The automotive composites market was valued at $9.8 billion in 2023, and is estimated to reach $14.7 billion by 2033, growing at a CAGR of 4.2% from 2024 to 2033.
Automotive composites are advanced materials used in vehicles, blending various components such as carbon or glass fibers with resin matrix. These composites offer superior strength-to-weight ratios as compared to traditional materials such as steel or aluminum. Used in body panels, chassis, and structural elements, they enhance performance, durability, and safety.
Automotive composites contribute to improved fuel efficiency and lower emissions by reducing weight and increasing stiffness, aligning with industry goals for sustainability and environmental responsibility. Their versatility allows innovative design solutions, fostering the development of next generation vehicles that prioritize efficiency, safety, and eco-friendliness in an increasingly competitive automotive landscape.
Governments worldwide have implemented stringent emission standards to combat climate change and reduce the environmental impact of vehicles. For instance, the European Union’s CO2 emission reduction targets, such as the Euro 7 regulations, are pushing automotive manufacturers to adopt lightweight materials such as composites to lower vehicle emissions and improve fuel efficiency. Moreover, the U.S. Corporate Average Fuel Economy (CAFE) standards require manufacturers to achieve higher fuel efficiency, promoting the use of advanced materials such as composites. All these factors are expected to drive the demand for the automotive composites market.
However, the automotive industry is highly cost-sensitive, especially in mass-market segments where price competitiveness is crucial. The high cost of composites limits their use primarily to high-end, luxury, and performance vehicles where consumers are willing to pay a premium for advanced materials. This economic restraint curtails the broader adoption of composites across the automotive market, restricting their use in mid-range and economy vehicles. Moreover, fluctuations in the global economy, raw material prices, and supply chain disruptions aggravate these cost issues, further impeding market growth. All these factors hamper the automotive composites market growth.
The integration of digital technologies such as artificial intelligence (AI) and machine learning (ML) in the manufacturing process is another promising avenue. AI and ML optimize production parameters, predict material behavior, and identify defects in real-time, ensuring higher quality and efficiency. This technological synergy enhances the feasibility of using composites in a wider range of automotive applications, including structural components, interiors, and battery enclosures for electric vehicles (EVs). All these factors are anticipated to offer new growth opportunities for the automotive composites market.
The automotive composites market is segmented on the basis of fiber type, resin type, application, and region. On the basis of fiber type, the market is categorized into glass fiber, carbon fiber, and others. By resin type, the market is classified into thermosets and thermoplastics. By application, the market is divided into exterior, interior, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of fiber type, the market is categorized into glass fiber, carbon fiber, and others. The glass fiber segment accounted for more than four-fifths of the automotive composites market share in 2023 and is expected to maintain its dominance during the forecast period. Advancements in manufacturing processes have bolstered glass fiber adoption. Technologies such as injection molding, compression molding, and automated fiber placement enable faster and more efficient production of complex, lightweight automotive components.
These techniques help manufacturers meet the high-volume production demands of the automotive industry while keeping costs manageable. In addition, the development of hybrid composites - mixing glass fiber with other fibers or resins allows manufacturers to customize material properties based on specific automotive needs, further driving glass fiber’s role in automotive composites.
By resin type, the market is classified into thermosets and thermoplastics. The thermoset segment accounted for more than two-thirds of the automotive composites market share in 2023 and is expected to maintain its dominance during the forecast period. Thermoset resins provide exceptional resistance to heat, corrosion, and other environmental stresses that makes them suitable for critical applications such as engine covers, under-the-hood components, and body panels. In addition, advancements in resin technology have made it possible to create thermoset materials that offer superior performance at elevated temperatures broadening their application in high-performance vehicle components.
By application, the market is divided into exterior, interior, and others. The interior segment accounted for two-fifths of the automotive composites market share in 2023 and is expected to maintain its dominance during the forecast period. The flexibility of composites drives their use in interior applications by allowing unique, customized designs without compromising strength.
Modern consumers increasingly value high-quality, aesthetically pleasing, and comfortable interiors, and composite materials provide automakers with greater freedom in design. They create complex shapes and surfaces and add textures or finishes that are difficult or impossible with metal or other traditional materials. Moreover, composites allow for the integration of multifunctional components, which reduces the number of parts needed, streamline manufacturing processes, and reduce assembly time and costs.
Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region accounted for less than half of the automotive composites market share in 2023 and is expected to maintain its dominance during the forecast period. The Asia-Pacific region has seen a significant push toward adopting automotive composites, driven by stringent regulatory demands for fuel efficiency and emissions reductions.
Countries such as China, Japan, South Korea, and India are introducing policies aimed at lowering carbon footprints and improving vehicle efficiency. This regulatory landscape encourages automakers to explore lightweight materials, such as carbon fiber and glass fiber composites, to reduce overall vehicle weight. Lighter vehicles consume less fuel, leading to lower emissions and better fuel efficiency, which aligns with both regulatory requirements and consumer expectations in the region.
Key players in the automotive composites market include Toray Industries, Inc., SGL Carbon SE, Teijin Limited, Hexcel Corporation, Owens Corning, Mitsubishi Chemical Holdings Corporation, Gurit Holding AG, Solvay S.A., TenCate Advanced Composites, and Huntsman Corporation.
Automotive composites are advanced materials used in vehicles, blending various components such as carbon or glass fibers with resin matrix. These composites offer superior strength-to-weight ratios as compared to traditional materials such as steel or aluminum. Used in body panels, chassis, and structural elements, they enhance performance, durability, and safety.
Automotive composites contribute to improved fuel efficiency and lower emissions by reducing weight and increasing stiffness, aligning with industry goals for sustainability and environmental responsibility. Their versatility allows innovative design solutions, fostering the development of next generation vehicles that prioritize efficiency, safety, and eco-friendliness in an increasingly competitive automotive landscape.
Governments worldwide have implemented stringent emission standards to combat climate change and reduce the environmental impact of vehicles. For instance, the European Union’s CO2 emission reduction targets, such as the Euro 7 regulations, are pushing automotive manufacturers to adopt lightweight materials such as composites to lower vehicle emissions and improve fuel efficiency. Moreover, the U.S. Corporate Average Fuel Economy (CAFE) standards require manufacturers to achieve higher fuel efficiency, promoting the use of advanced materials such as composites. All these factors are expected to drive the demand for the automotive composites market.
However, the automotive industry is highly cost-sensitive, especially in mass-market segments where price competitiveness is crucial. The high cost of composites limits their use primarily to high-end, luxury, and performance vehicles where consumers are willing to pay a premium for advanced materials. This economic restraint curtails the broader adoption of composites across the automotive market, restricting their use in mid-range and economy vehicles. Moreover, fluctuations in the global economy, raw material prices, and supply chain disruptions aggravate these cost issues, further impeding market growth. All these factors hamper the automotive composites market growth.
The integration of digital technologies such as artificial intelligence (AI) and machine learning (ML) in the manufacturing process is another promising avenue. AI and ML optimize production parameters, predict material behavior, and identify defects in real-time, ensuring higher quality and efficiency. This technological synergy enhances the feasibility of using composites in a wider range of automotive applications, including structural components, interiors, and battery enclosures for electric vehicles (EVs). All these factors are anticipated to offer new growth opportunities for the automotive composites market.
The automotive composites market is segmented on the basis of fiber type, resin type, application, and region. On the basis of fiber type, the market is categorized into glass fiber, carbon fiber, and others. By resin type, the market is classified into thermosets and thermoplastics. By application, the market is divided into exterior, interior, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of fiber type, the market is categorized into glass fiber, carbon fiber, and others. The glass fiber segment accounted for more than four-fifths of the automotive composites market share in 2023 and is expected to maintain its dominance during the forecast period. Advancements in manufacturing processes have bolstered glass fiber adoption. Technologies such as injection molding, compression molding, and automated fiber placement enable faster and more efficient production of complex, lightweight automotive components.
These techniques help manufacturers meet the high-volume production demands of the automotive industry while keeping costs manageable. In addition, the development of hybrid composites - mixing glass fiber with other fibers or resins allows manufacturers to customize material properties based on specific automotive needs, further driving glass fiber’s role in automotive composites.
By resin type, the market is classified into thermosets and thermoplastics. The thermoset segment accounted for more than two-thirds of the automotive composites market share in 2023 and is expected to maintain its dominance during the forecast period. Thermoset resins provide exceptional resistance to heat, corrosion, and other environmental stresses that makes them suitable for critical applications such as engine covers, under-the-hood components, and body panels. In addition, advancements in resin technology have made it possible to create thermoset materials that offer superior performance at elevated temperatures broadening their application in high-performance vehicle components.
