The Automotive Composites Market features an established and innovation-active competitive ecosystem of global composite material manufacturers spanning fiber producers, resin specialists, and composite system developers, and this Automotive Composites Market Competitive Landscape analysis reveals how their long-term supply contract establishments, carbon fiber industrial business refocuses, thermoplastic composite recyclability investments, and application-specific composite system developments are collectively advancing the automotive lightweight material industry. The market's projected more than doubling from US$ 12,474.38 million in 2024 to US$ 27,374.53 million by 2031 drives sustained competitive investment across all automotive composite fiber type, resin type, and application categories.

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Key Market Players

• Gurit Holdings AG
• Hexcel Corp
• Mitsubishi Chemical Group
• SGL Carbon SE
• Solvay SA
• Teijin Ltd.
• DuPont de Nemours Inc.
• Toray Industries
• Atlas Fibre
• Elaghmore Advisor LLP

Automotive Composites Market Drivers and Opportunities:

Increase in 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 getting inclined to use battery-powered or hybrid automobiles, which is anticipated to boost 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. To promote the sale of EVs, governments are providing attractive laws and incentives. Reduced selling costs, no registration fees or minimal registration fees, and free EV infrastructure charging at various charging points are a few of these incentives. Furthermore, many countries worldwide exclude import, purchase, and road taxes due to multiple subsidies. These auto industry incentives have led to a rise in the manufacture of electric vehicles. Governments have also created beneficial policies and invested heavily in infrastructure. For example, the US government plans to spend US$ 87 billion on new highway construction over the next five years

Growth of Automotive Industry in Emerging Economies

In the last few years, the automotive industry has grown significantly across emerging economies such as Brazil, China, India, Mexico, and South Africa. With the increasing disposable income, the demand for both passenger and commercial vehicles is growing in developing countries. For instance, according to the Federation of Automobile Dealers Associations (FADA), in India, sales of passenger vehicles increased to 2,854,242 units in November 2023, compared with 2,409,535 units in November 2022. Similarly, according to the China Association of Automobile Manufacturers (CAAM), the sales of commercial vehicles accounted for 18.3% year-on-year for September 2023 in China. These stats show the increasing demand for vehicles.

The automotive industry also paved its way in Brazil and South Africa. According to the International Organization of Motor Vehicle Manufacturers (OICA), South Africa's automobile production increased by 24% to 555,889 units in 2022. According to the same source, Brazil was the largest manufacturer and exporter of light and commercial vehicles in 2023 in South & Central America. The country reported production of 2.3 million vehicles in 2022. Thus, the growth of automotive industries in emerging economies is expected to create lucrative opportunities for the automotive composites market growth.

Frequently Asked Questions

Who are the major players in the Automotive Composites Market? Major players include Gurit Holdings AG, Hexcel Corp, Mitsubishi Chemical Group, SGL Carbon SE, Solvay SA, Teijin Ltd., DuPont de Nemours Inc., Toray Industries, Atlas Fibre, and Elaghmore Advisor LLP.

What competitive advantage does Gurit's long-term supply contract provide? Gurit Holding AG's January 2025 exclusive long-term Kerdyn PET North American supply contract provides competitive advantage through secured revenue visibility, customer retention through exclusivity, and market position protection in the North American commercial interior composite core segment that competitors cannot access for the contract duration.

How does Hexcel's carbon fiber refocus create competitive advantage in Europe? Hexcel Corp's October 2024 Neumarkt Austria industrial refocus on preferred carbon fiber applications concentrates manufacturing expertise and commercial resources on premium European automotive composite applications where Hexcel's aerospace-grade carbon fiber quality and consistency provide technical differentiation that commodity carbon fiber suppliers cannot match, positioning Hexcel for greater European automotive composite market share.

How do Japanese fiber producers Toray and Teijin compete globally? Toray Industries and Teijin Ltd. are the world's two largest carbon fiber producers with established automotive composite supply programs across major OEMs globally, competing through their unmatched carbon fiber production volume, quality consistency across large orders, and long-standing automotive customer relationships that provide multi-year program supply security.

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