Automotive Composites Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region

Depleting fossil fuel resources and environmental concerns drive energy-efficient automotive trends, propelling demand for composites

In the wake of dwindling fossil fuel reservoirs and a heightened consciousness surrounding environmental pollution, the automotive industry is witnessing a transformative shift towards energy efficiency. Composites, amalgamations of two or more constituent materials, stand as a pivotal component in this evolution, offering the potential for significantly lighter, safer, and more fuel-efficient vehicles when utilized intelligently. Comprising high-performance fibers such as glass or carbon, composites are poised to supplant steel in the automotive sector, heralding a burgeoning market poised for substantial growth.

Staggering Growth Projections

According to the publisher, the global automotive composites market is slated for robust expansion, with projections indicating an impressive Compound Annual Growth Rate (CAGR) of 16% during the forecast period spanning from 2024 to 2031. Analysts anticipate revenue opportunities to soar, reaching a staggering US$20 billion by the culmination of 2031.

Transition to Thermoplastic-based Composites:

Innovations in thermoplastic-based composites poised to revolutionize automotive industry with enhanced sustainability and efficiency

Transitioning beyond traditional thermoset-based composites, the automotive industry is embracing advancements in thermoplastic-based counterparts. These innovations promise a myriad of benefits, including reduced material waste, zero-solvent emissions, streamlined painting processes, enhanced worker safety, and heightened recyclability, underscoring their pivotal role in fostering sustainability and efficiency within the sector.

Overcoming Challenges, Unlocking Opportunities

Regulatory mandates and relentless R&D efforts fuel market growth, while production costs and technological gaps in Asia Pacific present hurdles

While governmental regulations advocating lightweight materials and relentless research and development endeavors drive the global automotive composites market forward, challenges such as high production costs and technological disparities in the lucrative Asia Pacific region hinder the attainment of even greater growth rates.

Polymer Matrix Reigns Supreme

Polymer matrix emerges as dominant material segment, projected to reach US$6.2 million in 2024

Within the realm of automotive composites, polymer matrix composites stand out as the frontrunner, poised for the most prominent expansion during the forecast period. Analysts anticipate this segment to reach a valuation of US$6.29 million in the 2024, underscoring its pivotal role in shaping the future landscape of the automotive industry.

Geographic Analysis: Asia Pacific Dominates

Asia Pacific emerges as the most lucrative region, fueled by burgeoning economies and robust demand

Geographically, Asia Pacific emerges as the epicenter of automotive composite demand, propelled by the burgeoning economies of China, India, and Japan. By the end of 2031, Asia Pacific is anticipated to commandeer more than half of the overall demand for automotive composites, attracting key players and fostering a thriving ecosystem of production facilities and strong market demand. Additionally, Europe presents another region ripe with profit potential, buoyed by stringent industry regulations aimed at curbing CO2 emissions.

Competitive Analysis

Some key companies are

• Cytec Industries Inc.
• Toray Industries, Inc.
• SAERTEX GmbH & Co. KG
• Koninklijke Ten Cate N.V.
• Johns Manville
• Johnson Controls Inc.
• Scott Bader Company Ltd
• Teijin Limited
• E. I. du Pont de Nemours and Company
• UFP Technologies, Inc.
• Other

This product will be delivered within 1-3 business days.