USD 9.1 billion
Automotive Composites Market Size, Share, and Growth Analysis
Automotive Composites Market By Vehicle Type (Non-Electric, Electric), By Fiber Type (Carbon Fiber, Glass Fiber), By Manufacturing Process (Compression Molding Process, Injection Molding Process), By Resin Type, By Application, By Region - Industry Forecast 2025-2032
Report ID:
SQMIG25A2393 |
Region:
Global |
Published Date: February, 2025
Pages:
199
|Tables:
115
|Figures:
73
Format -
Automotive Composites Market Insights
Automotive Composites Market size was valued at USD 9.1 billion in 2023 and is poised to grow from USD 10.46 billion in 2024 to USD 31.76 billion by 2032, growing at a CAGR of 14.9% during the forecast period (2025-2032).
Factors like stringent emission control regulations, most notably in the developed countries, coupled with increasing demand for lightweight materials in the automotive industry, are boosting the automotive composites market growth. Increasing environmental concerns and stringent pollution control norms have forced the automotive manufacturers to control automotive emissions. Increasing fuel prices have triggered the need for fuel-efficient vehicles. Composites are most commonly used for replacing steel and other heavy materials on account of their higher strength to weight ratio. A large number of vehicles currently use conventional fuel technologies, such as diesel and petrol, which has led to increasing demand for fuel-efficient vehicles.
Automotive composites are lightweight materials that are majorly used in trucks, cars, and other vehicles, primarily under the hood and the interiors. Composites are preferred materials for weight reduction in automobiles due to which they are used for many automotive interior and exterior applications. The usage of composite materials in the automotive industry has increased in the past few years because of its excellent dimensional stability. Properties of composites such as shape retention, low coefficient of thermal expansion, resistance to corrosion for the performance in dry and wet conditions, ease of manufacturing, and low weight to reduce overall vehicle mass make them preferred materials.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Thermoset
Fastest Growth
Thermoplastic
Growth Rate
14.9% CAGR
Global Automotive Composites Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Automotive Composites Market Segments Analysis
Global Automotive Composites Market is segmented by Vehicle Type, Fiber Type, Manufacturing Process, Resin Type, Application and region. Based on Vehicle Type, the market is segmented into Non-Electric and Electric. Based on Fiber Type, the market is segmented into Carbon Fiber, Glass Fiber and Other Fiber Types. Based on Manufacturing Process, the market is segmented into Compression Molding Process, Injection Molding Process, Resin Transfer Molding Process and Other Manufacturing Processes. Based on Resin Type, the market is segmented into Thermoset and Thermoplastic. Based on Application, the market is segmented into Exterior, Interior, Powertrain & Chassis and Battery Enclosures. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Automotive Composites Market Analysis by Fiber
Based on fiber, the carbon segment is dominating with the largest automotive composites market share. Carbon fiber is leading in the market because its tensile strength, stiffness, and light weight have made it a popular choice in the aerospace, automotive, and sports equipment industries. Carbon fiber composites are used significantly in aerospace industries for aircraft wings, fuselage, and interior components. In the aerospace field, the key advantage of carbon fibers is their low weight, leading to increased fuel efficiency and emission reduction. The automobile industry has demanded carbon fiber primarily to reduce the weight of both traditional vehicles and electric vehicles (EVs), thereby achieving better fuel efficiency and a more extended battery life.
The glass segment is expected to witness significant growth during the forecast period. Glass fiber composites are widely used in automotive parts, including body panels, interiors, and structural components, where high strength and flexibility are essential. In comparison with carbon fiber, glass fiber offers an affordable option that meets the needs of mass-market and mid-range vehicles, enabling manufacturers to enhance fuel efficiency without escalating costs. This material’s adaptability and ease of production have increased its use in electric vehicles (EVs), where weight reduction is critical for extending battery range. As automotive manufacturers are trying to meet emission regulations and consumer demand for fuel-efficient vehicles, glass fiber composites are expected to remain a key growth segment in the automotive composites market.
