Austin, Jan. 10, 2025 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “The Automotive Composites Market Size was valued at USD 7.1 billion in 2023 and is expected to reach USD 19.5 billion by 2032 and grow at a CAGR of 11.9% over the forecast period 2024-2032.”
Demand for Lightweight Materials, Advancements in Manufacturing, and the Rise of Electric Vehicles Fuel Market Expansion.
The automotive composites market is growing rapidly, driven by the demand for lightweight materials that enhance fuel efficiency, reduce emissions, and promote sustainability. Advances in manufacturing processes, such as resin transfer molding, are reducing costs and enabling the production of complex structures. Regulatory pressures to improve vehicle efficiency have also spurred the adoption of high-performance composites, with companies like SGL Carbon leading innovations in carbon fiber solutions. Additionally, the development of sustainable materials, such as polymer composites reinforced with coconut husk and bagasse fibers, is gaining traction. The rise of electric vehicles (EVs) is further accelerating the use of composites to offset battery weight and extend range. However, high costs associated with advanced composites and their production processes limit widespread adoption, primarily restricting their use to high-end vehicles. Opportunities exist in advancements in manufacturing technologies for cost-effective production, and the growing EV market presents new avenues for specialized composite applications.
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Key Companies:
- 3A Composites (Airex Foam, Banova)
- Arkema S.A. (Elium Resin, Kepstan PEKK)
- BASF SE (Ultramid, Ultradur)
- Celanese Corporation (Celstran, Fortron PPS)
- Cytec Industries Inc. (now part of Solvay) (Cycom, MTM prepregs)
- Gurit (Epoxy Prepregs, Corecell Foam)
- Hexcel Corporation (HexPly Prepregs, HexMC)
- Hexion (Epikote Resins, Epikure Hardeners)
- Huntsman Corporation (Araldite Epoxy, VITROX)
- Johns Manville (Evalith Mats, ThermoFlow)
- Mitsubishi Chemical Holding Corporation (PYROFIL Carbon Fiber, DURABIO Resin)
- Owens Corning (Fiberglas Rovings, Advantex Fiber)
- RTP Company (Conductive Compounds, Long Fiber Thermoplastics)
- SGL Carbon (SIGRAFIL Carbon Fiber, SIGRAPREG Prepregs)
- Solvay SA (Ryton PPS, Ixef PARA)
- Teijin Limited (Tenax Carbon Fiber, Sereebo Thermoplastic Composites)
- Toray Industries Inc. (Torayca Carbon Fiber, Cetex Thermoplastics)
- UFP Technologies Ltd (Molded Fiber Solutions, Foam Composites)
- Victrex plc (Victrex PEEK, Aptiv Film)
- Zoltek Corporation (a Toray Group company) (PX35 Carbon Fiber, PX30 Carbon Fiber)
Automotive Composites Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 7.1 Billion |
| Market Size by 2032 | USD 19.5 Billion |
| CAGR | CAGR of 11.9% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Polymer Matrix Composites (PMC), Metal Matrix Composites (MMC), Ceramic Matrix Composites (CMC)) • By Fiber Type (Glass, Carbon, Aramid, Others) • By Resin Type (Thermoset, Thermoplastic) • By Vehicle Type (Passenger Vehicles, Commercial Vehicles, Electric Vehicles) • By Application (Exterior, Interior, Powertrain, Chassis, Others) |
| Key Drivers | • Rising Adoption of Electric Vehicles (EVs) Accelerates the Use of High-Performance Composites in Automotive Applications • Increasing Focus on Sustainability Promotes the Development of Recyclable and Bio-Based Composites in the Automotive Sector |
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By Type: Polymer Matrix Composites (PMC) leads the automotive composites market with a 50% share, favored for their strength-to-weight ratio and cost-effectiveness.
