Global Automotive Composites Market Projected To Quadruple By 2034, Driven By Demand For Lightweight Vehicle Materials

Dublin, Dec. 11, 2024 (GLOBE NEWSWIRE) -- The "Automotive Composites market by Fiber Type, Resin Type, manufacturing Process, Application, Vehicle Type, & Region - Global Forecast to 2034" report has been added to ResearchAndMarkets.com's offering.
The automotive composites market is estimated at USD 9.69 billion in 2024 and is projected to reach USD 37.54 billion by 2034, at a CAGR of 14.5% from 2024 to 2034.

In terms of value, glass fiber type dominated the global automotive composites market and expected to continue this trend over the upcoming years. The high market share is attributed to various advantages such as flexibility, stability, lightweight, moisture & temperature resistance, resistance to hear, and cost-effectiveness as compared to carbon fiber. In automotive industry, glass fiber composites get widely used in deck lids, bumper beams, underbody systems, engine covers, front-end modules, air ducts, engine cover instrument panels and many other cars body parts.

In terms of value, interior application segment accounted for the second-largest share of the overall automotive composites market.
In 2023, the interior application segment accounted for the second-largest share of the overall automotive composites market, in terms of value. The interior applications of automotive composites include seatbacks, load floors, interior trims, interior headliners, underbody panels, and interior cabin. The usage of composites in these applications enables the reduction of weight. The weight of car is a critical factor for OEMs and hence, composites has been considered as best alternatives to other traditional materials that includes aluminum and steel for fabrication of interior parts of the car body. OEMs such as Audi and BMW have considered the usage of composites in various structural parts such as headliners and seat backs.
During the forecast period, the automotive composites market in North America region is projected to be the second-largest region.
The growth of automotive composites in North America is fueled by the presence of some of the key automotive composite manufacturers such as Hexcel Corporation (US), Owens Corning (US), UFP Technologies, Inc. (US), Huntsman Corporation (US), and Hexion (US). These companies are undertaking various strategies to meet the growing demand for composites.
The increasing applications of glass fiber composites and other composites in the automotive industry are helping the North American market to grow. Corporate Average Fuel Economy (CAFE) and GHG regulations imposed by the government are encouraging the use of fuel-efficient vehicles. Such regulations are compelling manufacturers to adopt lightweight solutions, boosting the demand for automotive composites.

The report provides a comprehensive analysis of company profiles:
Prominent companies include Toray Industries, Inc. (Japan), SGL Carbon (Germany), POLYTEC HOLDING AG, ElringKlinger AG (Germany), Syensqo (Belgium), HENGRUI CORPORATION (HRC) (China), Exel Composites (Finland), Teijin Limited (Japan), Mitsubishi Chemical Group Corporation (Japan), Piran Advanced Composites (UK), IDI Composites International (US), and Rochling SE & Co. KG (Germany).
Research Coverage
This research report categorizes the automotive composites market By fiber (glass, carbon, others), resin (thermoset and thermoplastic), manufacturing process (compression molding, injection molding, RTM, others), application (exterior, interior, powertrain, chassis), vehicle type (non-electric, electric) and Region (Europe, North America, Asia Pacific, Latin America and Middle Eat & Africa).
The scope of the report includes detailed information about the major factors influencing the growth of the automotive composites market, such as drivers, restraints, challenges, and opportunities. A thorough examination of the key industry players has been conducted in order to provide insights into their business overview, solutions, and services, key strategies, contracts, partnerships, and agreements. New product and service launches, mergers and acquisitions, and recent developments in the automotive composites market are all covered. This report includes a competitive analysis of upcoming startups in the automotive composites market ecosystem.
The report provides insights on the following:

• Analysis of key drivers (Increase in demand for lightweight vehicles, rising usage of cost-efficient natural fibers in automotives), restraints (High processing cost, Lack of technological advancements), opportunities (Growing stringent government regulations), and challenges (Recyclability of automotive composites) influencing the growth of the automotive composites market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in automotive composites market.
• Market Development: Comprehensive information about lucrative markets - the report analyses the automotive composites market across varied regions.
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the automotive composites market
• Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Toray Industries, Inc. (Japan), SGL Carbon (Germany), POLYTEC HOLDING, ElringKlinger AG (Germany), Syensqo (Belgium), HENGRUI CORPORATION (HRC) (China), Exel Composites (Finland), Teijin Limited (Japan), Mitsubishi Chemical Group Corporation (Japan), Piran Advanced Composites (UK), IDI Composites International (US), and Rochling SE & Co. KG (Germany), among others in the automotive composites market.

Key Attributes:

Key Topics Covered:

MARKET DYNAMICS

DRIVERS

• Increase in demand for lightweight and fuel-efficient vehicles
• Growth of environment-friendly electric vehicles
• Increasing use of cost-efficient and eco-friendly natural fibers in automotive applications

RESTRAINTS

• High processing and manufacturing cost of composites
• Lack of technological advancements in emerging economies

OPPORTUNITIES

• Stringent government regulations
• Growing demand from emerging economies
• Penetration of carbon fiber composites in electric vehicles

CHALLENGES

• Recyclability of composites

TECHNOLOGY ANALYSIS

KEY TECHNOLOGIES

• Automotive composite manufacturing
• Glass fiber composite manufacturing
• Carbon fiber composite manufacturing

COMPLEMENTARY TECHNOLOGIES

• Recycling technology

CASE STUDY ANALYSIS

• Mitsubishi's development of carbon fiber for structural automotive components
• Watt Electric Vehicles partnered with National Composites Centre to manufacture composite batteries
• Teijin's development of carbon fiber battery enclosure

COMPANY PROFILES

KEY COMPANIES

• SGL Carbon
• SYENSQO
• Polytec Holding
• Toray Industries
• Elringklinger
• Hengrui
• EXEL Composites
• TEIJIN
• Mitsubishi Chemical
• HEXCEL
• IDI Composites International
• Rochling
• KAUTEX
• Muhr Und Bender
• Georg Frozmeier
• Flex-N-Gate

OTHER PLAYERS

• Hankuk Carbon
• CIE Automotive India
• UFP Technologies
• Zhongao Carbon
• Atlas Fibre
• Piran Advanced Composites
• Envalior
• TRB Lightweight Structures
• The GUND Company
• OPMOBILITY

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• Automotive Composites Market

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