Press release
Automotive Polymer Composites Market Expected to Climb to USD 17.23 Billion by 2034 with a 4.9% CAGR
Automotive Polymer Composites Market
The global automotive polymer composites market size was valued at USD 10.69 billion in 2024. It is anticipated to generate an estimated revenue of USD 17.23 billion by 2034, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust CAGR of 4.9% over the forecasted timeframe of 2025-2034.
Market Overview
A composite is made up of strong fibers, such as carbon or glass, embedded in a matrix material, like an epoxy polymer. When combined, these materials provide enhanced properties compared to the individual substances on their own. Polymer composite substances may have massive benefits as they can be applied to make vehicles lightweight, secure, and more efficient.
Carbon fiber composites and glass fiber are lightweight and have elevated firmness, while thermoset and thermoplastic composites provide heat resistance and flexibility. Natural fibre composites are gaining popularity for their sustainability and lesser ecological influence. This merger of lightweightness and sustainable substances has transformed vehicle design, improving productivity and invention.
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Market Drivers
• Advancements in Electric Vehicles: The advancement of electric and independent vehicles is pushing the demand for lightweight and solid materials as these automobiles require advanced components with improved presentation possibilities. As per the International Energy Agency, in 2023, electric vehicle enrolment in the US reached 1.4 million with over 40% growth from 2022. Polymer composites are increasingly used for battery enclosures to decrease weight and enhance thermal handling, which is important for magnifying scope and productivity in electric vehicles, propelling the automotive polymer composites market growth.
• Growing Government Emission Directives: Governments globally are playing a crucial part in driving the acquisition of stringent discharge directives and sustainability enterprises. In March 2024, the Environmental Protection Agency concluded stricter Multi-Pollutant Emissions Standards for moderate duty and undemanding vehicles commencing with model year 2027.
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Competitive Landscape
The aggressive topography of the market is portrayed by the presence of several global and regional contenders concentrated on invention, product advancement, and tactical alliances to improve their market position. Some of the prominent players operating in the market include:
• BASF
• Covestro AG
• DuPont
• Gurit Services AG
• Hexcel Corporation
• Johns Manville. A Berkshire Hathaway Company
• KOLON Corp.
• Mitsubishi Chemical Group Corporation
• Owens Corning
• Plasan
• SGL Carbon
• Solvay
• Toray Industries
Regional Analysis
Europe accounted for the largest automotive polymer composites market share in 2024, owing to the region's strict ecological directives and a robust focus on reducing vehicle discharge. European automakers are increasingly obtaining lightweight materials such as polymer composites to confront these levels and enhance fuel efficiency.
Asia Pacific observed a notable surge due to accelerating automation , the growing automotive industry, and the rising demand for lightweight vehicles.
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Segmental Outlook
Polaris Market Research has segmented the automotive polymer composites market report on the basis of material, manufacturing process, product, application, and end use:
By Material Outlook
• Epoxy
• Polyurethane
• Polyamide
• Polypropylene
• Polyethylene
• Polyester
• Vinyl Ester
• Others
By Manufacturing Process Outlook
• Compression Molding
• Injection Molding
• Sheet Molding
• Resin Transfer Molding
By Product Outlook
• Glass Fiber Reinforced Polymer Composite
• Natural Fiber Reinforced Polymer Composite
• Carbon Fiber Reinforced Polymer Composite
By Application Outlook
• Interior Components
• Exterior Components
• Structural Components
• Powertrain Components
By End Use Outlook
• Conventional Vehicles
• Electrical Vehicles
• Trucks & Buses
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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