Automotive Composites Market worth $37.54 billion in 2034 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., Nov. 27, 2024 /PRNewswire/ -- The report "Automotive Composites Market by Fiber Type (Glass, Carbon), Resin Type (Thermoset, Thermoplastic), Manufacturing Process (Compression Molding, Injection Molding, Rtm), Application, Vehicle Type, & Region - Global Forecast to 2034", size is expected to reach USD 37.54 billion in 2034 from USD 9.69 billion in 2024, at a CAGR of 14.5% from 2024 to 2034.

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391 – Tables
73 – Figures
302 – Pages

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The demand for automotive composites is driven by growing government focus and initiatives aiming to reduce the carbon emission along with high shift towards the electric vehicles across the globe. The growing adoption of electric vehicles and fuel-efficient vehicles are expected to fuel the demand for automotive composites from various applications. Stricter environmental laws about the automotive emissions are effectively promoting the high usage of composites across the world.

Carbon fiber type is expected to grow with highest CAGR in automotive composites market during the forecasted period.

The automotive composites market is segmented based on the fiber type into glass fiber, carbon fiber and other fibers that includes aramid, basalt, natural and hybrid fibers. As compared to glass fibers, carbon fibers are 30% lighter in weight and also offer almost double strength. Due to this impressive strength -to-weight ratio, carbon fiber composites are estimated to be fastest-growing segment based on the fiber type. Carbon fiber composites helps to reduce carbon emission and footprint of automotives by making them more environment friendly as compared to other gasoline-powered vehicles.

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Thermoplastic resins segment is expected to grow with highest CAGR in automotive composites market during the forecasted period.

The automotive composites market is segmented based on resin type. Thermoplastic resins are expected to show highest growth due to recyclability.  Even though thermoplastic resins are considered to be ecofriendly, thermoset resins accounts for larger share in the global automotive composites market. These resins can be easily combined with continuous fibers to create structural composite products that offers several key advantages. Thermoplastic automotive composites can be reformed and reshaped efficiently, making them easily recyclable.

Asia Pacific region dominated the global automotive composites market in terms of value

In terms of value, Asia Pacific accounted for the largest market share in the global automotive composites market, in 2023. The region is a hub of many major automakers. China is the largest manufacturer of vehicles across the world. The demand for automotive composites is showing significant growth in the region due to the growing need for eco-friendly, lightweight, and fuel-efficient vehicles. Automakers are focusing on manufacturing lightweight car bodies owing to various emission norms imposed by the government. The automotive composites market in Asia Pacific region has presence of many well-established suppliers for raw materials, composite manufacturers and OEMs.

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Key players

Prominent companies include Toray Industries, Inc. (Japan), SGL Carbon (Germany), POLYTEC HOLDING AG, ElringKlinger AG (Germany), Syensqo (Belgium), HENGRUI CORPORATION (HRC) (China), Exel Composites (Finland), Teijin Limited (Japan), Mitsubishi Chemical Group Corporation (Japan), Piran Advanced Composites (UK), IDI Composites International (US), and Röchling SE & Co. KG (Germany) and among others.

Browse Adjacent Market: Fibers and Composites Market Research Reports & Consulting

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Composites Market - Global Forecast to 2028

Carbon Fiber Market - Global Forecast to 2033

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