Automotive Composites Market to Surpass $28.3 Billion by 2031, Driven by Electric Vehicle Boom and Demand for Lightweight Materials – The Insight Partners"

Automotive composites market to register a CAGR of 12.0% during the forecast period. Key companies are DuPont de Nemours Inc, Gurit Holding AG, Hexion Inc, Mitsubishi Chemical Holdings Corp, Nippon Electric Glass Co Ltd, Owens Corning.

/EIN News/ -- US & Canada, April 16, 2025 (GLOBE NEWSWIRE) -- As per a new comprehensive report from The Insight Partners, the global automotive composites market is observing significant growth owing to the increasing adoption of electric vehicles and a rising demand for lightweight vehicles.

The report runs an in-depth analysis of market trends, key players, and future opportunities. The automotive composites market analysis focuses on automotive applications that are expected to determine the market strength in the coming years.

Overview of Report Findings

1. Market Growth: The automotive composites market is expected to reach US$ 28.30 billion by 2031 from US$ 13.00 billion in 2024. The market is estimated to register a CAGR of 12.0% during the forecast period. Automotive composites are lightweight materials made from a combination of fibers and resins used in vehicle manufacturing to reduce weight, enhance fuel efficiency, and improve performance. These composites help meet stringent environmental regulations and support the automotive industry's shift toward sustainability. The global automotive composites market is experiencing significant growth, driven by the increasing demand for lightweight materials in the automotive industry to enhance fuel efficiency and meet stringent environmental regulations.
2. Increasing Adoption of Electric Vehicles: The rise in fuel prices and the environmental impact of conventional gasoline vehicles have paved the way for alternative fuel vehicles across the globe. Buyers are gradually inclining toward using battery-powered or hybrid automobiles, which boosts the demand for electric vehicles. According to the International Energy Agency's annual Global Electric Vehicle Outlook, over 10 million electric cars were sold worldwide in 2022, and the number is projected to grow by 35% in 2023 to reach 14 million. As the automotive industry witnesses a transformative shift toward electric vehicles (EVs), the role of composites has become more crucial. Governments of various countries are installing EV charging stations to encourage the development of these automobiles. Automotive composites are used in electric vehicles to reduce weight, improve range, enhance safety, and increase durability. Their lightweight, corrosion-resistant properties and design flexibility contribute to efficiency, performance, and sustainability. Thus, the growing adoption of electric vehicles drives the automotive composites market.
3. Rising Demand for Lightweight Vehicles: Automakers require lightweight vehicles to meet stricter fuel efficiency standards and enhance the performance of electric vehicles (EVs). Reducing a vehicle's weight significantly improves fuel efficiency and extends the range of EVs, which rely heavily on their battery performance. Automakers use composites, particularly carbon fiber and fiberglass, to design lighter vehicles without compromising safety, structure, or aesthetics, maintaining strength and durability. Lightweight vehicles require less energy to move, which results in improved energy efficiency, allowing EVs to boost travel time on a single charge. This is especially important as consumers demand longer driving ranges from EVs.
4. Geographical Insights: Asia Pacific led the market with a substantial revenue share in 2024, followed by Europe and North America. It is expected to register the highest CAGR during the forecast period due to a booming automotive industry.

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Market Segmentation

• In terms of fiber type, the automotive composites market is segmented into glass fiber composites, carbon fiber composites, and others. The glass fiber composites segment held the largest share of the market in 2024.
• Based on resin type, the automotive composites market is categorized into thermoset and thermoplastics. The thermoplastics segment accounted for the larger share of the market in 2024.
• By technology, the automotive composites market is divided into pultrusion, injection molding, compression molding, and others. The injection molding segment dominated the market in 2024.
• By application, the automotive composites market is segregated into structural assembly, powertrain component, interior, and exterior. The interior segment dominated the market in 2024.
• The automotive composites market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
  
  

Competitive Strategy and Development

• Key Players: Gurit Holding AG, Hexcel Corp, Mitsubishi Chemical Group Corp, SGL Carbon SE, Solvay SA, Teijin Ltd, DuPont de Nemours Inc, Toray Industries Inc, Atlas Fibre, and Elaghmore Advisor LLP are among the leading companies operating in the automotive composites market.
• Trending Topics: Hybrid automotive composites, electric vehicles, wind turbine composites, and lightweight vehicles, among others

Global Headlines on Automotive Composites

• Gurit Holding AG Announced a Long-term Supply contract for its Kerdyn PET Structural Foam Core
• Excel Corp Announced its Intent to Refocus its Industrial Business around Preferred Carbon Fiber Applications

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Conclusion

The growth in the global automotive industry propels the demand for automotive composites. An increase in population, rise in disposable income, and easy availability of credit and financing are the key factors boosting automobile sales. The increasing sales in the automotive industry are fueling the consumption of automotive composites. Further, the increasing investment in electric vehicles is also driving the automotive composites market substantially. The rise in fuel prices and the environmental impact of conventional gasoline vehicles have paved the way for alternative fuel vehicles across the globe. Buyers are gradually getting inclined to use battery-powered or hybrid automobiles, which is anticipated to boost the demand for electric vehicles. Therefore, the demand for automotive composites from electric vehicles is expected to increase significantly in the upcoming years.

The report from The Insight Partners, therefore, provides several stakeholders—including raw material suppliers, manufacturers, distributors, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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