Automotive composites market booming, projected to reach USD 19.5 billion by 2032
From GlobeNewswire: 2025-01-10 09:00:00
The Automotive Composites Market is booming, valued at USD 7.1 billion in 2023 and projected to reach USD 19.5 billion by 2032, growing at a 11.9% CAGR. Demand for lightweight materials, manufacturing advancements, and the rise of electric vehicles are driving market expansion, with North America leading in high-tech investments.
Key companies in the market include 3A Composites, BASF SE, Celanese Corporation, Gurit, Hexcel Corporation, SGL Carbon, and more. Polymer Matrix Composites (PMC) dominate the market with a 50% share, while carbon fiber holds 35% due to its exceptional properties. Thermoset resins lead with a 55% share, and passenger vehicles capture 60% of the market.
Exterior applications, leveraging composites’ lightweight and durable characteristics, account for 40% of the market. North America’s dominance in the Automotive Composites Market is driven by high-tech investments, particularly in aerospace and telecommunications. The market’s growth is fueled by the demand for lightweight materials, advancements in manufacturing, and the rise of electric vehicles. The automotive composites market saw recent developments in the use of recyclable thermoplastics in an Elium resin-based project and a new fiberglass-reinforced polypropylene material by Borealis. The market report covers key points like market dynamics, statistical insights, and a competitive landscape analysis. For deeper insights, speak with an expert analyst today.
The report includes an introduction, executive summary, research methodology, market dynamics impact analysis, statistical insights and trends reporting, competitive landscape, market segmentation by type, fiber type, resin type, vehicle type, and application, regional analysis, company profiles, use cases & best practices, and a conclusion. Purchase the full research report for comprehensive information.
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