Automotive Composites Market Size

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.

FAQs

Global Automotive Composite Market size was valued at USD 7.1 Billion in 2023 and is poised to grow from USD 7.94 Billion in 2024 to USD 19.53 Billion by 2032, growing at a CAGR of 11.9% in the forecast period (2025-2032).

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. 'Quantum Composites (U.S.)', 'Textum OPCO, LLC (U.S.)', 'Composites Evolution (U.K.)', 'DEVOLD AMT (Norway)', 'Taiyuan Heavy Industry Co.,Ltd (China)', 'STRUCTeam (U.K.)', 'RTP Company (U.S.)', 'G. Angeloni s.r.l (Italy)', 'Talon Technology Co.,Ltd (U.S.)', 'Rock West Composites, Inc (U.S.)', 'COLAN AUSTRALIA, (Australia)', 'CIT Composite Materials Italy (Italy)', 'SGL Carbon (Germany)', 'Gurit (Switzerland)', 'Hexcel Corporation (U.S.)', 'Exel Composites (Finland)'

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.

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.

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.