The automotive composites market is to reach a valuation of US$ 8.3 billion in 2023. Future Market Insights reports say that the market is anticipated to expand at a 12.1% CAGR from 2023 to 2033. The Market is anticipated to reach US$ 26.1 billion by the end of 2033.
The automotive composites market is experiencing significant growth driven by increasing demand for lightweight materials, stringent fuel efficiency standards, and advancements in composite technology. Automotive composites, including carbon fiber, glass fiber, and natural fiber composites, offer superior strength-to-weight ratios, corrosion resistance, and design flexibility compared to traditional materials such as steel and aluminum. As automakers seek to improve vehicle performance, reduce emissions, and enhance safety, the adoption of automotive composites continues to rise, propelled by several key factors.
Key Drivers Fueling Growth in the Automotive Composites Market:
- Demand for Lightweight Materials: Stricter fuel efficiency regulations and emissions standards incentivize automakers to reduce vehicle weight and improve fuel economy. Automotive composites offer significant weight savings compared to conventional materials, enabling automakers to design lighter vehicles without compromising structural integrity or safety. As lightweighting becomes a priority for automakers, the demand for automotive composites increases, particularly in electric and hybrid vehicles where reducing weight improves range and efficiency.
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- Stringent Regulatory Requirements: Government regulations mandating lower emissions and higher fuel efficiency drive the adoption of automotive composites as a means of achieving compliance. Regulations such as Corporate Average Fuel Economy (CAFE) standards in the United States and Euro 7 emissions standards in the European Union push automakers to explore lightweight materials and alternative propulsion technologies. Automotive composites help automakers meet regulatory requirements by reducing vehicle weight and improving overall efficiency.
- Technological Advancements in Composite Materials: Continuous innovation in composite materials, manufacturing processes, and design techniques enhances the performance and cost-effectiveness of automotive composites. Advances in resin formulations, fiber reinforcements, and composite curing methods improve the strength, durability, and processing characteristics of automotive composites, making them more suitable for mass production applications. New composite materials with enhanced properties, such as carbon fiber composites with improved impact resistance and recyclability, expand the range of applications for automotive composites across vehicle platforms.
- Rising Consumer Demand for Advanced Vehicles: Consumer preferences for advanced vehicles with improved performance, safety, and sustainability drive demand for automotive composites. Automakers leverage automotive composites to enhance vehicle design, aerodynamics, and crashworthiness, offering consumers attractive features and benefits such as increased cabin space, enhanced driving dynamics, and reduced environmental impact. Consumers are willing to pay a premium for vehicles equipped with lightweight composites that deliver superior performance and efficiency.
- Electric and Hybrid Vehicle Market Growth: The rapid growth of the electric and hybrid vehicle market creates opportunities for automotive composites as automakers seek lightweight materials to optimize battery range and performance. Electric vehicles (EVs) and hybrid electric vehicles (HEVs) benefit from the weight savings provided by automotive composites, enabling longer driving ranges, faster acceleration, and improved handling characteristics. Automotive composites contribute to the success of electric and hybrid vehicles by maximizing energy efficiency and reducing environmental impact.
Key Takeaways from the Market Study
- Sales of the automotive composites market expanded at a CAGR of 11.3% from 2018 to 2022.
- Automotive composites market reached a valuation of US$ 6.2 billion.
- Overall sales of automotive composites across the globe are projected to increase by 1.5x, registering year-on-year (YoY) growth of 5.10% in 2022.
- Automotive industry in Asia Pacific is said to hold a market share of 7.8%.
- Australia is said to expand at a CAGR of 4.5%.
- Automotive industry in India is witnessing significant expansion over the past half-decade contributing a market share of 6.89%.
- North America is expected to be the second most dominant automotive composites market holding a market share of 38.6%.
- The United States is estimated to hold a significant portion of North America’s market with a value share of 23.8%.
- China is estimated to witness strong growth in the automotive composites market, accounting for more than 19% of the market share.
- Glass fiber composites are estimated to hold a significant position in the market.
- Glass fiber composites segment is expected to account for a dominant market share of 49.8%.
- Passenger car contributes to an increase in sales in the automotive composites market.
- Passenger car segment is anticipated to witness significant growth with a market share of 62.8%.
- Exterior application holds a leading position in the market.
- Exterior segment is anticipated to witness dominant growth with a market share of 44.3%.
- Sales of thermoplastic resins lead to growth in the market.
- Thermoplastic resins are expected to raise the sales of the market with a value share of 36.1%.
Lack of technological advancements and low recyclability of composites acts as a major restraint to hinder the market growth”, comments a Future Market Insights Analyst.
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Some of the prominent players in the global market are:
- Toray Industries Inc.
- Gurit Holding AG
- Solvay Group
- SGL Carbon SE
- Teijen Limited
- Mitsubishi Chemical Holding
- Owen Corning
- E.I. du Pont de Nemours & Co.
- UFP Technologies Inc.
- Quantum Composites
Automotive Composites Market by Category
The global automotive composites market is segmented into five segments in detail to cover every aspect of the market and present a complete market intelligence approach in front of the reader.
Material:
- Glass Fiber Composites
- Natural Fiber Composites
- Carbon Fiber Composites
- Aramid Fiber Composites
- Others
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Application:
- Interior
- Exterior
- Underbody
- Chassis
- Power Train
- Engine Components
Resin:
- Thermoplastic
- Thermoset
Vehicle Type:
- Passenger Cars
- Compact
- Luxury
- Mid-Size
- SUVs
- LCVs
- HCVs
- Straight Trucks
- Dump Trucks/Garbage Trucks
- Semi-Trailers
- Fire Trucks
- Others
- Agricultural
- Tractors
- Tillers
- Rotavators
- Harvesters
- Threshers
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia & Pacific
- India
- China
- Japan
- MEA
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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