The automotive composites market has experienced rapid expansion, growing from $7.33 billion in 2023 to $8.14 billion in 2024 at a CAGR of 11.1%. This growth is attributed to rising demand for lightweight vehicles, the expansion of the EV market, stricter emission norms, increasing global vehicle production, and consumer preferences for high-performance, fuel-efficient, and safe vehicles. By 2028, the market is forecasted to reach $12.44 billion, with a CAGR of 11.2%, driven by the continued growth of the EV market, innovation in sustainable composite materials, industrialization, investments in R&D, and the expansion of charging infrastructure. Key trends include 3D printing, additive manufacturing, use of renewable materials, advanced software for optimizing composites, and the development of advanced coatings.
Global Automotive Composites Market Key Driver
The automotive composites market is expected to grow due to the increasing demand for lightweight and fuel-efficient vehicles. These vehicles are designed to reduce weight through materials like composites and alloys, aiming to lower fuel consumption and emissions while improving performance. The adoption of lightweight vehicles is driven by regulatory pressures for reduced emissions, consumer demand for better fuel economy, and advances in materials technology. Automotive composites replace traditional materials like steel, offering high strength-to-weight ratios and design flexibility. The Bureau of Economic Analysis reported that sales of lightweight vehicles, including automobiles and light trucks, surged from 13.5 million units in December 2022 to 16.1 million units by December 2023 in the USA. This growing demand for fuel-efficient vehicles is set to drive the automotive composites market.
Get A Free Sample Of The Automotive Composites Market Report
Global Automotive Composites Market Segments
The automotive composites market covered in this report is segmented –
1) By Material: Glass Fiber Composites, Natural Fiber Composites, Carbon Fiber Composites, Aramid Fiber Composites, Other Materials
2) By Resin: Thermoplastic, Thermoset
3) By Manufacturing Process: Compression Molding, Injection Molding, Resin Transfer Molding (RTM), Other Manufacturing Processes
4) By Application : Exterior, Interior, Structural And Powertrain, Other Applications
By Geography:The regions covered in the automotive composites market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the automotive composites market in 2023. Europe is expected to be the fastest-growing region in the forecast period.
Major Automotive Composites Industry Players
BASF SE, General Electric Company, Compagnie de Saint-Gobain S.A, Toray Industries Inc., DuPont de Nemours Inc., Owens Corning Corporation, Lanxess AG, Teijin Ltd., Solvay S.A., Nippon Sheet Glass Co. Ltd., Avient Corporation, Johns Manville Corp., Hexcel Corporation, SGL Carbon India Private Limited, Gurit (Tianjin) Composite Material Co. Ltd., Momentive Performance Materials Inc., UFP Technologies Inc., Exel Composites plc, Mitsubishi Chemical Carbon Fiber and Composites Inc., Sigmatex Limited, Composites Evolution Ltd., Innegra Technologies LLC
Purchase The Global Automotive Composites Market Report Directly And Get A Swift Delivery
Automotive Composites Market Overview
Automotive composites refer to materials composed of two or more distinct components combined to enhance vehicle performance, efficiency, and durability. These materials typically include a reinforcing phase, such as fibers or particles, embedded within a matrix material. They are used extensively in automotive manufacturing to reduce weight, improve fuel efficiency, and enhance structural integrity across various vehicle components.
Automotive Composites Global Market Report 2023 provides data on the global automotive composites market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive composites market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
