The automotive composites market is set for impressive growth, with projections indicating a robust 12.1% CAGR. By 2033, this dynamic sector is expected to reach a substantial USD 26.1 Billion. This surge is driven by increasing demand for lightweight, durable materials that improve fuel efficiency and reduce emissions in vehicles. Innovations in manufacturing processes and a rising emphasis on sustainable and high-performance materials are also key factors propelling this market forward.
As automakers strive to meet stricter environmental regulations and consumer preferences for greener options, the automotive composites market stands poised for significant expansion and transformation.
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Launching advanced products provides various practical benefits, and at the same time affirms existing emission norms and other regulations in the market, which is going to thus help the market players in strengthening their presence in the global automotive composites market.
Key Takeaways from the Automotive Composites Market Report:
- Sales of the automotive composites market expanded at a CAGR of 11.3% from 2018 to 2022.
- The automotive composites market reached a valuation of USD 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.
- The automotive industry in Asia Pacific is said to hold a market share of 7.8%.
- Australia is said to be expanding at a CAGR of 4.5%.
- The automotive industry in India has witnessed 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.
- The 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.
- The passenger car segment is anticipated to witness significant growth with a market share of 62.8%.
- The exterior application holds a leading position in the market.
- An 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%.
Recent Developments:
- In February 2023, Belgian chemicals group Solvay (SOLB.BR) forecasted lower earnings this year due to weaker demand from chemicals, coatings, and consumer markets, sending its shares down more than 3% even as it reported record profits for 2022.
- In May 2023, Belgian chemicals group Solvay reported higher-than-expected first-quarter results and lifted its full-year profit and cash outlooks, but lower volumes hit its shares.
Leading Key Players:
The automotive composites market is highly competitive, with leading key players such as Toray Industries Inc., Gurit Holding AG, Solvay Group, and SGL Carbon SE driving innovation and growth. These companies, along with Teijin Limited, Mitsubishi Chemical Holdings, Owens Corning, and E.I. du Pont de Nemours & Co., are at the forefront of developing advanced composite materials that offer superior strength, lightweight properties, and enhanced performance. UFP Technologies Inc. and Quantum Composites also play significant roles, contributing to the diversification and expansion of composite applications in the automotive industry. These industry leaders are investing heavily in research and development, strategic partnerships, and technological advancements to maintain their competitive edge and meet the increasing demand for high-performance automotive composites.
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Automotive Composites Market Segmentation:
By Material:
- Glass Fiber Composites
- Natural Fiber Composites
- Carbon Fiber Composites
- Aramid Fiber Composites
- Others
By Application:
- Interior
- Exterior
- Underbody
- Chassis
- Power Train
- Engine Components
By Resin:
- Thermoplastic
- Thermoset
By 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
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia & Pacific
- India
- China
- Japan
- The Middle East and Africa
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