Automotive Composites Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Application Type (Structural Assembly, Powertrain Component, Interior, Exterior), By Material Type (Thermoset Polymer, Thermoplastic Polymer, Carbon Fiber, and Glass Fiber), By Regional, By Competition
Published Date: April - 2025 | Publisher: MIR | No of Pages: 320 | Industry: Automotive | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request Customization| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 25 Billion |
| CAGR (2023-2028) | 9.3% |
| Fastest Growing Segment | Exterior |
| Largest Market | Asia-Pacific |
Download Sample Ask for Discount Request Customization
Market Overview
Global Automotive Composites Market has valued at USD 25 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 9.3%.
The Global Automotive Composites Market is a dynamic and rapidly evolving sector within the automotive industry, driven by a host of factors that are reshaping vehicle design and manufacturing processes. Composites, which are materials made from a combination of two or more distinct constituents, typically a polymer matrix reinforced with fibers such as carbon, glass, or aramid, have gained increasing importance in the automotive sector due to their unique properties and advantages. One of the primary drivers of the automotive composites market is the pressing need for weight reduction in vehicles. As global emissions regulations become more stringent and environmental concerns grow, automakers are compelled to seek innovative solutions to enhance fuel efficiency and reduce greenhouse gas emissions. Composites offer a lightweight alternative to traditional materials like steel and aluminum, effectively reducing a vehicle's overall weight while maintaining structural integrity.
This weight saving translates into increased fuel efficiency and lower carbon output, which fit with the goal of sustainability that the industry promotes. Another driving trend in the automotive composites market is the rise in electric vehicle (EV) demand. EVs draw on lightweight composites to enable their maximum range and battery power. Composites are an excellent choice for EV applications since they enable balancing out the weight of heavy battery packs, resulting in increased battery lifespan and increased driving ranges. With the ongoing transition globally towards electric mobility, the demand for composites for use in EV production will continue to rise significantly. Additionally, tight safety and emissions standards across the world are shaping the uptake of composites for automotive production. Such regulations require the adoption of materials which improve crashworthiness and cut vehicle emissions. Composites are a promising alternative since they may be designed to achieve high strength-to-weight ratios and superior energy absorption properties, enhancing safety as well as compliance with emissions regulations. Besides the weight reduction aspect, automotive composites also make it possible to design innovative, aerodynamic car shapes, making the vehicle both more attractive and aerodynamically efficient.
Key Market Drivers
Lightweight Vehicles
One of the key drivers for the Global Automotive Composites Market is the increasing need for lightweight vehicles. Lightweight composites like carbon fiber reinforced polymers (CFRPs) and glass fiber reinforced polymers (GFRPs) assist in lowering the vehicle's weight, leading to better fuel efficiency and lower carbon emissions. Through the application of sophisticated manufacturing processes, automakers are able to produce intricate composite structures with high strength-to-weight ratios, which result in improved safety without compromising performance. Additionally, automotive composites also allow for design flexibility, enabling innovative vehicle designs that entice consumers' attention. With stringent environmental laws being enforced globally, car manufacturers are being forced to use lightweight composites to satisfy the growing need for fuel-efficient and environmentally friendly vehicles, fueling the expansion of the Global Automotive Composites Market.
Technological Advances
Recent advances in manufacturing technology have greatly transformed composite material production, making mass production affordable. Automotive composites have thus grown more affordable and reachable, spreading beyond premium vehicles to a wider group of vehicles. This accessibility has largely shaped the market growth, presenting new opportunities and stimulating innovation in the automotive sector.
Improved Performance
Composite materials, with their unprecedented combination of lightness and strength, have brought about a seismic shift in the automotive sector. By providing significantly better strength-to-weight ratios when compared to conventional materials like steel or aluminum, they have not only improved car performance but have also provided tremendous design freedom. These new-generation materials have come into their own in high-performance cars, where each ounce lost is crucial. Consequently, there has been an increased need for composite materials, as car manufacturers strive to maximize performance, fuel economy, and overall driving experience.
