Automotive Composite Market to Grow with a CAGR of 10.28% through 2029

The global automotive composite market is driven by increasing demand for lightweight materials to enhance fuel efficiency, rising adoption in electric vehicles for weight reduction, and advancements in manufacturing technologies.

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.

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.  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.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.

Browse over xx market data Figures spread through xx Pages and an in-depth TOC on "Global Automotive Composite Market.” 

The Automotive Composite Market is segmented into application type, material 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. Carbon fiber is the fastest-growing material type in the automotive composite market, driven by its exceptional strength-to-weight ratio, stiffness, and ability to enhance vehicle performance. Although traditionally associated with luxury and high-performance vehicles, carbon fiber composites are gaining traction in mainstream applications as production costs decrease. Electric vehicles (EVs) are a key driver for carbon fiber adoption. Lightweight materials are crucial in EV design to offset the weight of batteries, and carbon fiber provides superior weight reduction compared to glass fiber. Applications include body panels, chassis, and battery enclosures, where the material's high strength, thermal stability, and impact resistance deliver unmatched performance benefits.

Innovative manufacturing processes, such as automated fiber placement (AFP) and resin infusion, have reduced production cycles and costs, making carbon fiber more accessible to mass-market vehicle production. Additionally, increasing investments in recycling technologies, such as pyrolysis, address sustainability concerns and enhance carbon fiber's appeal. The growing emphasis on performance optimization, fuel efficiency, and emission reduction, combined with the rapid shift towards EVs and autonomous vehicles, positions carbon fiber as the fastest-growing segment in the automotive composite market. Its transformative impact on automotive design ensures sustained growth and expansion into diverse vehicle categories.

Based on region, 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 TCAC Holding B.V
• SGL Carbon SE
• Hexcel Corporation
• Mitsubishi Chemical Carbon Fiber and Composites, Inc.
• mouldCAM Pty Ltd.
• Nippon Sheet Glass Co., Ltd
• Sigmatex (UK) Limited
• Solvay SA 
• 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 & 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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