Press release
Automotive Composites Market Poised for 11.1 % Growth, Set to Hit $3.53 Billion by 2029
Automotive Composites
The automotive composites market is predicted to grow due to the rising demand for cars that are lightweight and fuel-efficient. These types of vehicles are designed to minimize weight, using materials such as composites and alloys, in a bid to reduce fuel usage and emissions while ensuring improved performance. The surge in uptake of these vehicles can be attributed to regulatory measures for reduced emissions, a growing demand from consumers for better fuel economy, and progression in materials technology which allows the production of lighter yet more robust vehicle parts. Automotive composites, which replace traditional materials like steel, lend to the vehicle's weight reduction and enhanced fuel efficiency, thanks to their superior strength-to-weight ratio and design adaptability. For example, a report in June 2024 from the Bureau of Economic Analysis, a US-based government institution, noted a significant increase in the sales of lightweight vehicles - covering both cars and light trucks -, escalating from 13.5 million units in December 2022 to 16.1 million units in December 2023 in the USA. Hence, the growing demand for lightweight and fuel-efficient vehicles is set to boost the automotive composites market.
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How will the growth rate of the automotive composites market shape industry trends by 2034?
The automotive composites industry has seen a significant expansion in its market size recently. The market is projected to increase from a value of $8.14 billion in 2024 to about $9.06 billion in 2025, reflecting a compound annual growth rate (CAGR) of 11.3%. The surge during the historic period is largely due to a heightened demand for lighter cars, a flourishing electric vehicle market, stricter governmental emissions standards, growth in worldwide vehicle manufacture, and an enhanced consumer inclination towards high-performing cars that offer superior fuel efficiency and safety specifications.
Anticipated at a compound annual growth rate (CAGR) of 11.1%, the size of the automotive composites market is expected to expand rapidly in the coming years, potentially reaching $13.8 billion in 2029. The expected growth during the forecast period can be attributed to the continued development of the EV market, heightened focus on material recycling and reuse driving innovation in eco-friendly composite solutions, increased industrialization pace, expansion of investment in research and development, and an extensive charging infrastructure. Key trends projected to emerge during the forecast period include the adaptation of 3D printing and additive manufacturing, the use of nanoparticles, an increased focus on renewable and bio-based materials, the utilization of advanced software tools to optimize the structure of composite elements, and the creation of sophisticated coatings.
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What trends are poised to drive the future success of the automotive composites market?
Prominent players in the automotive composites market are prioritizing the development of innovations like glass fiber composite technology. This advances vehicle manufacturing by increasing strength and decreasing weight. Glass fiber composite technology involves embedding glass fibers into a resin matrix to create robust, lightweight materials for different uses, including automotive parts. For example, the Navrattan Group, an Indian tech firm, introduced the E-Bus in June 2024. It's constructed with composite fiber materials and utilizes superior quality glass fiber composite technology combined with integrated processes. This groundbreaking design in electric vehicles amounts to a substantial advancement. The advanced materials used lead to a decrease in both body and gross vehicle weight, significantly boosting the overall performance of the bus.
Which primary segments of the automotive composites market are driving growth and industry transformations?
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 (Polyetheretherket*one)
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Which geographical regions are pioneering growth in 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.
Who are the influential players reshaping the automotive composites market landscape?
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
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What Is Covered In The Automotive Composites Global Market Report?
•Market Size Forecast: Examine the automotive composites market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive composites market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive composites market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive composites market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive composites market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive composites market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive composites market.
•Competitive Landscape: Review strategic developments in the automotive composites market, including expansions, agreements, and new product launches.
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