Automotive Composite Market to Grow with a CAGR of 10.28% through 2029
The global automotive composite market
is driven by the increasing demand for lightweight materials to improve fuel
efficiency, advancements in sustainable and recyclable composites, and the
rising need for high-performance components.
According to TechSci Research report, “Automotive Composite
Market - Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2029F”, the Automotive
Composite Market was valued at USD 9.50 Billion in 2023 and is expected to
reach USD 17.08 Billion by 2029 with a CAGR of 10.28% during the forecast
period. The global automotive composite market is driven by the increasing focus
on reducing vehicle production costs through scalable composite manufacturing
techniques, advancements in sustainable composite materials that cater to
environmental concerns, and the rising demand for high-performance materials in
premium and sports vehicles. As manufacturers seek to enhance vehicle
aesthetics and functionality, these factors are reshaping the market landscape.
These are the factors driving the market in the forecast period 2025-2029.
Technological advancements have further fueled this
market, with innovations like solar roofs, integrated tinting, and voice
control functionality. These features not only improve the aesthetic and
comfort value but also offer functional benefits such as heat reduction and
energy efficiency. Additionally, the growing trend toward electric vehicles
(EVs) has contributed to the rise in panoramic roof installations, as these
vehicles often focus on providing a premium, futuristic experience.
Browse over xx market data Figures spread
through xx Pages and an in-depth TOC on "Global AutomotiveComposite Market.”
The automotive composite industry is
expanding rapidly due to the push for lighter, more efficient vehicles.
Composites, such as carbon fiber and fiberglass, are used to reduce vehicle
weight, improving fuel efficiency and safety. Their integration into structural
components is increasingly important as automakers meet stricter emission
regulations and cater to the growing electric vehicle market. These materials
contribute to better vehicle performance without sacrificing durability, which
is essential in today’s competitive automotive landscape.
Another notable trend is the move toward
eco-friendly and sustainable composite materials. Manufacturers are exploring
new ways to make composites more recyclable and reduce their environmental
footprint. Innovations in manufacturing techniques, such as resin transfer
molding and automated fiber placement, are improving production efficiency,
making composites more cost-effective and accessible to a broader market. These
trends are particularly important as automotive brands look to align with
consumer preferences for environmentally responsible products.
However, the industry faces challenges
such as high production costs, especially for high-performance materials like
carbon fiber, which limits their application in low-cost vehicles. Moreover,
the complexity of manufacturing processes and the absence of universal
standards for composite materials pose additional hurdles. Despite these
challenges, the market is expected to grow as companies invest in research and
development to overcome these barriers and offer more affordable and
sustainable composite solutions.
The Automotive Composite Market is segmented into application
type, material type, type, and region.
The global automotive composite market is segmented by
material type into thermoset polymer, thermoplastic polymer, carbon fiber, and
glass fiber, each offering distinct properties that cater to different
automotive applications. Thermoset polymers, such as epoxy and polyester, are
widely used for their excellent durability, heat resistance, and ability to
maintain their shape under stress. These materials are commonly found in
structural components, body panels, and interior elements, where strength and
long-term performance are crucial. Their ability to bond and form complex
shapes makes them a preferred choice for manufacturers focusing on structural
integrity and safety.
Thermoplastic polymers, on the other hand, offer the
advantage of being reshaped and reused, making them more versatile in terms of
recycling and material reusability. These polymers are increasingly being used
in automotive applications where cost-effectiveness, ease of processing, and
recyclability are important factors. Parts like interior trims, bumpers, and
non-structural panels benefit from thermoplastic composites due to their
flexibility, lower production costs, and the potential for more efficient manufacturing
processes. The ability to melt and remold thermoplastic composites also
supports fast production cycles and complex geometries, which are attractive
for mass production.
Carbon fiber is widely known for its high
strength-to-weight ratio, making it ideal for performance and luxury vehicles,
as well as in high-performance applications like powertrain components and
structural parts. This material helps to significantly reduce vehicle weight
while maintaining structural strength. Glass fiber, on the other hand, offers a
more cost-effective alternative, providing excellent durability, impact
resistance, and versatility in a wide range of automotive applications. Both
carbon fiber and glass fiber are essential in the pursuit of lightweight,
fuel-efficient vehicles, with glass fiber being particularly useful in more
affordable, high-volume vehicle segments.
North America is experiencing significant growth in
the automotive composites market, driven by the increasing adoption of electric
vehicles (EVs) and the need for lightweight materials to improve fuel
efficiency. The region's strong focus on sustainability and regulatory
pressures for reduced emissions are compelling automakers to integrate
composites into vehicle design, particularly for structural and battery
components in EVs. Advances in manufacturing technologies and growing
investments in R&D are enabling the production of high-quality composite
materials at a lower cost, making them more accessible to a wider range of
vehicle segments. North America's robust automotive industry, especially in the
U.S. and Canada, is also embracing innovative manufacturing techniques to
enhance composite material adoption. The shift towards electric and autonomous
vehicles, coupled with demand for high-performance materials, positions North
America as a key driver in the automotive composite market's growth.
Major companies operating in the global Automotive Composite
Market are:
- Toray Industries, Inc.
- SGL Carbon
- Hexcel Corporation
- Mitsubishi Chemical Carbon Fiber and
Composites, Inc.
- mouldCAM Pty Ltd.
- Nippon Sheet Glass Co., Ltd
- Sigmatex
- Solvay
- Magna International Inc.
-
Plasan Sasa Ltd.
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“A major trend in
the global automotive composite market is the shift towards using more
sustainable and recyclable materials. With consumers becoming more
eco-conscious, automakers are choosing composites that help reduce
environmental impact while also improving vehicle performance. These materials
are playing a big role in making cars more fuel-efficient and supporting the
move towards greener, more sustainable vehicles. “Said Mr. Karan Chechi,
Research Director of TechSci Research, a research-based management consulting
firm.
Automotive Composite
Market –Global Industry Size, Share, Trends, Opportunity, and Forecast,
Segmented By Application Type (Structural Assembly, Powertrain Component,
Interior, Exterior), By Material Type Thermoset Polymer, Thermoplastic Polymer,
Carbon Fiber, and Glass Fiber), By Region, By Competition, 2019-2029F”, has evaluated
the future growth potential of global Automotive Composite Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global Automotive Composite Market.
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