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Automotive Composites Market Trends and Growth Opportunities 2024
Automotive Composites Market Trends
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According to The Business Research Company's, The automotive composites market size has grown rapidly in recent years. It will grow from $7.33 billion in 2023 to $8.14 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to increased demand for lightweight vehicles, expansion of the EV market, government enforcement of stricter emission norms, growth in global vehicle production, and increased consumer preference for high-performance vehicles with better fuel efficiency and safety features.
The automotive composites market size is expected to see rapid growth in the next few years. It will grow to $12.44 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to ongoing growth in the EV market, increased emphasis on recycling and reuse of materials will drive innovation in sustainable composite solutions, rapid industrialization, increased investments in research and development, and expansion of charging infrastructure. Major trends in the forecast period include 3D printing and additive manufacturing, incorporation of nanoparticles, increased use of renewable and bio-based materials, advanced software tools for optimizing the structure of composite components, and development of advanced coatings.
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Market Drivers and Trends:
The increasing demand for lightweight and fuel-efficient vehicles is expected to propel the growth of the automotive composites market going forward. Lightweight and fuel-efficient vehicles refer to automobiles designed to minimize overall weight through materials such as composites and alloys, aiming to reduce fuel consumption and emissions while improving performance. The rising adoption of lightweight and fuel-efficient vehicles is driven by regulatory pressures for lower emissions, consumer demand for improved fuel economy, and advancements in materials technology enabling lighter yet stronger vehicle components. Automotive composites are used to replace traditional materials such as steel, reducing vehicle weight and improving fuel efficiency through their high strength-to-weight ratio and design flexibility. For instance, in June 2024, according to the Bureau of Economic Analysis, a US-based government agency, the sales of lightweight vehicles, encompassing automobiles and light trucks, surged from 13.5 million units in December 2022 to 16.1 million units by December 2023 in the USA. Therefore, the increasing demand for lightweight and fuel-efficient vehicles will drive the automotive composites market.
Major companies operating in the automotive composites market are focused on developing innovations such as glass fiber composite technology to enhance strength and reduce weight in vehicle manufacturing. Glass fiber composite technology refers to the use of glass fibers embedded in a resin matrix to create strong and lightweight materials for various applications, including automotive components. For instance, in June 2024, Navrattan Group, an India-based technology company, launched the E-Bus, built using composite fiber materials. Employing high-quality glass fiber composite technology merged with integrated processes, this E-Bus represents a leap forward in electric vehicle design. The use of these advanced materials results in a reduced body weight and a lower gross vehicle weight, significantly enhancing the overall efficiency of the bus.
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Major Key Players of the Market:
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
Automotive Composites Market 2024 Key Insights:
• The automotive composites market size is expected to see rapid growth in the next few years. It will grow to $12.44 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%.
• Impact Of Demand For Lightweight And Fuel-Efficient Vehicles On The Automotive Composites Market
• Advanced Eco-Friendly Solutions Enhanced Market Growth
• Asia-Pacific was the largest region in the automotive composites market in 2023
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