The automotive composites market is anticipated to achieve a valuation of USD 8.3 billion in 2023, as reported by Future Market Insights. Over the next decade, the market is projected to grow at a compound annual growth rate (CAGR) of 12.1%, reaching an estimated USD 26.1 billion by 2033.

Competition within the market remains intense, driven by leading companies that leverage advanced manufacturing technologies crucial for sustainable growth in the global automotive composites industry. A key growth strategy for market players is the continuous development of innovative products.

Introducing advanced products not only offers practical benefits but also ensures adherence to current emission standards and regulations. This strategy is expected to enhance the market participants’ position in the global automotive composites market.

Exhaustive Market Report: A Complete Study

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