The report "Automotive Composites Market by Fiber Type (Glass, Carbon), Resin Type (Thermoset, Thermoplastic), Manufacturing Process (Compression Molding, Injection Molding, Rtm), Application, Vehicle Type, & Region - Global Forecast to 2034", size is expected to reach USD 37.54 billion in 2034 from USD 9.69 billion in 2024, at a CAGR of 14.5% from 2024 to 2034.
Browse in-depth TOC on "Automotive Composites Market"
391 – Tables
73 – Figures
302 – Pages
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The demand for automotive composites is driven by growing government focus and initiatives aiming to reduce the carbon emission along with high shift towards the electric vehicles across the globe. The growing adoption of electric vehicles and fuel-efficient vehicles are expected to fuel the demand for automotive composites from various applications. Stricter environmental laws about the automotive emissions are effectively promoting the high usage of composites across the world.
Carbon fiber type is expected to grow with highest CAGR in automotive composites market during the forecasted period.
The automotive composites market is segmented based on the fiber type into glass fiber, carbon fiber and other fibers that includes aramid, basalt, natural and hybrid fibers. As compared to glass fibers, carbon fibers are 30% lighter in weight and also offer almost double strength. Due to this impressive strength -to-weight ratio, carbon fiber composites are estimated to be fastest-growing segment based on the fiber type. Carbon fiber composites helps to reduce carbon emission and footprint of automotives by making them more environment friendly as compared to other gasoline-powered vehicles.
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Thermoplastic resins segment is expected to grow with highest CAGR in automotive composites market during the forecasted period.
The automotive composites market is segmented based on resin type. Thermoplastic resins are expected to show highest growth due to recyclability. Even though thermoplastic resins are considered to be ecofriendly, thermoset resins accounts for larger share in the global automotive composites market. These resins can be easily combined with continuous fibers to create structural composite products that offers several key advantages. Thermoplastic automotive composites can be reformed and reshaped efficiently, making them easily recyclable.
Asia Pacific region dominated the global automotive composites market in terms of value
In terms of value, Asia Pacific accounted for the largest market share in the global automotive composites market, in 2023. The region is a hub of many major automakers. China is the largest manufacturer of vehicles across the world. The demand for automotive composites is showing significant growth in the region due to the growing need for eco-friendly, lightweight, and fuel-efficient vehicles. Automakers are focusing on manufacturing lightweight car bodies owing to various emission norms imposed by the government. The automotive composites market in Asia Pacific region has presence of many well-established suppliers for raw materials, composite manufacturers and OEMs.
Automotive Composites Companies
The major players active in the automotive composites market are based in Europe, Asia Pacific, and North America region. 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 Röchling SE & Co. KG (Germany) are among a few leading players operating in the automotive composites market.
Many of the key players have been implementing various growth strategies to solidify their global market presence along with their position in competitive market. These strategies encompass product launches, partnerships, contracts, mergers and acquisitions, and new product development activities, all aimed at enhancing their presence in the automotive composites market.
Teijin Limited (Japan)
Teijin Limited is identified as one of the key players in the global automotive composites market. Teijin Automotive Technologies (Principal subsidiary of Teijin Limited) has been manufacturing automotive composites in China since 2015, mainly for EV battery covers, battery shields, underbody shields, structural inner panels, and exterior body panels. Teijin Limited is expanding its global reach by entering into agreements and partnerships with other companies in the market. It is also acquiring major suppliers to boost its production capacity to meet the increasing demand. It spends significantly on research & development for newer products.
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Toray Industries, Inc. (Japan)
Toray Industries, Inc. is a leading player in the automotive composites market, specializing in manufacturing advanced prepreg materials that cater to the high-performance automotive sector. Their product portfolio includes thermoset and thermoplastic composites designed to meet the rigorous demands of automotive applications, including structural components and body panels. Toray’s prepregs are known for their lightweight properties, offering up to 30% weight reduction compared to aluminum and 70% compared to steel, making them ideal for enhancing fuel efficiency and meeting stringent CO2 emission regulations.
The company recently developed rapid integrated molding technology for carbon fiber reinforced plastic (CFRP) components, enabling the production of large automotive parts, such as roofs, at speeds ten times faster than conventional methods. This technology uses a porous CFRP core sandwiched between thermosetting prepreg skins, resulting in superior mechanical properties and reduced weight. Toray’s commitment to innovation is further demonstrated by its Advanced Composites Center, which focuses on developing new materials and molding technologies to support the growing demand for lightweight solutions in electric and fuel cell vehicles. With a strong emphasis on R&D and strategic partnerships, Toray is well-positioned to drive advancements in automotive prepreg manufacturing and contribute to the evolution of next-generation vehicles.
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Mitsubishi Chemical Group Corporation (Japan)
Mitsubishi Chemical Group Corporation (MCG) is a prominent player in the automotive composites market, offering a diverse range of products designed to enhance vehicle performance and sustainability. The company specializes in carbon fiber-reinforced polymers, glass fiber-reinforced thermoplastics, and innovative prepreg materials, which are utilized in various automotive applications such as body panels, structural components, and interior parts.
MCG’s strategic focus on lightweight materials aligns with the industry’s shift toward electric vehicles (EVs) and stringent emissions regulations, positioning it as a key supplier in this rapidly evolving sector. Recent initiatives, including the acquisition of CPC SRL, an Italian manufacturer of carbon fiber composite components, further strengthen MCG’s market position by enhancing its vertically integrated supply chain and expanding its capabilities in composite manufacturing. This commitment to innovation and sustainability reinforces Mitsubishi Chemical Group’s status as a leader in providing advanced composite solutions tailored to the automotive industry’s needs.
