The Europe Automotive Composites Market size is expected to reach US$ 4.85 billion by 2031 from US$ 2.21 billion in 2024. The market is estimated to record a CAGR of 10.3 % from 2024 to 2031.
Executive Summary and Europe Automotive Composites Market Analysis
The European market for automotive composites is experiencing considerable expansion, driven by the flourishing automotive industry across the continent. The automotive sector is a primary catalyst, especially with the increasing momentum towards electric vehicles (EVs). Key European nations such as Germany, France, Italy, and the UK, with their long-standing automotive industries, are progressively adopting composite materials. This adoption is motivated by the desire to enhance vehicle performance, reduce weight, and adhere to tightening environmental regulations. As Western Europe takes the lead in the EV transition, the demand for automotive composites within electric powertrains is rapidly escalating. According to figures from the European Automobile Manufacturers Association, the region’s car market saw a significant 13.9% growth in 2023 compared to the previous year, reaching a total of 10.5 million units.
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Europe Automotive Composites Market Outlook
In 2023, Europe recorded a substantial 34.6% increase in both the value and volume of imported cars. Simultaneously, improved production capabilities and the easing of supply chain disruptions resulted in a 12.7% rise in export value and a 12.4% increase in export volume. Automotive producers in Western Europe experienced significant production increases, with Germany leading in volume, reporting an 18.7% growth in 2023. Automotive manufacturers are increasingly focusing on creating more fuel-efficient and environmentally responsible vehicles to meet evolving standards. Composite materials, such as fiberglass, carbon fiber, and natural fiber-based alternatives, are being used to replace conventional materials in various vehicle components, including body panels, interiors, and structural elements. Moreover, the automotive industry is integrating composites into the development of autonomous and connected vehicles to achieve weight reduction while simultaneously improving safety and performance characteristics.
Europe also benefits from a strong supply network and economically viable manufacturing processes, making it an appealing region for investment in composite manufacturing. Government-backed initiatives supporting the shift towards sustainable automotive technologies further propel market growth. However, obstacles such as the high cost of materials and the need for specialized skills in composite manufacturing might temporarily impede widespread adoption. Overall, the European automotive composites market is expected to maintain a steady growth trajectory as automakers increasingly prioritize advanced materials for their performance and sustainability advantages.
Europe Automotive Composites Market Segmentation
Europe Automotive Composites Market: By Fiber Type
- Glass Fiber Composites
- Carbon Fiber Composites
Europe Automotive Composites Market: By Resin Type
- Thermoset
- Thermoplastics
Europe Automotive Composites Market: By Technology
- Pultrusion
- Injection Molding
- Compression Molding
Europe Automotive Composites Market: By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Two Wheelers
Europe Automotive Composites Market: Regions and Countries Covered
Europe
- UK
- Germany
- France
- Russia
- Italy
- Rest of Europe
Europe Automotive Composites Market: Market leaders and key company profiles
- Gurit Holdings AG
- Hexcel Corp
- Mitsubhishi Chemical Group
- SGL Carbon SE
- Solvay SA
- Teijin Ltd
- DuPont de Numours Inc
- Toray Industries
- Atlas Fibre
- Elaghmore Advisor LLP
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