Automotive Composites Market Analysis by Resin Type
Based on resin type, the thermoset segment is dominating the automotive composites market. These resins undergo a curing process that results in a permanent, hardened structure, which provides excellent durability, thermal stability, and resistance to environmental factors. Thermoset-based composites are widely used in high-performance applications, particularly in the aerospace and automotive sectors where materials have to be fabricated withstanding extreme conditions such as extreme temperatures along with extreme stressing. Thermoset has been applied massively in various fields, like aerospace, automobile, and wind power, to advance its strength and value against the background of cost, and mechanical property, thus securing the highest rank in the automotive composites market.
As per the automotive composites market analysis, the thermoplastic segment is expected to be the fastest growing segment. Thermoplastics, such as polypropylene (PP), polyamide (PA), and polyphenylene sulfide (PPS), are significantly lighter than traditional metal parts and offer considerable weight savings when used in composites. With increasingly stringent emission regulations globally, especially in developed countries like North America and Europe, automotive manufacturers are under pressure to adopt lightweight materials to reduce the overall carbon footprint of vehicles. Thermoplastic resins enable this by allowing for parts consolidation, which reduces the number of components and the overall vehicle weight without compromising structural integrity.
Global Automotive Composites Market Analysis by Resin Type
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Automotive Composites Market Regional Insights
Asia Pacific is dominating with the largest automotive composites market share. The region mainly dominates due to rapid industrialization, increased usage of advanced materials in aerospace, automotive, and construction industries, and the high demand for energy-efficient solutions. Countries like China, Japan, and India have been leading in this regard. China is the biggest contributor through significant investments in the aerospace and automotive sectors, where lightweight composite materials are used for vehicle components and aircraft structures. Japan is highly a major user of carbon fiber composites from its technological advancement, especially in automotive and aerospace applications. Companies like Toyota and Mitsubishi have adopted composites in electric vehicle (EV) manufacturing to reduce weight and improve performance. India is also emerging as a key player, with increasing adoption of composites in the automotive sector and a focus on sustainability in manufacturing practices.
North America is anticipated to witness the fastest growth during the automotive composites market forecast period. Growth in the region is primarily driven by the growing demand for lightweight materials in the aerospace, automotive, and wind energy sectors. In North America, the United States is the biggest consumer of advanced composites, where significant usage has been seen in the aerospace and defense industries. Composites are also gaining momentum in electric vehicles in the region. Major automakers like Ford, General Motors, and Tesla are integrating carbon fiber and other advanced composites into vehicle designs to improve fuel efficiency and reduce emissions. North America's robust research and development activities in advanced composite technologies are also contributing to the market's rapid growth.
Global Automotive Composites Market By Geography
- Largest
- Fastest
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Automotive Composites Market Dynamics
Drivers
Improvement in Vehicle Performance and Design
- Composite materials, with their unique combination of strength and lightweight properties, have changed the automotive industry. By offering superior strength-to-weight ratios when compared to traditional materials, such as steel or aluminum, they have not only enhanced vehicle performance but also opened new design possibilities. These advanced materials have gained significant traction in high-performance vehicles, where every ounce of weight reduction counts.
Rapid Transformation in Consumer Preference
- In today's world, as consumers become more conscious of sustainability and fuel efficiency, their preferences when purchasing vehicles are changing. This shift in consumer behavior has led to a growing demand for vehicles made with composite materials. These materials, known for their lightweight nature and durability, not only contribute to fuel efficiency but also offer enhanced performance and reduced environmental impact.
Restraints
High Expense of Material and Manufacturing
- One of the primary challenges facing the automotive composites market is the cost of materials and manufacturing processes. Composite materials, such as carbon fiber reinforced composites, are often more expensive than traditional materials like steel and aluminum. The cost of raw materials, production, and specialized manufacturing equipment can significantly drive up the overall cost of composite components. High material costs can limit the adoption of composites in mass market vehicles, as automakers are constantly striving to balance cost-effectiveness with performance.
