The demand for automotive composites is growing owing to their ability to increase range by reducing the weight of the vehicle, with the growing demand for electrical vehicles. Efficiency has turned to be the main priority in the electrical vehicle; therefore, composite materials would keep on performing an important role in optimizing the battery’s performance.

The Automotive Composites Market Size was valued at USD 7.1 Billion in 2023. It is estimated to reach USD 19.5 Billion by 2032 and grow at CAGR 11.9% over the Forecast period 2024-2032.

Automotive composites market is growing because of increasing demand for lightweight, fuel-efficient vehicles.

Demand for automotive composites has risen due to increasing pressure of efficiency in the automotive industry. Lightweight materials, such as composites, are vital in empowering manufacturers to cut vehicle weight, a method which can significantly increase fuel efficiency with reducing emissions.

Further, electric vehicles use increases the demand for automotive composites, with lightweight EVs resulting in longer battery lives and driving ranges. Therefore, original equipment manufacturers are increasingly applying composite materials to various electric and conventional vehicle designs.

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Some of the Key Players Included are:

The major key players listed in the Automotive Composites Market are SGL Carbon (Germany), Teijin Limited (Japan), UFP Technologies Ltd, (US), Hexcel Corporation (US),Hexion (US), Toray Industries Inc. (Japan), Solvay SA (Belgium), Gurit (Switzerland) and Huntsman Corporation, Mitsubishi Chemical Holding Corporation (Japan), and other players.

Opportunities of automotive composites market are huge and hold immense promise for greener and performance-oriented materials.

There are many untouched opportunities for automotive composites, predominantly for the bio-based composites. Hybrid composite materials also allow for greater strength and flexibility in automotive parts through a combination of traditional composite elements with advanced manufacturing methods.

Greater emphasis on autonomous and electric vehicles further creates avenues for specialized composite applications in lightweight battery cases and structural pieces. Increased recycling and reusing of composite materials might unlock more avenues for the market to flourish in an environment-friendly direction.

Glass fiber was leading segment of automotive composite materials in 2023, holding more than 55% share of total market share.

Glass fiber composites are used extensively because of their low cost, resilience, and varied usage in vehicle manufacturing. They are most prevalent in car body panels, underbody shields, and other structural body parts of a vehicle.

Carbon fiber composites have higher strength-to-weight ratios compared to their glass fiber counterparts but are usually more costly; hence, they are less common yet significant, particularly in high-performance and luxury vehicles. Other fiber types include natural and hybrid that also continue their surge in demand due to an increase in demand for sustainable and performance-driven materials from automakers.

The Asia Pacific was leading contributor to automotive composites market during 2023, with 75.8% share of revenue.

This growth was due to the extremely developing automobile production in the region, especially in China, Japan, and India. The increased demand for electric vehicles and advancement in manufacturing technologies can also lead to further demand for automotive composites in this region.

Also, regulatory policies towards sustainability and lightweight vehicle design have driven the growth of composite materials. The cost-effectiveness of production processes and availability of raw material within the Asia Pacific make it a potential hub for automotive composite manufacturing.

Market segmentation

By Fiber Type:

• Glass Fiber
• Carbon Fiber
• Others

By Resin Type:

• Thermoset
• Thermoplastic

By Manufacturing process:

• Compression Molding
• Injection Molding
• Resin Transfer Molding (RTM)
• Others

By Application

• Exterior
• Interior
• Powertrain
• Chassis

By Manufacturing Process:

• Non-electric
• Electric

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Intense competition led by innovation and strategic partnerships across the globe.

The companies have been struggling a lot to innovate and keep up the pace with the increasing demand for lightweight and efficient materials. Leading players in the market invest hugely in research and development to develop new composite materials with improved performance attributes.

Many of the manufacturing companies also form strategic partnerships with automotive OEMs to offer customized composite solutions that cater to the requirements of particular vehicles.

Indeed, this competitive landscape again changes with the mergers and acquisitions of companies in their quest to expand both technological and market capacities. Introduction and development of sustainable and recyclable composite materials are likely to further intensify competition in the perennially evolving market.

Recent Developments:

• March 2024: Forvia Nanterre, France-based automotive technology supplier created by the 2022 merger of automotive technology providers Faureciaand Hella. During news conference in advance of 2024 CES, Forvia CEO outlined some of the company’s sustainability goals and strategies saying the company will be net zero in carbon emissions for its operations by 2045, with an interim target of -40% in emissions by 2030.

Key Takeaways:

• Automotive composites are composite materials providing much better strength-to-weight ratio compared to conventional materials like steel, thus helping automakers bring down vehicle weights without compromising the structural integrity of their vehicles. Weight reduction improves fuel economy, a factor of growing importance due to increasingly stringent environmental legislation.
• Due to its high strength and lightweight properties, including resistance to corrosion, there is a growing usage of CFRP in car manufacturing. These advantages create an ideal material for application in luxury and high-performance vehicles with the aim of improving durability and attaining greater speeds.
• Automotive composites are finding applications both in ICE and electric vehicles to achieve weight reduction, lower emissions, and enhancement in performance. This trend is thus enabling the manufacturers to meet the evolving regulatory standards worldwide.

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