Automotive Composites Market Outlook:
Automotive Composites Market size was valued at USD 9.53 billion in 2024 and is set to exceed USD 33.81 billion by 2034, expanding at over 13.5% CAGR during the forecast period i.e., between 2025-2034. In the year 2025, the industry size of automotive composites is evaluated at USD 10.62 billion.
Key Automotive Composites Market Insights Summary:
By the end of 2034, the Asia Pacific automotive composites market is anticipated to secure the highest revenue share.
The passenger cars segment is projected to command the largest share of the automotive composites market by 2034.
Key Growth Trends:
- High Number of Vehicles on the Road Owing Increasing Purchases
- Burgeoning Population with Increasing Middle Income
Key Players:
- Teijin Group, SGL CARBON SE, Mitsubishi Chemical Corporation, Toray Industries, Inc., RTP Company, Plasan Carbon Composites, Inc., Owens Corning, Solvay SA, UFP Technologies, Inc., BASF
Market Size and Growth Projections:
- 2024 Market Size: USD 9.53 billion
- 2025 Market Size: USD 10.62 billion
- Projected Market Size: USD 33.81 billion by 2034
- Growth Forecasts: 13.5% CAGR (2025-2034)
- Largest Region: Asia Pacific
- Fastest Growing Region: Europe
The market growth is primarily attributed to expansion of the automotive industry in recent industry, rising fuel costs, and need for more fuel, and an increasing number of vehicles on conventional technology. Further, the global automotive industry is expected to reach approximately USD 9 trillion by 2030.
Composites are being heavily utilized in the automotive industry for reducing the weight of automobiles. These automotive composites are the preferred material in applications of exterior and interior. Thus, the high employment rate in the automotive industry is forecasted to increase the utilization of car composites owing to their excellent dimensional stability, highly resistant, high tensile strength, chemical, and abrasion resistance are estimated to propel the market revenue.
Automotive Composites Market Growth Drivers and Challenges:
Growth Drivers
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High Number of Vehicles on the Road Owing Increasing Purchases - With the recent urbanization, people are propelled to own a vehicle to fulfill their needs and requirements. This trend has led to a high number of vehicles on the roads. The increased number of vehicles is anticipated to bring lucrative growth opportunities in the automotive composites market in the assessment period. By the end of the first quarter of 2022, it was estimated that approximately 2 billion vehicles were on roads across the globe. Out of these, around 1 billion were estimated to be passenger cars.
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Burgeoning Population with Increasing Middle Income – A growing population with middle income is projected to raise the adoption of vehicles, which, in turn, is expected to raise the sales of automotive composites in the upcoming years. According to World Bank, the total population with middle income in the world rose from 5.51 billion in 2015 to 5.86 Billion in 2021.
- High Sales and Demand of Luxury Cars with Increasing Spending Capacity – The global sales of luxury cars are estimated to rise to 200K vehicles in 2026, a rise from 190K vehicles in 2022.
- Rapid Production of Vehicles with Rising Demand for More Vehicles – As per the International Organization of Motor Vehicle Manufacturers (OICA), the global sales of vehicles augmented to 56,398,471 units in 2021 from 53,917,153 units in 2020. Whereas, the global production of vehicles was calculated to be 57,054,295 units in 2021, an increase from 55,908,989 units in 2020.
- Rising Fuel Use with Growing Vehicle Count Across the World – As per the 2021 data of the Energy Information Administration, the total consumed motor gasoline in the United States was 134.83 billion gallons which is 369 million gallons for one day.
Challenges
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Growth in Recycling Challenges
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High Processing and Manufacturing Costs of Composites
- Development of Low-Cost Technologies
- The use of high price composites has a significant place in the automotive which is replaced by low-cost composites. The rising advancements in low-cost technologies will hamper market growth. The increasing commercialization of cheap composites has a negative impact on the automotive composites market.
Automotive Composites Market Size and Forecast:
| Report Attribute | Details |
|---|---|
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Base Year |
2024 |
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Forecast Year |
2025-2034 |
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CAGR |
13.5% |
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Base Year Market Size (2024) |
USD 9.53 billion |
|
Forecast Year Market Size (2034) |
USD 33.81 billion |
|
Regional Scope |
|
Automotive Composites Market Segmentation:
Vehicle Type (Passenger Cars, HCVs, LCVs)
The passenger cars segment is expected to dominate highest automotive composites market share by 2034, attributed to its high demand by the swelling population, increasing R7D activities to improve the scope of automotive composites, and growing preference for composites in the exterior of cars and vehicles. International Organization of Motor Vehicle Manufacturers (OICA) stated that global passenger vehicles sales rose from 53,917,153 units in 2020 to 56,398,471 units in 2021, whereas, the production rose from 55,908,989 in 2020 to 57,054,295 in 2021.
Our in-depth analysis of the global automotive composites market includes the following segments:
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By Fiber |
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By Resin |
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By Application |
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By Manufacturing Process |
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By Vehicle Type |
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Vishnu Nair
Head - Global Business DevelopmentCustomize this report to your requirements — connect with our consultant for personalized insights and options.
Automotive Composites Market Regional Analysis:
Asia Pacific Market Forecast
The Asia Pacific automotive composites market is estimated to account for largest revenue share by the end of 2034, on the back of increased demand for vehicles among the population. The total production of vehicles in the region was 46,732,785 units in 2021, a rise from 44,276,549 units in 2020. Similarly, the total sales in the region were 42,663,736 units in 2021, a rise from 40,322,544 in 2020 as per statistics released by the International Organization of Motor Vehicles. In addition, the presence of major key players and leading exporters and importers of vehicles in the region is expected to offer growth opportunities for the market. In 2021, China exported around 402,000 commercial vehicles and 1.6 million passenger vehicles.
Key Automotive Composites Market Players:
- Teijin Group
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- SGL CARBON SE
- Mitsubishi Chemical Corporation
- Toray Industries, Inc.
- RTP Company
- Plasan Carbon Composites, Inc.
- Owens Corning
- Solvay SA
- UFP Technologies, Inc.
- BASF
Recent Developments
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Teijin Group along with Fujitsu Limited launched a joint project to realize a blockchain-based commercial platform for enhancing the environmental value of recycled materials for manufacturers.
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SGL CARBON SE is all set to enhance its operations in Arkadelphia, Arkansas, by introducing new production processes for fiber-based composites in order to ramp up its production.
- Report ID: 656
- Published Date: Jun 13, 2025
- Report Format: PDF, PPT
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