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 comprising fibers and resins, are fundamental in vehicle manufacturing for reducing weight, improving fuel efficiency, and enhancing performance. They are vital for meeting stringent environmental regulations and supporting the automotive industry’s shift towards sustainability. The global automotive composites market is experiencing significant expansion, driven by the growing need for lightweight materials in the automotive sector to boost fuel efficiency and meet rigorous environmental standards. Governments worldwide are implementing stricter emission standards and fuel efficiency mandates. Automotive composites, by reducing vehicle weight, contribute directly to improved fuel economy and lower CO2 emissions, helping manufacturers adhere to these regulations.
Automotive Composites Market Segmentation Analysis
By fiber type, the automotive composites market is segmented into glass fiber composites, carbon fiber composites, and others. In 2024, the glass fiber composites segment held the dominant market share.
For resin type, the automotive composites market is categorized into thermoset resins (including polyester, epoxy, vinyl ester, polyurethane, and more) and thermoplastics (such as polyethylene, polypropylene, polycarbonate, polymethyl methacrylate, and others). The thermoplastics segment secured the largest market share in 2024.
By technology, the automotive composites market encompasses pultrusion, injection molding, compression molding, and additional methods. Injection molding accounted for the largest market share in 2024.
Automotive Composites Market Drivers and Opportunities
The increasing fuel prices and environmental concerns associated with conventional gasoline vehicles have opened the door for alternative fuel vehicles worldwide. Consumers are showing a growing preference for battery-powered or hybrid automobiles, a trend expected to significantly propel the demand for electric vehicles. According to the International Energy Agency’s annual Global Electric Vehicle Outlook, sales of electric cars worldwide exceeded 10 million in 2022 and are projected to grow by 35% in 2023, reaching 14 million. As the automotive industry navigates a transformative shift towards electric vehicles (EVs), the significance of composites has intensified. Governments are also offering appealing laws and incentives to boost EV sales.
Automotive Composites Market Size and Share Analysis
By fiber type, the market includes 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 hold a leading position due to their compelling performance, cost-effectiveness, and adaptability. Glass fibers are extensively utilized in automotive applications, offering an excellent strength-to-weight ratio, high durability, and and resistance to environmental factors like moisture and chemicals.
In terms of application, the market is divided into structural assembly, powertrain components, and interiors. The interior segment held the largest automotive composites market share in 2024. This segment of the automotive composites market is a hotbed of innovation as manufacturers continuously strive to improve vehicle aesthetics, comfort, safety, and overall performance.
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