By application, the market is divided into exterior, interior, and others. The interior segment accounted for two-fifths of the automotive composites market share in 2023 and is expected to maintain its dominance during the forecast period. The flexibility of composites drives their use in interior applications by allowing unique, customized designs without compromising strength.
Modern consumers increasingly value high-quality, aesthetically pleasing, and comfortable interiors, and composite materials provide automakers with greater freedom in design. They create complex shapes and surfaces and add textures or finishes that are difficult or impossible with metal or other traditional materials. Moreover, composites allow for the integration of multifunctional components, which reduces the number of parts needed, streamline manufacturing processes, and reduce assembly time and costs.
Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region accounted for less than half of the automotive composites market share in 2023 and is expected to maintain its dominance during the forecast period. The Asia-Pacific region has seen a significant push toward adopting automotive composites, driven by stringent regulatory demands for fuel efficiency and emissions reductions.
Countries such as China, Japan, South Korea, and India are introducing policies aimed at lowering carbon footprints and improving vehicle efficiency. This regulatory landscape encourages automakers to explore lightweight materials, such as carbon fiber and glass fiber composites, to reduce overall vehicle weight. Lighter vehicles consume less fuel, leading to lower emissions and better fuel efficiency, which aligns with both regulatory requirements and consumer expectations in the region.
Key players in the automotive composites market include Toray Industries, Inc., SGL Carbon SE, Teijin Limited, Hexcel Corporation, Owens Corning, Mitsubishi Chemical Holdings Corporation, Gurit Holding AG, Solvay S.A., TenCate Advanced Composites, and Huntsman Corporation.
Key findings of the study
- On the basis of fiber type, the carbon fiber segment is anticipated to grow at the fastest CAGR of 4.8% during the forecast period.
- On the basis of resin type, the thermoplastic segment is anticipated to grow at the fastest CAGR of 4.4% during the forecast period.
- By application, the exterior segment is anticipated to grow at the fastest CAGR during the forecast period.
- Region-wise, Asia-Pacific has the highest share in 2022 in terms of revenue
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the automotive composites market analysis from 2023 to 2033 to identify the prevailing automotive composites market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the automotive composites market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global automotive composites market trends, key players, market segments, application areas, and market growth strategies.
Additional benefits you will get with this purchase are:
- Quarterly Update* (with the purchase of an enterprise license)
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Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
- Analysis of raw material in a product (by %)
- Investment Opportunities
- Product Benchmarking / Product specification and applications
- Supply Chain Analysis & Vendor Margins
- Upcoming/New Entrant by Regions
- Technology Trend Analysis
- Go To Market Strategy
- New Product Development/ Product Matrix of Key Players
- Regulatory Guidelines
- Additional company profiles with specific to client's interest
- Additional country or region analysis- market size and forecast
- Expanded list for Company Profiles
- Historic market data
- Key player details (including location, contact details, supplier/vendor network etc. in excel format)
- List of customers/consumers/raw material suppliers- value chain analysis
- SWOT Analysis
- Volume Market Size and Forecast
Key Market Segments
By Fiber Type
- Glass Fiber
- Carbon Fiber
- Others
By Resin Type
- Thermoset
- Thermoplastic
By Application
- Exterior
- Interior
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa,
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Gurit Services AG
- Hexcel Corporation
- Huntsman Corporation
- Mitsubishi Chemical Group Corporation
- Owens Corning
- Plasan
- SGL Carbon
- Solvay
- TEIJIN LIMITED.
- TORAY INDUSTRIES, INC.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AUTOMOTIVE COMPOSITES MARKET, BY FIBER TYPE
CHAPTER 5: AUTOMOTIVE COMPOSITES MARKET, BY RESIN TYPE
CHAPTER 6: AUTOMOTIVE COMPOSITES MARKET, BY APPLICATION
CHAPTER 7: AUTOMOTIVE COMPOSITES MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- Gurit Services AG
- Hexcel Corporation
- Huntsman Corporation
- Mitsubishi Chemical Group Corporation
- Owens Corning
- Plasan
- SGL Carbon
- Solvay
- TEIJIN LIMITED.
- TORAY INDUSTRIES, INC.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 397 |
| Published | October 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 9.8 billion |
| Forecasted Market Value ( USD | $ 14.7 billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