Rising Concern about Material Consistency and Quality
- Ensuring material consistency and quality assurance in composite manufacturing is a critical challenge. Composite properties can vary due to factors such as resin mixing, curing processes, and environmental conditions. Maintaining consistent quality across large production volume is essential for safety and performance. Inconsistent material properties can lead to structural weaknesses, reduced performance, and safety concerns in composite components. It can also result in production rejections and increased costs associated with quality control and testing.
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Automotive Composites Market Competitive Landscape
Leading market players are investing heavily in research and development to expand their product lines, which will help the automotive composites market, grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The automotive composites industry must offer cost-effective items to expand and survive in a more competitive and rising market climate. Manufacturing locally to minimize operational costs is one of the key business tactics manufacturer’s uses in the automotive composites industry to benefit clients and increase the market growth.
Automotive Composites Market Top Player’s Company Profile
- Owens Corning (USA)
- Toray Industries (Japan)
- Teijin Limited (Japan)
- Hexcel Corporation (USA)
- Solvay S.A. (Belgium)
- Mitsubishi Chemical Corporation (Japan)
- China Jushi Co., Ltd. (China)
- Chongqing Polycomp International Corporation (CPIC) (China)
- SABIC (Saudi Arabia)
- Johns Manville (USA)
- SGL Carbon SE (Germany)
- BASF SE (Germany)
- DSM N.V. (Netherlands)
- Huntsman Corporation (USA)
- Cytec Industries Inc. (USA)
- Plasan Carbon Composites (USA)
- Gurit Holding AG (Switzerland)
- UFP Technologies, Inc. (USA)
- Magna International Inc. (Canada)
- Lanxess AG (Germany)
Recent Developments
- In December 2024, HKS Co., Ltd. and Nippon Seiki Co., Ltd. (Defi) announced the introduction of new collaborative products for the automotive aftermarket sector. This partnership will use HKS's expertise in the automotive aftermarket and OEM sectors along with Defi's renowned manufacturing and design proficiency in vehicle instrumentation.
- In April 2024, Toray Industries, Inc., formed a strategic alliance with Hyundai Motor Group to advance material innovation for a new era of vehicles. This partnership plays a key role in the Hyundai’s future mobility strategy as they plan to adopt a comprehensive approach by pursuing fundamental advancements in material technology.
- In February 2024, The Mitsubishi Chemical Group announced the development of a high heat-resistant ceramic matrix composite (CMC) utilizing pitch-based carbon fibers. This innovative material is reported to withstand temperatures up to 1,500°C.
Automotive Composites Key Market Trends
- Increasing Use of Carbon Fiber Composites: Carbon fiber composites are gaining prominence in the automotive industry due to their exceptional strength-to-weight ratio. Automakers are increasingly using carbon fiber-reinforced composites in critical components, such as chassis, body panels, and interior structures. Carbon fiber composites offer a significant weight reduction potential, contributing to improved fuel efficiency and performance. The use of carbon fiber composites in high-performance and luxury vehicles is becoming more common, enhancing their performance and agility.
- Incorporation of Composites in Electric Vehicles: Electric vehicles (EVs) are rapidly becoming a dominant force in the automotive industry, and composites play a crucial role in their development. Lightweight composites are essential for offsetting the weight of EV batteries, extending the vehicle's driving range, and maximizing energy efficiency. Automakers are integrating composites into EV components, including battery enclosures and structural elements. The integration of composites in EVs contributes to improved battery efficiency and overall vehicle performance.
Automotive Composites Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, automotive composites are light and compact materials mainly employed under the hood and in the interiors of trucks, cars, and other vehicles. Composites are employed for numerous interior and exterior applications because they are favored materials for weight reduction in autos. Due to their outstanding dimensional stability, composite materials have become more prevalent in the automotive sector in recent years. Composites have become the preferred materials because of their shape retention, low coefficient of thermal expansion, corrosion resistance for performance in dry and wet situations, convenience of manufacturing, & low weight to reduce overall vehicle mass.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 9.1 billion |
| Market size value in 2032 | USD 31.76 billion |
| Growth Rate | 14.9% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive Composites Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive Composites Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automotive Composites Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Composites Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Composites Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Composites Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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