Evolving Consumer Preferences
Currently, as consumers become increasingly aware of sustainability and fuel efficiency, their preferences in buying cars are evolving. The change in consumer behavior has translated into an increasing demand for composite material-based cars. These composites, which are associated with being lightweight and long-lasting, not only assist with fuel efficiency but also provide improved performance and a smaller environmental footprint. Consumers are positively affecting not just their own driving experience but the environment by selecting vehicles composed of composite materials.
Regulatory Frameworks
The auto industry, one of the most important sectors, is faced with tight regulations in the area of carbon emissions. These regulations not only place a pledge on manufacturers but also urge them to adopt cutting-edge technologies and materials, including advanced composites, in a bid to properly comply with these standards. This quest for compliance not only drives the future towards being green but also acts as a catalyst for the entire growth of the market.
Electric Vehicle (EV) Growth
The growing popularity of electric vehicles has also been a major impetus for innovation in the automobile sector. As concerns over climate change and the necessity for eco-friendly transport solutions have grown, demand for EVs has gone through the roof. In turn, manufacturers have been working hard to enhance the performance and efficiency of electric vehicles.
One of the most important features that have come to the forefront is the application of lightweight materials such as composites in EV manufacturing. Composites are several benefits such as lower weight, higher strength, and greater energy efficiency. Through the integration of composites, EV companies can increase the range of their vehicles, a factor that plays an important role for customers considering electric vehicles.
The use of light materials in EV construction has also paved the way for new ways of enhancing the overall performance and functionality of electric cars. With the technology advancing, we are bound to witness even more innovations in this realm, resulting in even more efficient and powerful electric vehicles in the future.
Download Sample Ask for Discount Request Customization
Emerging Markets
Emerging economies, especially in Asia, have witnessed an unprecedented growth in automotive demand over the last few years. The exponential rise has been fueled by a series of factors such as a growing middle class and an increasing trend in disposable incomes. Consequently, the demand for cars, especially those built with new-age composite materials, has seen unprecedented demand. This trend not only indicates the growing aspirations and buying power of consumers in these markets, but also marks a transition towards more sustainable and technologically driven transportation solutions.
Future Trends
Peering into the future, the rise of autonomous cars and connected vehicles is set to transform the automobile industry. With these sophisticated technologies gaining widespread usage, demand for automotive composites is likely to go through the roof. Such composites, characterized by high strength and low weight, will be central to enhancing fuel efficiency and overall vehicle performance. The incorporation of such materials in autonomous and connected vehicles will not only improve safety but will also lead to environmental concern reduction. As a result, market direction is predicted to be substantially driven by this increased demand for advanced automobile composites.
Key Market Challenges
Cost Constraints
One of the primary challenges facing the automotive composites market is the cost of materials and manufacturing processes. Composite materials, such as carbon fiber reinforced composites, are often more expensive than traditional materials like steel and aluminum. The cost of raw materials, production, and specialized manufacturing equipment can significantly drive up the overall cost of composite components.
High material costs can limit the adoption of composites in mass-market vehicles, as automakers are constantly striving to balance cost-effectiveness with performance. The cost challenge also affects the overall affordability of vehicles, potentially reducing their competitiveness in the market.
Production Scalability
Limited production scalability can hinder the widespread adoption of composites, especially in high-volume vehicle segments. It can lead to production bottlenecks, increased lead times, and challenges in meeting consumer demand.
Recycling and End-of-Life Management
The recyclability and end-of-life management of composite materials pose significant challenges. Unlike metals, composites can be challenging to recycle due to their heterogeneous composition. Separating and recycling the individual components of composites, such as resin and fibers, requires specialized processes.
The lack of efficient recycling options can result in environmental concerns and disposal challenges. As sustainability becomes a central theme in the automotive industry, addressing the end-of-life management of composite materials is essential.