Polymer Matrix Composites (PMC) dominated the automotive composites market in 2023, holding a 50% market share due to their high strength-to-weight ratio and cost-effectiveness. PMCs are widely used in aerospace, automotive, and wind energy industries for their versatility, lightweight properties, and affordability, especially in reducing fuel consumption and emissions.
By Fiber Type: Carbon fiber holds a 35% automotive composites market share, valued for its exceptional strength, stiffness, and lightweight properties.
Carbon fiber dominated the fiber type segment in 2023, capturing 35% of the market share, driven by its excellent tensile strength, lightweight nature, and stiffness. It is extensively applied in the aerospace and automotive sectors, where reducing weight is critical for fuel efficiency and performance, particularly in electric vehicles.
By Resin Type: Thermoset resins dominate with a 55% share, offering excellent durability and thermal stability for high-performance applications.
Thermoset resins dominated the resin type segment in 2023, with a 55% market share, due to their superior durability, thermal stability, and resistance to environmental factors. These resins are ideal for high-performance applications in aerospace and automotive industries, where materials must endure extreme conditions.
By Vehicle Type: Passenger vehicles capture approximately 60% of the market, driven by the demand for lightweight materials to boost efficiency.
Passenger vehicles dominated the automotive composites market in 2023, accounting for 60% of the market share, as the demand for lightweight materials for fuel efficiency and reduced emissions grows. The increasing adoption of electric vehicles, which benefit from composites in improving battery performance and reducing weight, also contributes to the segment's dominance.
By Application: Exterior applications account for around 40% of the market, leveraging composites' lightweight and durable characteristics.
Exterior applications dominated and captured a 40% share of the automotive composites market in 2023, thanks to composites' lightweight, durable, and weather-resistant properties. Their use in body panels and other exterior parts helps reduce vehicle weight, enhancing fuel efficiency and supporting the growing demand for electric vehicles with longer driving ranges.
Regional Analysis
North America's Dominance in Automotive Composites Driven by High-Tech Investments
In 2023, North America dominated and held a substantial 40% share of the Automotive Composites market, largely due to significant investments in high-tech industries, including electronics, telecommunications, and aerospace. U.S. and Canadian companies leverage advanced automotive composites for manufacturing high-performance communication devices, while robust government investments in 5G infrastructure and aerospace technology further propel market growth.
The Automotive Composites Market is growing due to demand for lightweight materials that improve fuel efficiency, reduce emissions, and enhance performance. Advancements in manufacturing techniques and raw materials, especially in electric vehicles, drive adoption. North America leads with strong investments in aerospace and telecommunications. However, high production costs challenge broader market adoption.
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Recent Developments
- November 2024: Recyclable thermoplastics were utilized in an Elium resin-based automotive door project, creating lightweight and durable components.
- September 2024: Borealis introduced a new fiberglass-reinforced polypropylene material containing 65% post-consumer recyclates, focusing on sustainable automotive project work.
Table of Contents – Major Key Points
1. Introduction
- Market Definition
- Scope (Inclusion and Exclusions)
- Research Assumptions
2. Executive Summary
- Market Overview
- Regional Synopsis
- Competitive Summary
3. Research Methodology
- Top-Down Approach
- Bottom-up Approach
- Data Validation
- Primary Interviews
4. Market Dynamics Impact Analysis
- Market Driving Factors Analysis
- PESTLE Analysis
- Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
- Production Capacity and Utilization, 2023
- Investment and Funding Trends, 2023
- Regulatory Impact, 2023
- Innovation and R&D, 2023
- Fiber Types and Case Studies, 2023
6. Competitive Landscape
- List of Major Companies, By Region
- Market Share Analysis, By Region
- Product Benchmarking
- Strategic Initiatives
- Technological Advancements
- Market Positioning and Branding
7. Automotive Composites Market Segmentation, By Type
8. Automotive Composites Market Segmentation, By Fiber Type
9. Automotive Composites Market Segmentation, By Resin Type
10. Automotive Composites Market Segmentation, By Vehicle Type
11. Automotive Composites Market Segmentation, By Application
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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