Automotive Composites Market Trends, Size & Share (2024)

The automotive composites industry is expected to grow at an impressive CAGR of 11% over the next ten years, with a global market valued at US$ 6.35 billion in 2021 and projected to reach US$ 20 billion by 2032

Rise in the need for the environment-friendly electric vehicle because of the increase in pollution related to the increase in the acceptance of natural-fiber based composites in the applications of automotive will fuel the global automotive composites market growth in the coming years. Factors that are responsible for the growth of global automotive composites market size are the increase in lightweight materials used with the application of affordable measures for reducing the emission of carbon. These factors are improving the efficiency of fuel in the vehicle and superior strength to the ratio of weight. Change in the trends towards the affordable replacements, lightweight and strong components will impact positively for the penetration of the automotive vehicles and is estimated to increase the automotive composites market.

Automotive industry worldwide is concentrating on the implementation of the strict rules like the European Emission Standards (EES) and Corporate Average Fuel Efficiency (CAFE) conveyed by the governments of Europe and U.S, to lessen the emission of CO2. To obey the rules of government, vehicle manufacturers are using lightweight materials like composites to manufacture the bodies of vehicles. Automotive composites are widely used for the manufacturing of vehicles as they are replacing the traditional heavy materials like aluminum and steel. Factors that are leading towards the growth of automotive composites market are the implementation of strict rules of government and rise in the demand for the less weighted vehicles.

Factors that are responsible for the growth of automotive composites market are robust demand for the automotive composites in the aerospace and automotive industries. Moreover, strict rules and standards particular to the emission of CO2 in Europe and North America are propelling to boost the automotive composites market in the coming years. In addition, increase in the demand for lightweight vehicles in the Asia Pacific region because of increase in the prices of fuel are providing the new opportunities to manufacturers for the growth of automotive composites market during the forecast period.

Global automotive composites market trends are rules of government for accepting the ways to decrease the emission of carbon and increase in the demand for the lightweight passenger vehicles offer developed fuel efficiency in the vehicles. Moreover, expensive raw materials are controlling the growth of automotive composites market.

Global automotive composites market is segmented into the application, vehicle type, manufacturing process, resin type, fiber type and region. On the basis of application, automotive composites market is divided into chassis, powertrain, interior, and exterior. On considering the vehicle type, automotive composites market is divided into electric and non-electric vehicles. Based on the manufacturing process, automotive composites market is divided into resin transfer molded, injection molded, compression molded and more. Based on resin type, the market is divided into thermoplastic automotive composites and thermoset automotive composites. Thermoplastic automotive composites are further divided into polyamide, polypropylene, polyphenylene sulfide and more, whereas thermoset automotive composites are divided into epoxy resin, vinyl ester resin, polyester resin and more. By fiber, the market is divided into the glass fiber, carbon fiber and more.

Geographically, regions in the development of global automotive composites market share are Europe & CIS, North America, Asia Pacific, South America and Middle East & Africa. Europe & CIS is the fastest growing region because of the growth in demand for automotive composites from original equipment manufacturers. Europe holds the largest global automotive composites market share.

Automotive Composites Market Scope

Key segments of the global Automotive Composites market
By Fiber Type (USD Million)
• Glass Fiber
• Carbon Fiber
• Others
By Resin Type (USD Million)
• Thermoset
• Thermoplastic
Regional Overview, (USD Million)
• North America
o U.S.
o Canada
o Mexico
• Europe
o UK
o Italy
o France
o Germany
o Russia
o Rest of Europe
• Asia-Pacific
o China
o Japan
o Korea
o India
o Southeast Asia
o Rest of Asia-Pacific
• Middle East & Africa
o Saudi Arabia
o UAE
o Egypt
o Nigeria
o South Africa
o Rest of Middle East & Africa
• Central & South America
o Brazil
o Argentina
o Colombia
o Rest of South America