Automotive Composites Market Size, Share, Opportunities, And Trends By Fiber Type (Polymer Matrix, Glass Fiber, Natural Fiber, Carbon Fiber, Ceramic Matrix, Metal Matrix), By Application (Exterior, Interior, Structural, Chassis And Powertrain, Others), And By Geography - Forecasts From 2024 To 2029

The automotive composites market is evaluated at US$7.317 billion for the year 2022 growing at a CAGR of 11.04% reaching the market size of US$15.231 billion by the year 2029.

Automotive composites are light and compact materials mainly employed under the hood and in the interiors of trucks, cars, and other vehicles. Composites are employed for numerous vehicle interior and exterior applications because they are favoured materials for weight reduction in autos. Because of their outstanding dimensional stability, composite materials have become more prevalent in the automotive sector in recent years. Composites are desirable materials because of their shape retention, low coefficient of thermal expansion, corrosion resistance for performance in dry and wet situations, the convenience of manufacturing, & low weight to reduce overall vehicle mass.

The requirement for lightweight components in automobile parts to improve fuel efficiency and lower emissions

Compared to traditional structural metallic materials such as steel, iron, and aluminium, composites offer weight reduction benefits of 15-20% for glass fibre and 25-40% for carbon fibre composites. Moreover, many public-private partnership programs in EU member states have already been developed to boost the use of composites in the automotive sector. The creation of composites and automotive lightweight materials innovation clusters, as well as collaborations with the automotive and chemical industries to support the investment through supply chain analysis of the automotive carbon fibre composites market, are examples of such initiatives.

The market for automotive composites is being driven by an increase in demand for electric vehicles.

Electric vehicles, according to several experts, will allow for higher prices per kilo of weight saved in vehicle weight reduction measures. Typical IC engine automobiles can only afford to spend a couple of dollars for each kilogram of weight saved, whereas electric vehicles can save 7-8 dollars per kilogram. In conventional driving cycles, general cars waste more energy while accelerating, but they can also recover more kinetic energy through brake energy recovery. A lighter car body enables battery downsizing while preserving range in electric vehicles. Reducing the weight of the vehicle body and battery pack has a compounding effect on overall vehicle weight reduction by allowing other systems like the brake system and driving the train to be downsized. At the same drivetrain power and torque levels, the decreased weight cuts pollutants and enhances performance in ICE vehicles.

Rising use of glass fibre composites in the automotive industry

In recent years, there has been a significant growth in the need for lightweight materials to improve fuel efficiency and reduce emissions. Glass fibre composites are widely employed in the automotive industry since they are less expensive than carbon and natural fibre composites. Furthermore, natural fibre composites are used to make vehicle body sections like engine hoods, storage tanks, and dashboards, reducing the use of other metals like steel.

The exterior segment is expected to grow at a significant CAGR.

Exterior automobile applications for automotive composites include headlamps, heat shielding components, and more. Many automakers are likewise emphasizing composites in their vehicle bodywork. For example, recent research indicates that reinforced thermoplastics could become the next big wave. The BMW i3 is the world's first mass-produced automobile with a thermoplastic composite exterior element.  As an alternative to glass fibre as a light-weighting solution, the automobile industry is increasingly adopting natural composites in the interior portions of vehicles.

Asia Pacific is expected to take the lead in terms of market share.

Due to the highest number of automobiles present in this region, particularly in China, India, and Thailand, Asia Pacific is the largest and fastest-growing region. Furthermore, India, Indonesia, Thailand, and China are predicted to have the greatest number of cars on the road, as well as the largest markets for four-wheelers, fueling the market's expansion. As per the India Brand Equity Foundation (IBEF), in July 2023, 2.08 units of passenger vehicles*, three-wheelers, two-wheelers, and quadricycles were produced in total, a trend that is expected to continue in the future decade. Furthermore, top manufacturers worldwide are looking to the Asian market to boost their profits. Some of the world's largest automakers are developing manufacturing facilities in India to meet rising demand, boosting the country's automotive composites sales.

Market key launches

• In October 2023, the Mitsubishi Chemical Group began a strategic acquisition of CPC, a top Italian producer of automotive carbon fiber composite components. Because CFRP helps make car bodies lighter, which is essential for complying with strict fuel economy regulations and lowering CO2 emissions, the global automobile market is becoming more and more interested in CFRP. The automotive sector is rapidly adopting CFRP in automotive components, and the MCG Group is well-positioned to take the lead by providing customers with the best solutions possible at every stage of the value chain, from component design to production.
• In May 2022, Solvay, a leading global supplier of specialty materials, has announced the launch of SolvaLite® 714 Prepregs, a new generation of unidirectional carbon-fiber and woven-fabric products pre-impregnated with SolvaLite® 714 epoxy resin, to enhance its extensive portfolio of composite materials for the automotive industry. These novel prepregs have been designed to produce automotive components, like body panels, at short compression-molding cycle times in serial production runs. They also have a long outlive and fast cure cycles.

Automotive Composites Market Scope:

Segmentation:

• By Fibre Type
  • Polymer Matrix
  • Glass Fiber
  • Natural Fiber
  • Carbon Fiber
  • Ceramic Matrix
  • Metal Matrix
• By Application
  • Exterior
  • Interior
  • Structural
  • Chassis and Powertrain
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Taiwan
    • Others