Automotive Polymer Composites Market To Reach $14.55 Billion By 2030

Automotive Polymer Composites Market Growth & Trends

The global automotive polymer composites market size is estimated to reach USD 14.55 billion by 2030, expanding at a CAGR of 5.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. Polymer, metal, and ceramic matrix composites are key composites used in the automotive industry.

The use of polymer matrix composites on a large scale in the manufacturing of exterior components such as rear windshield glazing, fender, panoramic roof modules, wheel covers, headlight lenses, headlight housings, bumper, and front grille is expected to drive the market over the forecast period. The automotive industry is witnessing challenges in aligning production or assembly processes with enhanced material properties and innovative product design, especially for large-volume production facilities. Although aluminum and steel are mostly used in lightweight vehicles, high-performance FRP composites can potentially outperform both aluminum and steel.

Private collaborations between companies in automotive and chemical industries, such as Toray and Daimler, SGL and BMW, SGL and Volkswagen, and Toho Tenax and General Motors, have substantially helped in the allocation of resources in the automotive polymer composites industry. For instance, in 2014, BMW-SGL announced an investment of approximately USD 200 million to triple the production capacity of its CFRP plant located in Moses Lake, Washington, U.S.

Product innovation is one of the key challenges faced by companies operating in the market. Manufacturers are aiming at reducing costs and increasing efficiency of products. Implementation of passenger safety laws such as the Federal Motor Vehicle Safety Standards (FMVSS) is anticipated to drive the automotive polymer composites market over the forecast period. 

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Automotive Polymer Composites Market Report Highlights

• Demand for automotive polymer composites from electric vehicles is expected to rise at an estimated CAGR of 5.0% from 2024 to 2030 due to increasing focus on using lightweight materials

• Vinyl ester-based polymer composites are expected to witness the highest growth over the forecast period. These composites are used in mainstream automotive applications such as sunroof, radiator assembly, and heat shields

• In recent years, various initiatives have been undertaken to commercialize CFRP for use in mass production of vehicles. In order to sustain increasing competition, composite suppliers are forced to upgrade their capabilities to cater to higher volume segments

• In May 2024, BASF unveiled a sustainable photovoltaic frame solution, co-created with Worldlight, at the CHINAPLAS 2024, replacing aluminum with a PU composite and water-borne coating solution, resulting in an 85% reduction in product carbon footprint.

• Countries such as Japan, China, Vietnam, and Indonesia have laid down several policies pertaining to emission control, in keeping with EU’s emission standards

Automotive Polymer Composites Market Segmentation

Grand View Research has segmented the global automotive polymer composites market based on material, product, application, end use, manufacturing process, and region:

Automotive Polymer Composites Material Outlook (Revenue, USD Million, 2018 - 2030)

• Epoxy

• Polyurethane

• Polyamide

• Polypropylene

• Polyethylene

• Polyester

• Vinyl Ester

• Others

Automotive Polymer Composites Product Outlook (Revenue, USD Million, 2018 - 2030)

• Glass Fiber Reinforced Polymer Composite 

• Natural Fiber Reinforced Polymer Composite

• Carbon Fiber Reinforced Polymer Composite

Automotive Polymer Composites Application Outlook (Revenue, USD Million, 2018 - 2030)

• Interior Components

• Exterior Components

• Structural Components

• Powertrain Components

Automotive Polymer Composites End Use Outlook (Revenue, USD Million, 2018 - 2030)

• Conventional Vehicles

• Electrical Vehicles

• Trucks & Buses

Automotive Polymer Composites Manufacturing Process Outlook (Revenue, USD Million, 2018 - 2030)

• Compression Molding

• Injection Molding

• Sheet Molding

• Resin Transfer Molding

Automotive Polymer Composites Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa (MEA)

  • Saudi Arabia

  • South Africa

List of Key Players in Automotive Polymer Composites Market

• BASF

• Covestro AG

• DuPont

• Gurit Services AG

• Hexcel Corporation

• Johns Manville. A Berkshire Hathaway Company

• KOLON Corp.

• Mitsubishi Chemical Group Corporation

• Owens Corning

• Plasan