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REPORT HIGHLIGHT

Automotive Composites Market size was valued at USD 9,345.67 million in 2023, expanding at a CAGR of 14.2% from 2024 to 2032.

The Automotive Composites Market refers to using composite materials, such as carbon fiber, glass fiber, and natural fiber, in vehicle manufacturing to enhance performance and efficiency. With the growing emphasis on lightweight vehicles to improve fuel efficiency and reduce emissions, automakers are increasingly integrating composites into structural and non-structural components, achieving weight reductions of up to 40%. The demand is further amplified by stringent environmental regulations and the push for electric vehicle adoption. Challenges persist, including high production costs and recyclability issues, which hinder broader adoption, especially in cost-sensitive markets. However, advances in manufacturing techniques, such as high-pressure resin transfer molding, and increasing investments in bio-based composites open lucrative opportunities for market expansion. Notably, the automotive sector accounts for approximately 30% of global carbon fiber consumption, reflecting its significant role in driving material innovations.

Automotive Composites Market- Market Dynamics

Rising Demand for Lightweight and Sustainable Vehicles Accelerates Growth in the Automotive Composites Market

The growing emphasis on lightweight and sustainable vehicles is revolutionizing the Automotive Composites Market, driven by stringent emission norms and the push for greener mobility solutions. Leading automakers, such as BMW and Tesla, are increasingly adopting carbon fiber-reinforced plastics (CFRP) to reduce vehicle weight, with BMW's i3 model utilizing approximately 20% carbon fiber in its construction. Glass fiber composites, accounting for over 50% of total composite material usage in the automotive industry, remain a popular choice due to their cost-effectiveness and strength. Additionally, government initiatives like the European Union's CO2 emission standards, targeting an average fleet emission of 95 g/km for passenger cars, are prompting manufacturers to integrate advanced composite materials. The increased use of natural fibers, like jute and hemp, in dashboards and door panels also highlights a shift toward eco-friendly alternatives, supporting both environmental goals and performance needs.

Automotive Composites Market- Key Insights

As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 14.2% over the forecast period (2024-2032)

Based on Material Type segmentation, Carbon Fiber Composites was predicted to show maximum market share in the year 2023

Based on Resin Type segmentation, Thermoset Resins were the leading type in 2023

Based on region, North America and Europe was the leading revenue generator in 2023

Automotive Composites Market- Segmentation Analysis:

The Global Automotive Composites Market is segmented based on Material Type, Resin Type, Application, and Region.

The market is divided into three categories based on Material Type: Carbon Fiber Composites, Glass Fiber Composites, and Natural Fiber Composites. Carbon Fiber Composites lead the automotive composites market due to their lightweight and high-strength properties, followed by Glass Fiber Composites, offering cost-effective solutions for mass production. Natural Fiber Composites are gaining traction due to their sustainability but remain a smaller segment.

The market is divided into two categories based on Resin Type: Thermoplastic and Thermoset. Thermoset resins dominate the automotive composites market due to their superior strength and durability, especially in structural applications. Thermoplastic resins are gaining popularity for their recyclability, ease of processing, and suitability for mass production, driving growth in non-structural components.

Automotive Composites Market- Geographical Insights

The Automotive Composites Market exhibits significant regional variation, driven by differing levels of automotive production, regulatory frameworks, and material adoption. North America and Europe dominate the market due to their advanced automotive sectors, strict emission norms, and investments in electric vehicles. Countries like the United States and Germany are key contributors, leveraging innovations in carbon fiber and glass fiber composites. Asia-Pacific, led by China, Japan, and India, is a rapidly growing region, fueled by the increasing production of passenger and electric vehicles, alongside rising demand for lightweight materials. Meanwhile, the Middle East and Africa focus on luxury and sports vehicles, with composites gaining traction in niche markets. Latin America, though smaller in scale, is seeing growth with local manufacturing hubs adapting to global lightweight trends. Regional policies and raw material availability further influence market dynamics globally.

Automotive Composites Market- Competitive Landscape:

The Automotive Composites Market is highly competitive, with major players focusing on innovation, strategic collaborations, and sustainability. Leading companies like Toray Industries, SGL Carbon, and Hexcel Corporation dominate the carbon fiber and composite material segments, investing heavily in R&D to enhance performance and reduce production costs. DSM Engineering Plastics and BASF are also significant players, providing high-performance thermoplastic composites for automotive applications. Collaborations between automakers and material suppliers, such as BMW's partnership with SGL Carbon for carbon fiber production, enable continuous advancements in lightweight vehicle manufacturing. Additionally, newer entrants and smaller companies are emerging in the bio-based composites segment, aligning with sustainability trends. The market is also seeing increased mergers and acquisitions, as companies seek to expand their portfolios and increase their presence in emerging markets, particularly in Asia-Pacific. The competitive landscape remains dynamic, driven by the growing demand for fuel-efficient, eco-friendly vehicles.

Recent Developments:

In September 2024, BMW and Toyota plan to launch their first fuel cell electric vehicle (FCEV) in 2028, utilizing composite hydrogen tanks for storage. This collaboration aims to enhance hydrogen fuel cell technology and expand FCEV options while maintaining distinct brand identities.

In January 2024, Sonichem launched the CARMA project, receiving nearly £600,000 from Innovate UK's REforMM program to develop bio-based plastics for the automotive industry. This initiative aims to convert sawdust into high-quality lignin, creating sustainable alternatives to petrochemical materials.

SCOPE OF THE REPORT

The scope of this report covers the market by its major segments, which include as follows:

GLOBAL AUTOMOTIVE COMPOSITES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS

GLOBAL AUTOMOTIVE COMPOSITES MARKET, BY MATERIAL TYPE- MARKET ANALYSIS, 2019 - 2032

GLOBAL AUTOMOTIVE COMPOSITES MARKET, BY RESIN TYPE- MARKET ANALYSIS, 2019 - 2032

GLOBAL AUTOMOTIVE COMPOSITES MARKET, BY APPLICATION- MARKET ANALYSIS, 2019 - 2032

GLOBAL AUTOMOTIVE COMPOSITES MARKET, BY REGION- MARKET ANALYSIS, 2019 - 2032

Table of Contents

1. Automotive Composites Market Overview

2. Executive Summary

3. Automotive Composites Key Market Trends

4. Automotive Composites Industry Study

5. Automotive Composites Market: Impact of Escalating Geopolitical Tensions

6. Automotive Composites Market Landscape

7. Automotive Composites Market - By Material Type

8. Automotive Composites Market - By Resin Type

9. Automotive Composites Market - By Application

10. Automotive Composites Market- By Geography

11. Key Vendor Analysis- Automotive Composites Industry

12. 360 Degree Analyst View

13. Appendix

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