How Has the Automotive Composites Market Evolved Historically and What is its Current Size?
The automotive composites market has seen considerable growth due to a variety of factors.
• The automotive composites market has seen rapid expansion recently, set to grow from $8.14 billion in 2024 to $9.06 billion in 2025, at a CAGR of 11.3%.
The market's growth is driven by the increasing demand for lightweight vehicles, the expansion of the EV market, stricter government emissions regulations, higher global vehicle production, and consumer preference for high-performance, fuel-efficient, and safe vehicles.
What Is The Projected Growth Of The Automotive Composites Template Market?
The automotive composites market is expected to maintain its strong growth trajectory in upcoming years.
• The automotive composites market is expected to experience rapid growth, reaching $13.8 billion by 2029 at a CAGR of 11.1%.
This growth is supported by the ongoing expansion of the EV market, a focus on material recycling, increased industrialization, greater investments in R&D, and the development of charging infrastructure. Key trends include 3D printing, the use of nanoparticles, a rise in renewable and bio-based materials, advanced software for optimizing composite structures, and the creation of advanced coatings.
What Are The Key Drivers Fueling Growth In The Automotive Composites Market?
The rising demand for lightweight and fuel-efficient vehicles is expected to drive the growth of the automotive composites market. Vehicles designed to be lighter and more fuel-efficient, often using composites and alloys, are becoming increasingly popular as consumers demand better fuel economy and lower emissions. Composites replace traditional materials like steel, reducing vehicle weight and improving fuel efficiency. According to the Bureau of Economic Analysis, sales of lightweight vehicles in the USA surged from 13.5 million units in December 2022 to 16.1 million units in December 2023, driving the automotive composites market.
What Are The Principal Market Segments In The Global Automotive Composites Industry?
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
Subsegments:
1) By Glass Fiber Composites: E-Glass Composites, S-Glass Composites
2) By Natural Fiber Composites: Hemp Fiber Composites, Jute Fiber Composites, Flax Fiber Composites
3) By Carbon Fiber Composites: Continuous Carbon Fiber Composites, Short Carbon Fiber Composites
4) By Aramid Fiber Composites: Kevlar-Based Composites, Twaron-Based Composites
5) By Other Materials: Basalt Fiber Composites, PEEK Composites (Polyetheretherketone)
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Which Emerging Market Trends Are Altering The Automotive Composites Industry?
In the automotive composites market, companies are incorporating glass fiber composite technology to reduce weight and increase strength in vehicle manufacturing. For instance, Navrattan Group launched an E-Bus in June 2024, utilizing composite fiber materials. The lightweight structure of the bus improves efficiency by reducing body weight, thus enhancing the overall performance and range of the electric vehicle.
Who Are the Key Players In The Automotive Composites Market?
Major companies operating in the automotive composites market are:
• 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
What Are The Regional Insights Into The Automotive Composites Market?
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. The regions covered in the automotive composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
