Market Trends of Italy Automotive Composites Industry
This section covers the major market trends shaping the Italy Automotive Composites Market according to our research experts:
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.
