The Nordic Automotive Composites Market size is expected to reach US$ 153.60 million by 2031 from US$ 91.22 million in 2024. The market is estimated to record a CAGR of 8.0% from 2025 to 2031.
Executive Summary and Market Analysis
The Nordic automotive composites market is experiencing strong growth, fueled by the region’s dedication to sustainability, innovation, and the integration of advanced technologies. As car manufacturers increasingly focus on developing self-driving vehicles, EVs, and connected mobility solutions, the demand for lightweight, durable, and energy-efficient materials, including composites, is rising. With the increasing adoption of smart electronics, infotainment systems, and autonomous driving features, composite materials are vital for reducing vehicle weight, improving energy efficiency, and enhancing performance.
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Market Outlook
With a robust automotive manufacturing base, particularly in Sweden and Norway, the Nordic region is at the forefront of electric vehicle production, which is directly fueling the demand for automotive composites. Sweden, home to major automotive manufacturers like Volvo, is a key player in this market, leveraging advanced composite materials to enhance vehicle performance and reduce emissions. Norway, with its strong push for EV adoption, is also fostering demand for lightweight materials that improve energy efficiency. The growing emphasis on reducing greenhouse gases and carbon emissions and transitioning to greener mobility solutions has prompted automakers to turn to advanced composite materials such as carbon fiber, natural fibers, and fiberglass.
Nordic Automotive Composites Market Country Insights
Based on region, the Nordic automotive composites market is further segmented into Sweden, Denmark, Norway, and Finland. Finland held the largest share in 2024.
The growth of e-commerce has led to a higher demand for commercial vehicles, particularly smaller vans that can efficiently navigate urban environments for last-mile delivery services. This trend is reshaping the logistics landscape and increasing the need for versatile commercial vehicles. According to the World Trend Plus’s Association: Automobile Sector, in 2023, Finland recorded 15,221 new commercial vehicle sales, an increase from 14,948 units of vehicles in 2022, indicating a positive trend in the market. Automotive composites are widely used in commercial vehicle production owing to their ability to reduce vehicle weight, improve aerodynamics, and enhance the strength-to-weight ratio. Thus, the growing demand for commercial vehicles boosts the demand for automotive composites in the country.
Nordic Automotive Composites Market Segmentation
Nordic Automotive Composites Market By Fiber Type
- Glass Fiber Composites
- Carbon Fiber Composites
Nordic Automotive Composites Market By Resin Type
- Thermoset
- Thermoplastics
Nordic Automotive Composites Market By Technology
- Pultrusion
- Injection Molding
- Compression Molding
Nordic Automotive Composites Market By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Two Wheelers
Nordic Automotive Composites Market Regions and Countries Covered
Nordic
- Sweden
- Denmark
- Norway
- Finland
Nordic Automotive Composites 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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