Automotive Composites Market Outlook Size, Key Players,
Investment Opportunities, Top Regions, Growth and Forecast (2021-2031)

The Automotive Composites Market size is expected to
reach US$ 27,374.53 million by 2031 from US$ 12,474.38 million in 2024. The market
is estimated to record a CAGR of 12.3% from 2025 to 2031.

Executive
Summary and Global Market Analysis

Automotive
composites, innovative lightweight materials combining fibers and resins, are
integral to vehicle manufacturing. They provide critical benefits such as
weight reduction, improved fuel efficiency, and enhanced performance. These
composites are fundamental to achieving stringent environmental regulations and
supporting the automotive sector's pivot towards sustainable practices. The
global automotive composites market is experiencing considerable expansion,
driven by the escalating need for lightweight materials within the automotive
industry to improve fuel efficiency and comply with increasingly strict
environmental regulations. Governments globally are implementing more rigorous
emission standards and fuel efficiency mandates. Automotive composites
facilitate a reduction in vehicle weight, which in turn enhances fuel
efficiency and decreases CO2 emissions, thereby assisting manufacturers in
meeting these regulations.

Automotive
Composites Market Segmentation Analysis

In terms of fiber
type, the automotive composites market is segmented into glass fiber
composites, carbon fiber composites, and other categories. The glass fiber
composites segment held the dominant market share in 2024.

Regarding resin
type, the automotive composites market is bifurcated into thermoset resins
(encompassing polyester, epoxy, vinyl ester, polyurethane, and others) and
thermoplastics (such as polyethylene, polypropylene, polycarbonate, polymethyl
methacrylate, and others). The thermoplastics segment captured the largest
market share in 2024.

By technology, the
automotive composites market is categorized into pultrusion, injection molding,
compression molding, and other processes. The injection molding segment
accounted for the largest market share in 2024.

Automotive
Composites Market Drivers
and Opportunities

The surge in fuel
prices and the environmental footprint of conventional gasoline vehicles have
paved the way for the widespread adoption of alternative fuel vehicles. Buyers
are progressively favoring battery-powered or hybrid automobiles, a trend anticipated
to significantly boost the demand for electric vehicles. According to the
International Energy Agency's annual Global Electric Vehicle Outlook, sales of
electric cars worldwide exceeded 10 million in 2022 and are projected to grow
by 35% in 2023, reaching 14 million. As the automotive industry undergoes a
significant transformation towards electric vehicles (EVs), the role of
composites has become increasingly pivotal. Governments are also offering
appealing laws and incentives to encourage EV sales.

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Automotive
Composites Market Size and Share Analysis

Based on fiber
type, the market comprises glass fiber composites, carbon fiber composites, and
other types. The glass fiber composites segment commanded the largest share of
the automotive composites market in 2024. Glass fiber composites maintain a
leading position in the automotive composites market due to their excellent
performance, cost-effectiveness, and broad applicability. Glass fibers are
extensively employed in automotive applications, offering an outstanding
strength-to-weight ratio, high durability, and resistance to environmental
factors such as moisture and chemicals.

In terms of
application, the market is divided into structural assembly, powertrain
components, and interiors. The interior segment held the largest automotive
composites market share in 2024. The interior segment of the automotive
composites market is a focal point for significant innovation as manufacturers
aim to improve vehicle aesthetics, comfort, safety, and overall performance.

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