Automotive Composites Market Outlook Demand, Supply, Growth Factors, Latest Rising Trends and Forecast (2021-2031)
Automotive Composites Market Outlook Demand, Supply, Growth Factors, Latest Rising Trends and Forecast (2021-2031)
Blog Article
The Automotive Composites Market size is expected to reach US$ 27,374.53 million by 2031 from US$ 12,474.38 million in 2024. The market is estimated to record a CAGR of 12.3% from 2025 to 2031.
Executive Summary and Global Market Analysis
Automotive composites, lightweight materials resulting from the combination of fibers and resins, are strategically integrated into vehicle manufacturing. Their key advantages include reducing vehicle weight, which directly boosts fuel efficiency, and simultaneously improving overall performance. These materials are indispensable for adhering to stringent environmental regulations and are central to the automotive industry's drive towards sustainability. The global automotive composites market is experiencing significant growth, primarily fueled by the increasing demand for lightweight materials in the automotive industry. This demand is intrinsically linked to the crucial need for enhanced fuel efficiency and compliance with increasingly strict environmental standards. Governments worldwide are implementing more rigorous emission standards and fuel efficiency requirements. Automotive composites, by effectively reducing vehicle weight, directly contribute to superior fuel economy and lower CO2 emissions, thereby empowering manufacturers to fulfill these critical regulatory mandates.
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Automotive Composites Market Segmentation Analysis
By fiber type
By fiber type, the automotive composites market is segmented into glass fiber composites, carbon fiber composites, and other categories. The glass fiber composites segment captured the largest market share in 2024, underscoring its widespread use and acceptance.
By resin type
By resin type, the automotive composites market is distinctly categorized into thermoset resins (including polyester, epoxy, vinyl ester, polyurethane, and others) and thermoplastics (such as polyethylene, polypropylene, polycarbonate, polymethyl methacrylate, and others). The thermoplastics segment claimed the largest market share in 2024, demonstrating its increasing adoption in various applications.
By technology
By technology, the automotive composites market is classified into pultrusion, injection molding, compression molding, and other manufacturing processes. The injection molding segment held the largest market share in 2024, highlighting its efficiency and versatility in production.
Automotive Composites Market Drivers and Opportunities
The persistent rise in fuel prices and the growing environmental consciousness regarding conventional gasoline vehicles have fundamentally accelerated the global movement towards alternative fuel vehicles. Consumers are increasingly demonstrating a pronounced inclination towards acquiring battery-powered or hybrid automobiles, a powerful trend that is unequivocally projected to significantly stimulate the demand for electric vehicles. According to the International Energy Agency's annual Global Electric Vehicle Outlook, over 10 million electric cars were sold worldwide in 2022, with a projected remarkable increase of 35% in 2023, reaching 14 million units. As the automotive industry undergoes a profound and sweeping transformative shift towards EVs, the strategic role of composites has become even more critically important. Governments are also proactively providing attractive laws and incentives to vigorously promote EV sales.
Automotive Composites Market Size and Share Analysis
Based on fiber type, the market comprises glass fiber composites, carbon fiber composites, and other materials. The glass fiber composites segment commanded the largest automotive composites market share in 2024. Glass fiber composites maintain a dominant position in the automotive composites market primarily due to their advantageous blend of performance, cost-effectiveness, and broad applicability. Glass fibers are extensively employed in a diverse range of automotive applications due to their exceptional strength-to-weight ratio, high durability, and inherent resistance to challenging environmental factors such as moisture and various chemicals.
In terms of application, the market is distinctly segmented into structural assembly, powertrain components, and interiors. The interior segment held the largest automotive composites market share in 2024. The interior segment of the automotive composites market is a dynamic and innovative area where manufacturers consistently strive to enhance vehicle aesthetics, comfort, safety, and overall performance.
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