Automotive Composites Market

The automotive composites market is projected to grow from USD 9.69 billion in 2024 to USD 37.54 billion by 2034, at a CAGR of 14.5% during the forecast period. Automotive composites are designed to offer superior durability, lightweight characteristics and strength as compared to other traditional materials such as metals. The global automotive industry has been focusing over strict regulations aiming to control the pollution laid by government of Europe and US such as European Emission Standards (EES) and Average Fuel Efficiency (CAFE). Around 27% greenhouse gas emission in the US is due to transportation industry based on US-Environmental Protection Agency (EPA) findings. Due to growing focus towards the regulations, automakers are focusing on manufacturing lightweight vehicles. They are aiming to reduce the battery weight which helps to enhance fuel economy that is driving the demand for composites from automotive industry.

The major players active in the automotive composites market are based in Europe, Asia Pacific, and North America region. Toray Industries, Inc. (Japan), SGL Carbon (Germany), POLYTEC HOLDING AG, ElringKlinger AG (Germany), Syensqo (Belgium), HENGRUI CORPORATION (HRC) (China), Exel Composites (Finland), Teijin Limited (Japan), Mitsubishi Chemical Group Corporation (Japan), Piran Advanced Composites (UK), IDI Composites International (US), and Röchling SE & Co. KG (Germany) are among a few leading players operating in the automotive composites market.

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Many of the key players have been implementing various growth strategies to solidify their global market presence along with their position in competitive market. These strategies encompass product launches, partnerships, contracts, mergers and acquisitions, and new product development activities, all aimed at enhancing their presence in the automotive composites market.

Teijin Limited (Japan)

Teijin Limited is identified as one of the key players in the global automotive composites market. Teijin Automotive Technologies (Principal subsidiary of Teijin Limited) has been manufacturing automotive composites in China since 2015, mainly for EV battery covers, battery shields, underbody shields, structural inner panels, and exterior body panels. Teijin Limited is expanding its global reach by entering into agreements and partnerships with other companies in the market. It is also acquiring major suppliers to boost its production capacity to meet the increasing demand. It spends significantly on research & development for newer products.

Toray Industries, Inc. (Japan)

Toray Industries, Inc. is a leading player in the automotive composites market, specializing in manufacturing advanced prepreg materials that cater to the high-performance automotive sector. Their product portfolio includes thermoset and thermoplastic composites designed to meet the rigorous demands of automotive applications, including structural components and body panels. Toray’s prepregs are known for their lightweight properties, offering up to 30% weight reduction compared to aluminum and 70% compared to steel, making them ideal for enhancing fuel efficiency and meeting stringent CO2 emission regulations.

The company recently developed rapid integrated molding technology for carbon fiber reinforced plastic (CFRP) components, enabling the production of large automotive parts, such as roofs, at speeds ten times faster than conventional methods. This technology uses a porous CFRP core sandwiched between thermosetting prepreg skins, resulting in superior mechanical properties and reduced weight. Toray’s commitment to innovation is further demonstrated by its Advanced Composites Center, which focuses on developing new materials and molding technologies to support the growing demand for lightweight solutions in electric and fuel cell vehicles. With a strong emphasis on R&D and strategic partnerships, Toray is well-positioned to drive advancements in automotive prepreg manufacturing and contribute to the evolution of next-generation vehicles.

Mitsubishi Chemical Group Corporation (Japan)

Mitsubishi Chemical Group Corporation (MCG) is a prominent player in the automotive composites market, offering a diverse range of products designed to enhance vehicle performance and sustainability. The company specializes in carbon fiber-reinforced polymers, glass fiber-reinforced thermoplastics, and innovative prepreg materials, which are utilized in various automotive applications such as body panels, structural components, and interior parts.

MCG’s strategic focus on lightweight materials aligns with the industry’s shift toward electric vehicles (EVs) and stringent emissions regulations, positioning it as a key supplier in this rapidly evolving sector. Recent initiatives, including the acquisition of CPC SRL, an Italian manufacturer of carbon fiber composite components, further strengthen MCG’s market position by enhancing its vertically integrated supply chain and expanding its capabilities in composite manufacturing. This commitment to innovation and sustainability reinforces Mitsubishi Chemical Group’s status as a leader in providing advanced composite solutions tailored to the automotive industry’s needs.

Related Reports:

Automotive Composites Market by Fiber Type (Glass, Carbon), Resin Type (Thermoset, Thermoplastic), Manufacturing Process (Compression Molding, Injection Molding, Rtm), Application, Vehicle Type, & Region - Global Forecast to 2034

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