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The global automotive composites market was valued at $3.1 billion in 2014 and is expected to increase to $7 billion by 2022, increasing at a compound annual growth rate (CAGR) of 8.8%, according to a recent report from Persistence Market Research.
Stringent fuel efficiency norms are compelling automotive original equipment manufacturers (OEMs) to reduce the weight of their vehicles, thus spurring the use of lightweight materials such as plastics, composites, and aluminum.
JEC Composites recently gave its JEC 2015 Jury Prize to Hyundai and chassis designer Axon Automotive (part of Far-UK Ltd.) for the Intrado hydrogen-powered crossover car.
The current laminating industry mindset is to simply try anything. Many manufacturers have started to realize that creative combinations of unexpected substrates might fill untapped demand for finished products that look and feel novel, are extra sturdy, or display other desirable properties that are unattainable with standard materials.
Michelman recently announced it has been chosen to be part of an elite, 122-member consortium that will make up the new Institute for Advanced Composites Manufacturing Innovation (IACMI).