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Italy Automotive Composites Market - Growth Trends and Forecasts (2020 - 2025)

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  • 80 Pages
  • August 2020
  • Region: Italy
  • Mordor Intelligence
  • ID: 5175777
The Italy Automotive Composites Market is projected to grow with a CAGR of more than 6 % during the forecast period.
  • Owing to several factors like, a slowdown in world economy, United States and China trade tensions and the outbreak of global pandemic situation of COVID-19 the automobile demand in the country are weak as compared to previous years.
  • In the year 2019, the country managed to record a sale of 1,916,320 units, with a slight 0.3% increase from that of 2018, according to the Italian automobile manufacturers association (ANFIA).
  • Owing to the presence of many supercar brands like Lamborghini, Pagani, Ferrari which use composite materials very extensively with an aim to reduce the overall weight of the vehicle and enhance the engine performance are driving factors for the market.
  • However, the high cost of manufacturing these materials will be a restraining factor for the market as its high cost are visible in the product price and many people are not able to afford it because of that. For instance, in August 2019, Pagani introduced Huayra Roadster B.C., which is priced at USD 4.5 million and this high price is attributed with the use of new kind of carbon-fiber and carbon-titanium to build the car out of, exclusive materials that up torsional rigidity by 12 percent; and flexional rigidity by 20 percent.

Key Market Trends

Super Cars Sales Driving the Market

Despite of a slowdown in the automotive industry, the supercar market witnessed impressive demand around the world. Italy is home for many supercar brands like, Lamborghini, Ferrari, Bugatti and many more. These supercars are using carbon fiber and other composite materials in their vehicles with an aim to reduce the weight and improve the vehicle performance also improving the fuel consumption is one of the targets.

These brands witnessed impressive demand all over the world for instance, Ferrari Australia reported 257 new vehicles as sold in 2019, up 6.6 per cent from 241 sales the year before and two-and-a-half times more than the 2012 tally of 98 deliveries.

Lamborghini registered an impressive growth of 43 percent in the year 2019. During the period, the brand sold a total of 8,205 cars. In the last two years the company has increased its sales figures by more than double.

In the year 2019, the carbon fiber material used in Lamborghini cars was sent to the International Space Station where it will be tested for severe conditions with a ranging temperature and other ranging from -40 to 392 degrees Fahrenheit), as well as massive doses of ultraviolet radiation, gamma rays and atomic oxygen from the highest and most rarefied layers of Earth’s atmosphere.

In July 2019, Lamborghini unveiled its Veneno Roadster for sale, the body of supercar is made from carbon fiber (both interior and exterior) and there are only 9 cars available for sale.

Carbon Fibers Holds Largest Market Share

There are several benefits of using carbon fibers in automobiles. It helps in reducing the overall weight of the vehicle and hence increase the fuel efficiency and reduce the harmful emission of gases in the atmosphere.

Also, its production process is more environmentally friendly than steel production, it’s about 14 times as energy-intensive as producing steel, which leads to curb the emission of harmful gases during production.

The demand for carbon fiber is expected to increase during the forecast period, as companies are forming new partnerships and launching new carbon fiber technologies for the manufacturing of automotive components, in turn aiding in driving the growth of automotive carbon fiber in the European market.

The growth in carbon fiber segment can be attributed to the increase in demand from manufacturers to produce exterior parts of vehicles, such as fenders, hoods, bumper beams, and deck lids using carbon fiber. It increases the durability of vehicles, thereby ensuring a long-life cycle of the automotive parts. The exterior parts manufactured from composites offer high stiffness, resulting in low damage to occupants in case of accidents.

Competitive Landscape

The Italy Automotive Composites Market is fragmented, with many players accounting for a small market share. Some of the prominent companies in Italy Automotive Composites Market are 3B Fiberglass, Solvay, Teijin, BASF, Gurit  and others.

For instance, in July 2019, Mitsubishi Chemical Corporation made an announcement that they are planning to start operations at Carbon fiber processing plant in Italy. With an intention to meet the high demand from European automobile OEMs MCC made an announcement to start up its European carbon fiber sheet molding compound (SMC) production facility in Italy. The new facility, slated to start operations in September 2020, will be located on a site adjoining C.P.C. SRL in Modena, Italy.

Reasons to Purchase this report:
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Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Market Drivers
4.2 Market Restraints
4.3 Porters Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5.1 Production Type
5.1.1 Vacuum Infusion Processing
5.1.2 Injection Molding
5.1.3 Compression Molding
5.1.4 Others
5.2 Material Type
5.2.1 Thermoset Polymer
5.2.2 Thermoplastic Polymer
5.2.3 Carbon Fiber
5.2.4 Others
5.3 Application Type
5.3.1 Structural Assembly
5.3.2 Power Train Components
5.3.3 Interior
5.3.4 Exterior
5.3.5 Others
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Base Group
6.2.2 BASF
6.2.3 3B-Fiberglass
6.2.4 Caytec Industries Inc.
6.2.5 Delphi
6.2.6 Gurit
6.2.7 General Motors Co.
6.2.8 Johns Manville
6.2.9 Kineco
6.2.10 Nippon Sheet Glass Co. Ltd.

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Base Group
  • BASF
  • 3B-Fiberglass
  • Caytec Industries Inc.
  • Delphi
  • Gurit
  • General Motors Co.
  • Johns Manville
  • Kineco
  • Nippon Sheet Glass Co. Ltd.