Automotive Composite Materials Market to Grow at 10.75% CAGR Driven by EV Adoption, Lightweighting Demand & Emission Regulations

According to DataM Intelligence, the Global Automotive Composite Materials Market reached US$31.37 billion in 2023 and is expected to reach US$71.01 billion by 2031, growing with a CAGR of 10.75% from 2024 to 2031. Growth is driven by rising demand for lightweight and fuel-efficient vehicles, stringent government emission regulations, increasing adoption in electric vehicles, and technological advancements in carbon and glass fiber composites for interior, exterior, and structural applications.

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North America Key Industry Developments
✅ Ongoing: Strong R&D investments and adoption of advanced composites in U.S. automotive manufacturing for emission compliance and EV battery enclosures.
✅ February 2020: SGL Carbon introduced novel composite battery containers tailored for electric vehicle platforms.

Asia-Pacific Key Industry Developments
✅ February 2023: Toray Industries Inc. developed a rapid integration molding technique for CFRP mobility components, enhancing production efficiency.
✅ February 2022: Teijin Automotive Technologies commenced construction of new facilities in China to support growing EV composite demand.
✅ February 2022: Teijin Limited established a joint venture with Fuji Design Co. Ltd. for recycled carbon fiber CFRP production and supply.

Key Mergers and Acquisitions (Recent)
✅ February 2022: Teijin Limited formed a joint venture with Fuji Design Co. Ltd. to advance recycled carbon fiber composites for automotive applications.
✅ Strategic Collaborations: Ongoing partnerships and expansions focusing on sustainable and high-performance composite solutions for EVs and lightweighting.

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Market Segmentation Analysis
By Fiber Type: Glass fiber dominates due to cost-effectiveness, strength, and wide applications in hoods, dashboards, and structural parts.
By Resin Type: Thermoset and thermoplastic resins.
By Manufacturing Process: Compression molding, injection molding, resin transfer molding (RTM), and others.
By Application: Exterior, interior, powertrain & chassis, and battery enclosures.

Regional Insights
North America leads the market due to advanced R&D, stringent fuel efficiency standards, and high EV adoption. Asia-Pacific is the fastest-growing region, driven by high vehicle production in China and India, low production costs, government initiatives like "Make in India," and surging EV sales.

Growth Drivers
Increasing demand for lightweight materials to enhance fuel efficiency and reduce emissions
Strict regulatory standards on vehicle emissions and fuel economy
Rapid growth in electric vehicle production requiring advanced composites
Technological innovations in carbon fiber and recycled composites
Expanding applications in structural, interior, and exterior vehicle components

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Key Players
The market includes leading companies such as Toray Industries Inc., SGL Carbon, Teijin Limited, Mitsubishi Chemical Holding Corporation, Hexcel Corporation, Owens Corning, Solvay SA, Gurit, UFP Technologies Ltd., Huntsman Corporation, and Hexion.

Key Highlights (Top 5 Key Players)
1. Toray Industries Inc. - Pioneering fast-molding CFRP technologies for high-volume automotive production.
2. Teijin Limited - Expanding facilities and joint ventures for EV composites and recycled carbon fibers.
3. SGL Carbon - Innovating composite battery enclosures for electric mobility platforms.
4. Mitsubishi Chemical Holding Corporation - Advancing high-performance carbon fiber solutions.
5. Hexcel Corporation - Focusing on lightweight composites for structural and exterior applications.

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