Material Consistency and Quality Assurance
Ensuring material consistency and quality assurance in composite manufacturing is a critical challenge. Composite properties can vary due to factors such as resin mixing, curing processes, and environmental conditions. Maintaining consistent quality across large production volumes is essential for safety and performance.
Inconsistent material properties can lead to structural weaknesses, reduced performance, and safety concerns in composite components. It can also result in production rejects and increased costs associated with quality control and testing.
Regulatory Compliance and Certification
Meeting regulatory compliance and certification requirements is a complex challenge in the automotive composites market. Regulations vary by region and application, and ensuring that composite materials and components adhere to safety and emissions standards can be intricate and time-consuming.
Non-compliance with regulatory standards can lead to costly delays in product development, recalls, and damage to brand reputation. Achieving compliance can require extensive testing, documentation, and validation processes.
Limited Material Standardization
Limited material standardization can complicate the design and manufacturing processes. It requires extensive testing and validation to ensure that customized composite materials meet safety and performance requirements.
Durability and Long-Term Performance
Ensuring the long-term durability and performance of composite materials in automotive applications is a complex challenge. Composites may be susceptible to issues such as moisture absorption, delamination, and degradation over time, especially when exposed to harsh environmental conditions.
Durability concerns can affect the reliability and longevity of composite components, impacting vehicle safety and maintenance costs. Automakers must carefully consider the long-term performance of composites when incorporating them into vehicle designs.
Consumer Perception and Acceptance
Consumer hesitation can impact purchasing decisions, potentially slowing the adoption of vehicles with composite components. Building consumer trust and addressing misconceptions are essential for market acceptance.
Key Market Trends
Increasing Use of Carbon Fiber Composites
Carbon fiber composites are gaining prominence in the automotive industry due to their exceptional strength-to-weight ratio. Automakers are increasingly using carbon fiber-reinforced composites in critical components, such as chassis, body panels, and interior structures. Carbon fiber composites offer a significant weight reduction potential, contributing to improved fuel efficiency and performance.
The use of carbon fiber composites in high-performance and luxury vehicles is becoming more common, enhancing their performance and agility. This trend is also trickling down to mainstream vehicles as advancements in carbon fiber production and cost reduction initiatives make these materials more accessible.
Hybrid and Multi-Material Solutions
Hybrid and multi-material solutions provide automakers with the flexibility to optimize vehicle designs for performance, safety, and cost-effectiveness. By strategically incorporating composites in areas that benefit most from weight reduction, automakers can achieve a balance between structural integrity and efficiency.
Integration of Composites in Electric Vehicles (EVs)
Electric vehicles (EVs) are rapidly becoming a dominant force in the automotive industry, and composites play a crucial role in their development. Lightweight composites are essential for offsetting the weight of EV batteries, extending the vehicle's driving range, and maximizing energy efficiency. Automakers are integrating composites into EV components, including battery enclosures and structural elements.
The integration of composites in EVs contributes to improved battery efficiency and overall vehicle performance. Lighter EVs can achieve longer driving ranges on a single charge, making them more appealing to consumers. This trend aligns with the industry's goal of reducing emissions and promoting sustainable transportation.
Advancements in Resin Technology
Advanced resin technology allows automakers to select composite materials that meet stringent safety and performance standards. This trend is particularly relevant in critical applications where composite materials must withstand extreme conditions, such as crash energy absorption.
Automated Composite Manufacturing
Automation plays a pivotal role in composite manufacturing. Automated processes, such as automated fiber placement (AFP) and automated tape laying (ATL), are streamlining composite component production. These technologies improve production efficiency, reduce labor costs, and ensure consistency in composite layup.
Automated manufacturing techniques are making composites more accessible for high-volume production. They are particularly beneficial for complex-shaped components, such as aircraft fuselages and automotive body panels. This trend contributes to the wider adoption of composites in the automotive sector.
