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Automotive Composites Market Segmentation, Applications, & Key Players Analysis Report 2024-2031

The automotive composites market is poised for significant growth in the coming years, fuelled by the increasing demand for lightweight materials to improve fuel efficiency and meet stricter emission regulations. A report by SNS Insider reveals that The  Automotive Composites Market Size was valued at USD 7.1 billion in 2023. It is estimated to reach USD 19.6 Billion by 2031 and grow at a CAGR of 11.9% over the Forecast period 2024-2031. The automotive composites market is witnessing exponential growth driven by the increasing demand for lightweight, high-performance materials in the automotive industry to enhance fuel efficiency, reduce emissions, and improve vehicle performance. Composites, which are materials made from two or more constituent materials with different physical or chemical properties, offer significant advantages over traditional metals such as steel and aluminum. These advantages include lower weight, higher strength-to-weight ratio, corrosion resistance, and design flexibility. In the automotive sector, composites are increasingly being used in body panels, chassis components, interior parts, and structural reinforcements to achieve weight reduction targets and meet stringent fuel efficiency and emissions regulations.

Moreover, advancements in composite manufacturing processes and technologies are driving innovation and market expansion in the automotive sector. Manufacturers are investing in automated production methods such as automated fiber placement (AFP), resin transfer molding (RTM), and compression molding to improve production efficiency, reduce cycle times, and enhance part quality. Additionally, the development of hybrid and multi-material composite solutions, which combine different types of fibers, resins, and reinforcements, enables engineers to tailor material properties to specific application requirements, such as crashworthiness, stiffness, and thermal conductivity, further driving adoption in automotive applications.

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Some of the Key Players Included are:

  • Mitsubishi Chemical Holding Corporation (Japan)
  • SGL Carbon (Germany)
  • Hexion (US)Teijin Limited (Japan)
  • UFP Technologies Ltd. (US)
  • Hexcel Corporation (US)
  • Toray Industries Inc. (Japan)
  • Solvay SA (Belgium)
  • Gurit (Switzerland) and Huntsman Corporation
  • other players

Market Scope:

Stringent regulations aimed at reducing greenhouse gas emissions from vehicles are driving a paradigm shift towards lightweight materials in the automotive industry. Automotive composites, renowned for their high strength-to-weight ratio, are emerging as a preferred alternative to heavier traditional materials like steel and aluminium. Lighter vehicles require less energy to propel, leading to improved fuel economy and reduced CO2 emissions. Electric vehicles benefit significantly from weight reduction, as lighter vehicles can travel further on a single charge. Lighter weight translates to better handling and acceleration, enhancing overall vehicle performance.

Market Growth:

With the development of technology and production processes, raw materials can be used in a growing number of components replacing steel and aluminum, thereby giving rise to an excellent future for car composites. In order to carry out the research in an effective manner, a Virtual Network of Automotive Composite Manufacturers and Researchers was set up. In parallel, the Virtual Network will include all industry experts that help to bring each of these parts

Market Segmentation:

The Automotive Composites market segmentation, based on fiber type, includes glass and carbon fiber. Glass fiber dominates the market; the glass fiber increasing need for cost-effective and lighter vehicles is driving the metal substitution in the automotive industry. In the production of lightweight vehicle components, including body panels, doors, roofs, frame segments, and seats, alternative materials, such as glass fibre-reinforced plastic GFRP, are increasingly used.

By Fiber Type:

  • Glass Fiber
  • Carbon Fiber
  • Others

By Resin Type:

  • Thermoset
  • Thermoplastic

By  Manufacturing Process:

  • Compression Molding
  • Injection Molding
  • Resin Transfer Molding (RTM)
  • Others

By Application:

  • Exterior
  • Interior
  • Powertrain
  • Chassis

By Vehicle Type:

  • Non-electric
  • Electric

Regional Analysis:

North America is expected to remain the dominant market throughout the forecast period. This dominance can be attributed to several factors. The increasing awareness of the negative environmental effects of burning fossil fuels and regional CO2 emissions limits are what are driving the North American automotive composites market. The growth of the North American automotive composites market has been facilitated by the expansion of technological advancements together with an increase in automobile production. The North American automotive composites industry is anticipated to be driven by strategic partnerships between automakers and carbon fiber and resin providers. Europe due to the expansion of the automotive sector across the continent, the market for automotive composites in Europe is anticipated to have strong demand. Germany, the UK, France, and Russia have significant market growth.

Key Takeaways:

  • The automotive composites market is projected to reach USD 9.92 billion by 2030, fueled by the growing demand for lightweight materials in the automotive industry.
  • Stringent emission regulations and the need for improved fuel efficiency are key drivers for the adoption of automotive composites.
  • Automotive composites offer a unique blend of lightweight properties, high strength, and design flexibility, making them ideal for various applications.
  • North America is expected to dominate the market due to stringent emission regulations and a strong automotive industry.

Recent Developments:

In February 2022, Teijin Limited entered into an agreement with Fuji Design Co. Ltd., a Japanese manufacturer of recycled carbon fibers to supply, market, and produce carbon fibre reinforced products from recycled carbon fibers.

Toray Industries Inc., in February 2023, introduced a Rapid Integration Molding Method for CRFPCarbon Reinforced Fiber Plastic Mobility Parts. This innovation shall make it possible to mold CFRP mobility components in a better and faster way than the conventional molding method.

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About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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