Europe Automotive Composites Market By Fiber Type (Glass Fiber, Carbon Fiber, Others) , By Resin Type (Thermoset, Thermoplastic) By Application (Exterior, Interior, Others) : Opportunity Analysis and Industry Forecast, 2024-2033

Europe Automotive Composites Market By Fiber Type (Glass Fiber, Carbon Fiber, Others) , By Resin Type (Thermoset, Thermoplastic) By Application (Exterior, Interior, Others) : Opportunity Analysis and Industry Forecast, 2024-2033

Europe Automotive Composites Market

The Europe automotive composites market was valued at $1.9 billion in 2023 and is projected to reach $2.8 billion by 2033, growing at a CAGR of 4.1% from 2024 to 2033.

Automotive composites are lightweight materials that combine two or more distinct substances, each contributing specific properties. These materials are used in vehicles to enhance fuel efficiency, aesthetics, and durability. The composite formulation includes reinforcing materials such as glass or aramid fiber embedded in a matrix material such as epoxy or polyester. Key benefits of automotive composites include corrosion resistance and the ability to be molded into complex shapes. They are used in different parts of automobiles, including dashboards, doors, roof panels, bumpers, brake parts, and hoods.

As the automakers in Europe are seeking technologies that enhance fuel efficiency of vehicles without compromising on performance, the Europe automotive composites market is being driven significantly. In addition, rise in investments in innovative composite manufacturing techniques such as resin transfer molding and compression molding is propelling the development of the market notably. In recent times, R&D for the incorporation of natural fibers such as cellulose into automotive composites has been trending in Europe. This is attributed to the robust physical, chemical, and mechanical properties of natural fibers that are projected to enhance the sustainability and cost-effectiveness of composites.

However, the recycling and disposal of automotive composites requires a robust infrastructure, lack of which impacts long-term sustainability and hampers the growth of the Europe automotive composites market. Moreover, disruptions in the supply chain owing to fluctuations in global trade policies have created a volatile environment for sourcing essential materials, which is restraining the development of the market notably. On the contrary, rise in the sales of electric vehicles (EVs) in Europe is fueling the demand for automotive composites and presenting lucrative opportunities for the market. According to McKinsey, inclination of European consumers toward EVs has increased, as year-over-year EV sales exhibited an average rise of more than 50% from 2020 to 2023. Designing a lightweight EV is crucial to enhance its efficiency, improve fire resistance, and increase mileage per charge. These factors highlight the growing demand for automotive composites in Europe, indicating a promising future for the market.

Segment Review

The Europe automotive composites market is segmented into fiber type, resin type, application, and country. On the basis of fiber type, the market is divided into glass fiber, carbon fiber, and others. Depending on resin type, it is bifurcated into thermoset and thermoplastic. As per application, it is classified into exterior, interior, and others. Country wise, it is analyzed across Germany, France, UK, Spain, Italy, and rest of Europe.

Key Findings

On the basis of fiber type, the glass fiber segment dominated the market in 2023.

Depending on resin type, the thermoset segment acquired a notable stake in the market in 2023.

As per application, the interior segment was the highest shareholder in 2023.

Competition Analysis

The major players in the Europe automotive composites market include SGL Carbon, TEIJIN LIMITED, BASF SE, Solvay S.A., Hexcel Corporation, ZOLTEK Corporation, Evonik Industries AG, Mitsubishi Chemical Group Corporation, Covestro AG, and LANXESS. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.

Key Market Segments

By Fiber Type

Glass Fiber
Carbon Fiber
Others

By Resin Type

Thermoset
Thermoplastic

By Application

Exterior
Interior
Others

By Country

Germany
France
UK
Spain
Italy
Rest of Europe

Key Market Players

SGL Carbon
TEIJIN LIMITED
BASF SE
Solvay S.A.
Hexcel Corporation
ZOLTEK Corporation
Evonik Industries AG
Mitsubishi Chemical Group Corporation
Covestro AG
LANXESS