Automotive Composite Materials Market to Reach USD 71.01 Billion by 2031 at 10.75% CAGR | Asia Pacific Holds 40% Share | Key Players: Toray Industries, Inc., Teijin Limited, Hexcel Corporation

The Automotive Composite Materials Market reached US$ 31.37 billion in 2023 and is projected to reach US$ 71.01 billion by 2031, expanding at a CAGR of 10.75% during the forecast period from 2024 to 2031, according to a report by DataM Intelligence. Market growth is primarily driven by the rising demand for lightweight, fuel efficient, and low emission vehicles, as automakers increasingly adopt advanced composite materials to reduce overall vehicle weight while maintaining structural strength and safety.

Additionally, the accelerating transition toward electric vehicles, stringent environmental regulations, and continuous advancements in carbon fiber, glass fiber, and polymer matrix composites are further supporting market expansion. These materials enhance vehicle performance, durability, and energy efficiency, making them essential for next generation automotive design and manufacturing.

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Automotive Composite Materials Market refers to the industry focused on the development, manufacturing, and use of composite materials, such as carbon fiber, glass fiber, and polymer composites, in automotive components to reduce weight, improve performance, and enhance fuel efficiency.

Key Developments
✅ January 2026: In North America and Europe, Teijin Limited expanded production capacity for carbon fiber reinforced composites used in lightweight automotive structural components to support EV and high-performance vehicle manufacturing.

✅ December 2025: In Europe (Germany), LANXESS AG launched new high-performance glass fiber reinforced polyamide composites designed to improve impact resistance and reduce weight in automotive engine covers and under-hood components.

✅ November 2025: In Asia Pacific (Japan and South Korea), Toray Industries, Inc. reported increased adoption of its advanced thermoplastic composites for interior trim and battery enclosure applications in electric vehicles.

✅ October 2025: Across global automotive markets, SGL Carbon SE expanded its portfolio of lightweight composite materials for body panels and chassis reinforcements, addressing automaker goals for improved fuel efficiency and crash performance.

✅ September 2025: In North America, Hexcel Corporation introduced a new series of aerospace-derived composite prepregs adapted for automotive use to support ultra-lightweight structural parts and improve payload efficiency in EV platforms.

✅ August 2025: In Europe and Asia Pacific, Mitsubishi Chemical Advanced Materials strengthened its supply agreements with major OEMs to deliver long-fiber thermoplastics and hybrid composite materials tailored to high-volume automotive applications.

Key Players
Toray Industries, Inc. | SGL Carbon | Teijin Limited | Mitsubishi Chemical Holdings Corporation | Hexcel Corporation | Owens Corning | Solvay SA | Gurit | UFP Technologies, Inc. | Huntsman Corporation | Hexion Inc.

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Market Drivers
Need for Vehicle Weight Reduction and Fuel Efficiency: Increasing emphasis on lightweight materials to improve fuel economy and reduce emissions is driving composite adoption.

Growth of Electric and Hybrid Vehicles: EVs require high strength, low mass components to extend battery range and improve performance.

Stricter Emissions and Safety Regulations: Regulatory pressure to meet CO2 targets and crash safety standards is accelerating use of engineered composite solutions.

Expansion of Structural and Functional Applications: Use of composites in body panels, chassis components, and interior parts is increasing due to performance and durability advantages.

Advancements in Composite Manufacturing Technologies: Innovations in resin systems, molding processes, and automation are improving cost efficiency and scalability.

Industry Developments
Launch of Advanced High Performance Composite Materials: Manufacturers are introducing carbon fiber, glass fiber, and hybrid composites tailored for automotive specifications.

Integration with Automated and Additive Manufacturing: Adoption of automated layup, compression molding, and 3D printing technologies is enhancing precision and production speed.

Strategic Partnerships Across OEMs and Material Suppliers: Collaborations are accelerating development of lightweight components and supply chain resilience.

Expansion of Recycled and Sustainable Composite Solutions: Growth of bio based resins and recycled fiber materials supports environmental and circular economy goals.

Focus on Simulation and Digital Engineering Tools: Digital twin and material modeling solutions are optimizing composite part design and performance validation.

Regional Insights
Asia Pacific - Holds 40% share: Largest automotive manufacturing hub, strong EV production growth, and composites integration drive regional leadership.

Europe - Holds 28% share: Advanced engineering expertise, emissions regulations, and premium vehicle demand sustain steady growth.

North America - Holds 24% share: High adoption of lightweight technologies, EV innovation, and advanced production capabilities support expansion.

Latin America - Holds 5% share: Emerging automotive production and modernization initiatives support growing composite use.

Middle East & Africa - Holds 3% share: Gradual integration of advanced materials in automotive and industrial applications contributes to early stage growth.

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Key Segments
By Fiber Type
Glass fiber composites dominate due to their cost effectiveness, corrosion resistance, and suitability for high volume automotive components. Carbon fiber offers superior strength to weight ratio and stiffness, making it ideal for lightweight structural and performance focused vehicle applications. Other fibers include aramid and hybrid reinforcements used in specialized safety or durability focused components.

By Resin Type
Thermoset resins are widely used for their dimensional stability, heat resistance, and strong mechanical bonding in structural automotive parts. Thermoplastic resins are gaining traction because of recyclability, faster processing cycles, and suitability for mass production of lightweight components.

By Manufacturing Process
Compression molding is extensively adopted for producing large, high strength composite parts at scale. Injection molding supports complex geometries and rapid production for thermoplastic composites. Resin transfer molding (RTM) enables precise fiber placement and high structural integrity for advanced vehicle components. Other processes include filament winding and pultrusion for niche structural uses.

By Application
Exterior applications include body panels, bumpers, and aerodynamic structures that benefit from lightweight durability. Interior components focus on dashboards, seat structures, and trim elements requiring design flexibility and weight reduction. Powertrain and chassis applications demand high mechanical strength and thermal resistance. Battery enclosures are a fast growing segment driven by electric vehicle safety, thermal management, and lightweighting needs.

By Vehicle Type
Non electric vehicles continue to utilize composites for fuel efficiency improvement and emission reduction. Electric vehicles represent the fastest growing segment as lightweight composite materials extend driving range, enhance battery protection, and support advanced structural integration.

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