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Automotive Composites Market is Anticipated to Expand upto $13.11 Billion in 2029
Automotive Composites
What Is the Forecasted Market Growth Rate of the Automotive Composites Industry?
Over the past few years, the size of the automotive composites market has seen robust growth. The market, which was worth $8.14 billion in 2024, is projected to grow to $8.95 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 10.0%. Factors contributing to this growth during the historical period include the rising demand for lightweight vehicles, the expansion of the electric vehicle market, stringent emission standards set by the government, an increase in global vehicle production, and heightened consumer preference for high-performance, fuel-efficient vehicles that offer enhanced safety features.
How Will the Automotive Composites Market Size Evolve From 2025 to 2029?
Expectations are high for the rapid expansion of the automotive composites market in the coming years, with predictions of a market value of $13.11 billion by 2029, and a compound annual growth rate (CAGR) of 10.0%. The projected growth during this period is seen as a result of several factors, including the continuous development of the electric vehicle (EV) market, increasing focus on recycling and reusing materials leading to innovative, sustainable composite solutions, swift industrial growth, escalated investments in research and development, and enlarging charging infrastructure. Notable trends during this forecast period point towards 3D printing and additive manufacturing, incorporation of nanoparticles, the rising use of renewable and bio-based materials, advancement in software tools that optimize the structure of composite components, and progress in advanced coatings.
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What Are the Main Growth Drivers in the Automotive Composites Market Today?
The surge in demand for vehicles that are lightweight and fuel-efficient is anticipated to fuel the expansion of the automotive composites market. Vehicles that are lightweight and fuel-efficient are designed to reduce overall weight by using materials such as composites and alloys, leading to lower fuel consumption and emissions while enhancing performance. The escalating adoption of these vehicles can be attributed to regulatory requirements for reduced emissions, consumer preference for greater fuel efficiency, and advancements in material technology that allow for lighter and stronger vehicle components. Automotive composites, which replace traditional materials like steel, contribute to a reduction in vehicle weight and better fuel efficiency due to their high strength-to-weight ratio and design flexibility. For example, the Bureau of Economic Analysis, a US government agency, reported in June 2024 that the USA saw the sale of lightweight vehicles, including automobiles and light trucks, soar from 13.5 million units in December 2022 to 16.1 million units by December 2023. Hence, the rise in demand for vehicles that are lightweight and fuel-efficient will continue to stimulate the automotive composites market.
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Which Automotive Composites Market Segment Is Expected to Lead Through 2029?
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 (Polyetheretherne)
Which Market Trends Are Expected to Dominate Automotive Composites Industry Growth?
Key players in the automotive composites market are investing in innovative development such as glass fiber composite technology to boost strength and minimize weight in car manufacturing. Glass fiber composite technology involves embedding glass fibers in a resin structure to create robust and lightweight materials for diverse uses, including auto parts. For example, Navrattan Group, a technology firm based in India, unveiled the E-Bus in June 2024, constructed with composite fiber materials. Utilizing superior glass fiber composite technology in conjunction with integrated methods, the E-Bus symbolizes a major progression in electric vehicle design. The application of these high-end materials leads to decreased body weight and a lower gross vehicle weight, substantially improving the bus's overall efficiency.
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Which Companies Hold the Largest Market Share in the Automotive Composites Sector?
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
Where Is the Automotive Composites Market Experiencing the Highest Growth?
Asia-Pacific was the largest region in the automotive composites market in 2024. 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.
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