The global automotive composites market is expected to hit $28.30 billion by 2031
From GlobeNewswire: 2025-04-16 10:30:00
The global automotive composites market is growing due to the rise of electric vehicles and demand for lightweight vehicles. The market is expected to reach US$ 28.30 billion by 2031 with a CAGR of 12.0%. Asia Pacific leads the market, followed by Europe and North America. The market is segmented by fiber type, resin type, technology, and application.
The increasing adoption of electric vehicles is driving the automotive composites market. Over 10 million electric cars were sold worldwide in 2022, projected to grow by 35% in 2023. Composites are crucial in EVs to reduce weight, enhance safety, and improve durability. Governments are installing EV charging stations to support this shift.
Automakers are demanding lightweight vehicles to meet fuel efficiency standards and improve performance in EVs. Carbon fiber and fiberglass composites help design lighter vehicles without compromising safety. Lightweight vehicles require less energy, improving energy efficiency and travel time on a single charge. Consumers are demanding longer driving ranges from EVs.
Key players in the automotive composites market include Gurit Holding AG, Hexcel Corp, Mitsubishi Chemical Group Corp, SGL Carbon SE, and more. Trending topics include hybrid automotive composites, electric vehicles, wind turbine composites, and lightweight vehicles. Gurit Holding AG and Hexcel Corp recently made announcements regarding their products.
The automotive industry’s growth drives the demand for automotive composites, with increasing sales boosting consumption. The rise in electric vehicles and alternative fuel vehicles is expected to significantly increase the demand for automotive composites. The report from The Insight Partners offers valuable insights to stakeholders navigating the evolving market landscape.
Read more at GlobeNewswire: Automotive Composites Market to Surpass $28.3 Billion by