Sustainability and Recyclability
Sustainable composites align with the industry's sustainability goals and appeal to environmentally conscious consumers. By adopting recyclable and bio-based composites, automakers can reduce the carbon footprint associated with vehicle manufacturing.
Digitalization and Simulation Tools
Digitalization and advanced simulation tools are transforming the design and manufacturing of composite components. Virtual prototyping and simulation enable engineers to assess the performance of composite materials under various conditions, optimizing designs and reducing development lead times.
Digitalization streamlines the design and testing phases of composite development, resulting in faster time-to-market and cost savings. Simulation tools also aid in material selection and structural analysis, ensuring that composites meet safety and performance requirements.
Supply Chain Resilience
Ensuring a resilient supply chain is essential to prevent disruptions in composite material availability. Diversifying suppliers, securing strategic stockpiles, and exploring local sourcing options are strategies adopted to mitigate supply chain risks.
Automakers are reevaluating their supply chain strategies and collaborating with suppliers to enhance resilience. Digital tools and analytics are employed to monitor and optimize supply chain operations.
Segmental Insights
Download Sample Ask for Discount Request Customization ​
Vehicle Type Insights
Global Automotive Composites market is categorized by vehicle type into passenger cars, light commercial vehicles, and heavy commercial vehicles. Passenger cars hold the highest market share owing to their high production rate and growing demand for fuel efficiency. Application of composites in passenger cars assists in minimizing vehicle weight, thus enhancing fuel efficiency and lowering emissions. Light commercial vehicles and heavy commercial vehicles also offer significant growth prospects, given the mounting demand for fuel-efficient and light-weight vehicles for the logistics and transportation sector.
Product Type Insights
The worldwide automotive composites market is diversified into a range of product types, each characterized by distinct attributes that suit distinct applications in the automotive sector. These product types are carbon fiber composites, glass fiber composites, and others. Carbon fiber composites, which have a high strength-to-weight ratio, are especially preferred in high-performance vehicles and electric vehicles. Glass fiber composites, however, are cost-effective and flexible to mold, which makes them the choice for mass-produced vehicles. The remaining composite types have particular niche uses, adding to the richness and diversity of this market.
Regional Insights
The worldwide automotive composites market is highly variable by region, influenced by disparate economic, technological, and environmental considerations. In North America, high emission standards and increasing consumer demand for fuel-efficient, lightweight vehicles are fueling the expansion of the automotive composites market. Conversely, Europe's market is influenced by a strong automotive sector, an increased focus on environmental sustainability, and a high level of focus on advanced manufacturing processes. The Asia-Pacific region, specifically China and India, offers a vibrant market scenario, driven by accelerating industrialization, growing automobile manufacturing, and rising disposable incomes.
Recent Developments
- In April 2021, Solvay introduces Amodel®Supreme PPA, a new line of high-performance polyphthalamide (PPA) compoundsdesigned for demanding e-mobility and metal replacement applications. Amodel®Supreme PPA brings a higher level of performance to systems requiringexceptional thermal, mechanical, and electrical properties.
- In February 2021, Hexcel Corporationcollaborating with NaCa Systems, a supplier of natural fiber compositeautomotive interior parts, is developing a lightweight carbon fiber prepreg andwood fiber composite sports car seat back using a rapid press molding process.This innovation validates a short-cycle time production process for CFRP andwood fiber composite parts and offers a host of benefits to automotivemanufacturers.
Key Market Players
- HexcelCorporation
- MitsubishiChemical Carbon Fiber and Composites, Inc.
- mouldCAMPty Ltd.
- SGLCarbon
- TohoTenex (Teijin Ltd)
- TorayIndustries Inc
- NipponSheet Glass Company, Limited
- Sigmatex
- NipponCarbon Co., Ltd.
- Solvay
|
By Application Type |
By Material Type |
By Region |
|
|
Related Reports
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy