vehicle registration during the past few years. However, this rise in number of vehicles increased the Greenhouse Gases (GHG) emissions in the environment. In addition to this, the transport industry of Latin America is the primary contributor to the high levels of CO2 emission. Owing to the alarming GHG level in the region, countries such as Brazil, Argentina, Chile and others have pledged to reduce the GHG levels to a certain level in the coming future. Such initiatives have motivated the auto players in the region to deploy composite materials in their models as composites reduce the overall weight of the vehicle and increase the fuel efficiency. Latin America is considered to be one of the major potential business areas by most of the automotive OEMs and composite materials suppliers. Hence these players are expanding their businesses in the region to tap the possible opportunities. Such factors are attributed to expand the automotive composite materials market in the region. However, high costs associated with raw materials, manufacturing process and installation are the major challenges hampering the market growth.
Insights Presented in the Report:
Latin America automotive composites material market is segmented based on different materials such as Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC), Ceramic Matrix Composite (CMC) and Hybrid Composite. Currently, PMCs are the most popular composite type among the automakers, as they have high flexibility, high insulation, lower density and lighter weight than other composite materials type. In addition, to get a deep dive analysis of PMC, the segment is further segmented by matrix type this includes, thermosets and thermoplastics. However, low cost and exceptional structural and mechanical properties of hybrid composites are making them an alternative to the single fiber composites. Hence hybrid composites are anticipated to be the fastest growing segment during the forecast period.
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The market is further fragmented across different manufacturing processes. This includes hand lay-up, compression molding, injection molding, and Resin Transfer Molding (RTM). Injection molding process dominated the market in 2017 and is expected to continue its dominance over the forecast period. The injection molding process was valued at $175.2 billion in 2017. On the other hand, RTM will be the fastest growing manufacturing process because of its growing adoption in the auto industry.
Based on several application areas in automobiles, Latin America automotive composite materials market is segmented into interior, exterior, chassis, powertrain & under the hood and structural. Among different application areas, exterior segment dominated the market in 2017. As Latin America’s automotive industry is highly influenced by North America, the stringent regulations on vehicle interior air quality in North America are expected to fuel the demand of composite demand for vehicle interiors in Latin America as well, owing to which Latin America interior application market is expected to be the fastest growing market during the forecast period.
Latin America automotive composite materials market is further segmented based on different vehicle types. This includes performance cars, passenger cars and other (commercial vehicles and others). Passenger car segment held the maximum market share in 2017 and will continue to dominate the market during the forecast period.
The report also comprises of a deep dive analysis of Latin America’s automotive composite materials market across different countries. This segment includes countries such as Brazil, Argentina, Chile and rest of LATAM. Brazil dominated the market with a market value of $203.2 million in 2017.
Top Companies in the Composites Market
The major companies that are profiled in the study are BASF SE, DowDupont Inc., Gurit Holding AG, Magna International Inc., Mitsubishi Chemical Holdings Corporation, Owens Corning, SGL Group, Solvay SA, Teijin Limited and Toray Industries Inc. For most of the automotive OEMs and composite materials suppliers, Latin America is a potential region for growth, and so they are expanding their businesses in the region to strengthen their foothold in the market.
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Reasons to buy the Report:
The study includes market sizing and forecasting analysis validated by authenticated key industry experts
The report presents a quick review of overall industry performance at one glance
The report covers in depth analysis of prominent industry peers with primary focus on key business financials, product portfolio, expansion strategies and recent developments
Detailed examination on drivers, restraints, key trends and opportunities prevailing in the industry.
Examination of industry attractiveness with the help of Porter’s Five Forces analysis
The study comprehensively covers the market across different segments
Deep dive regional level analysis of the industry.
The Latin America Automotive Composite Market can be customized to country level or any other market segment. Besides this, UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients.
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