The automotive composites market is projected to reach a valuation of USD 8.3 billion in 2023, with an anticipated compound annual growth rate (CAGR) of 12.1% from 2023 to 2033, ultimately reaching an estimated USD 26.1 billion by the end of that period.
Market Dynamics
The market is highly competitive, driven by major players who leverage advanced manufacturing technologies to promote sustainability in the global automotive composites sector. Product development is a crucial growth strategy for these market participants.
By launching innovative products, companies can reap numerous practical benefits while ensuring compliance with existing emissions norms and regulations. This proactive approach will enable market players to strengthen their position in the global automotive composites market.
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Key Takeaways from the Automotive Composites Market Report:
- Sales of the automotive composites market expanded at a CAGR of 11.3% from 2018 to 2022.
- The automotive composites market reached a valuation of US$ 6.2 billion.
- Overall sales of automotive composites across the globe are projected to increase by 1.5x, registering year-on-year (YoY) growth of 5.10% in 2022.
- The automotive industry in Asia Pacific is said to hold a market share of 7.8%.
- Australia is said to be expanding at a CAGR of 4.5%.
- The automotive industry in India has witnessed significant expansion over the past half-decade contributing a market share of 6.89%.
- North America is expected to be the second most dominant automotive composites market holding a market share of 38.6%.
- The United States is estimated to hold a significant portion of North America’s market with a value share of 23.8%.
- China is estimated to witness strong growth in the automotive composites market, accounting for more than 19% of the market share.
- Glass fiber composites are estimated to hold a significant position in the market.
- The glass fiber composites segment is expected to account for a dominant market share of 49.8%.
- Passenger car contributes to an increase in sales in the automotive composites market.
- The passenger car segment is anticipated to witness significant growth with a market share of 62.8%.
- The exterior application holds a leading position in the market.
- An exterior segment is anticipated to witness dominant growth with a market share of 44.3%.
- Sales of thermoplastic resins lead to growth in the market.
- Thermoplastic resins are expected to raise the sales of the market with a value share of 36.1%.
Some of the important developments by the key players:
- In February 2023, Belgian chemicals group Solvay (SOLB.BR) forecasted lower earnings this year due to weaker demand from chemicals, coatings, and consumer markets, sending its shares down more than 3% even as it reported record profits for 2022.
- In May 2023, Belgian chemicals group Solvay reported higher-than-expected first-quarter results and lifted its full-year profit and cash outlooks, but lower volumes hit its shares.
Leading Key Players:
- Toray Industries Inc.
- Gurit Holding AG
- Solvay Group
- SGL Carbon SE
- Teijen Limited
- Mitsubishi Chemical Holding
- Owen Corning
- E.I. du Pont de Nemours & Co.
- UFP Technologies Inc.
- Quantum Composites
Automotive Composites Market Segmentation:
By Material:
- Glass Fiber Composites
- Natural Fiber Composites
- Carbon Fiber Composites
- Aramid Fiber Composites
- Others
By Application:
- Interior
- Exterior
- Underbody
- Chassis
- Power Train
- Engine Components
By Resin:
- Thermoplastic
- Thermoset
By Vehicle Type:
- Passenger Cars
- Compact
- Luxury
- Mid-Size
- SUVs
- LCVs
- HCVs
- Straight Trucks
- Dump Trucks/Garbage Trucks
- Semi-Trailers
- Fire Trucks
- Others
- Agricultural
- Tractors
- Tillers
- Rotavators
- Harvesters
- Threshers
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia & Pacific
- India
- China
- Japan
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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