Automotive Composites Market Size Worth $14.7 Billion by 2033 | CAGR: 4.2%: AMR

Factors such as rise in environmental regulations, a heightened focus on sustainability, and increase in need for lightweight vehicles drive the growth of the automotive composites market. Governments worldwide have set stricter emission standards to combat climate change, pushing automakers to seek materials that reduce vehicle weight, thereby improving fuel efficiency and lowering CO₂ emissions.

/EIN News/ -- Wilmington, Delaware, Feb. 10, 2025 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Automotive Composites Market by Fiber Type (Glass Fiber, Carbon Fiber, and Others), Resin Type (Thermoset and Thermoplastic), and Application (Exterior, Interior, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "automotive composites market" was valued at $9.8 billion in 2023, and is estimated to reach $14.7 billion by 2033, growing at a CAGR of 4.2% from 2024 to 2033. 

Prime determinants of automotive composites market growth 

The global automotive composites market has experienced growth due to several factors such as rise in environmental regulations & sustainability goals and surge in demand for lightweight vehicles. However, the high cost of investment hinders market growth. Moreover, rapid advancements in material science and manufacturing technologies offer additional opportunities for automotive composites. Recent developments in high-strength fibers such as carbon and glass fiber, combined with innovative resin systems, have allowed composites to achieve remarkable strength-to-weight ratios. These advancements make composites a viable replacement for metals in critical vehicle components, including structural and under-the-hood parts. Newer resin systems, such as thermoplastic composites, also allow easier molding and shorter production cycles that make the manufacturing process faster and more scalable. Such improvements are essential for meeting the automotive industry’s needs for mass production without sacrificing quality, enabling composites to be applied more broadly in both luxury and mass-market vehicles. 

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Report Coverage & Details: 

Report Coverage	Details
Forecast Period	2024–2033
Base Year	2023
Market Size in 2023	$9.8 billion
Market Size in 2033	$14.7 billion
CAGR	4.2%
No. of Pages in Report	397
Segments Covered	Fiber Type, Resin Type, Application, and Region.
Regional Scope	North America, Europe, Asia Pacific, and LAMEA.
Drivers	Rise in environmental regulations and sustainability goals    Surge in demand for lightweight vehicles  Rapid shift in consumer preferences and automotive market trends
Opportunities	Rapid advancements in material science and manufacturing technologies  Regulatory support and government initiatives
Restraint	High cost of investment

Glass fiber segment held the highest market share in 2023 

By fiber type, the glass fiber segment held the highest market share in 2023, accounting for more than four-fifths of the global automotive composites market revenue and is estimated to maintain its leadership status throughout the forecast period. The use of glass fiber in automotive composites is driven by multiple factors, with lightweighting and fuel efficiency leading the charge. As automakers strive to meet increasingly stringent emissions regulations and efficiency standards, glass fiber composites present an effective solution. Glass fiber-reinforced plastics (GFRP) significantly reduce vehicle weight without compromising strength or structural integrity, contributing to enhanced fuel economy and reduced CO₂ emissions. 

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Thermoset segment held the highest market share in 2023 

By resin type, thermoset segment held the highest market share in 2023, accounting for more than two-thirds of the global automotive composites market revenue and is estimated to dominate during the forecast period. Thermoset resins provide exceptional resistance to heat, corrosion, and other environmental stresses that makes them suitable for critical applications such as engine covers, under-the-hood components, and body panels. In addition, advancements in resin technology have made it possible to create thermoset materials that offer superior performance at elevated temperatures broadening their application in high-performance vehicle components. 

Interior segment held the highest market share in 2023 

By application, the interior segment held the highest market share in 2023, accounting for two-fifths of the global automotive composites market revenue and is estimated to maintain its leadership status throughout the forecast period. Composites such as carbon fiber, glass fiber, and thermoplastic materials are far lighter than traditional materials such as metal and offer robust structural integrity, which aligns well with stringent fuel economy and sustainability regulations. In addition, electric vehicle (EV) adoption is growing, where weight reduction is essential to extending battery life and driving range. Thus, manufacturers prioritize lightweight composites to optimize energy efficiency while maintaining safety and performance standards. 

Asia-Pacific held the highest market share in 2023 

By region, Asia-Pacific held the highest market share in terms of revenue in 2023 representing 4.4% of the CAGR. The Asia-Pacific region is a major hub for automotive manufacturing, with countries such as China, Japan, South Korea, and India leading the production. As the automotive industry in these countries continues to expand, there is a surge in demand for lightweight materials such as composites to improve fuel efficiency, meet regulatory standards, and enhance vehicle performance. Furthermore, with rise in emphasis on reducing greenhouse gas emissions and transitioning toward electric & hybrid vehicles, there is an increase in demand for lightweight materials that are expected to help extend the range and improve the efficiency of these vehicles. Composites are well-suited for use in electric and hybrid vehicles due to their lightweight properties and design flexibility. 

Leading Market Players: 

• Toray Industries, Inc. 

• SGL Carbon SE 

• Teijin Limited 

• Hexcel Corporation 

• Owens Corning 

• Mitsubishi Chemical Holdings Corporation 

• Gurit Holding AG 

• Solvay S.A. 

• TenCate Advanced Composites 

• Huntsman Corporation. 

The report provides a detailed analysis of these key players in the global automotive composites market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/automotive-composites-market/purchase-options 

About Us 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

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