Asia Pacific Automotive Composites Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 150 | Report Code: BMIRE00031214 | Category: Chemicals and Materials
No. of Pages: 150 | Report Code: BMIRE00031214 | Category: Chemicals and Materials
The Asia Pacific Automotive Composites Market size is expected to reach US$ 16.62 billion by 2031 from US$ 7.30 billion in 2024. The market is estimated to record a CAGR of 10.8% from 2025 to 2031.
The automotive composites market in Asia Pacific is experiencing robust growth, owing to the region's significant automotive production and increasing demand for lightweight, durable, and fuel-efficient vehicles. Asia Pacific is a key player in the global automotive industry, with the presence of some of the world's largest automotive manufacturers, such as Toyota, Honda, Hyundai, and Tata Motors. The demand for composites in this region is spurred by the need to reduce vehicle weight, improve fuel efficiency, and meet stringent environmental regulations, which are becoming increasingly important in countries such as China, India, Japan, and South Korea. According to a report published by Fastener World Inc., Asia Pacific experienced a significant increase in production volume from over 46 million units in 2021 to over 50 million units in 2022 and over 55 million units in 2023. The region is growing rapidly in the car market owing to the rising middle-class population and disposable income. It is the largest regional base for automobile production and home to the largest vehicle buyers. The top 5 automobile producing countries are China, with more than 30 million vehicles; Japan, with nearly 9 million vehicles; India, with ~5.9 million vehicles; South Korea, with more than 4 million vehicles; and Thailand, with nearly 1.9 million vehicles.
Key segments that contributed to the derivation of the automotive composites market analysis are product type, resin type, technology, vehicle type and application.
Automotive composites market in Asia Pacific is growing due to the rise in demand for electric vehicles (EVs) and hybrid vehicles. As these vehicles require lighter components to offset the weight of heavy batteries, automotive manufacturers are turning to composites to reduce the vehicle's overall weight. Composites, such as carbon fiber, glass fiber, and thermoplastic materials, offer an excellent strength-to-weight ratio, making them ideal for various applications in electric vehicle bodies, interiors, and powertrains. The growth of the EV market, particularly in China, is expected to continue fueling demand for composite materials during the forecast period as manufacturers aim to improve range and performance while maintaining lower environmental impact. The automotive industry is expanding rapidly in growing economies in Asia Pacific, such as India and Southeast Asia. Local manufacturers seek to meet the rising demand for affordable, fuel-efficient, and sustainable vehicles. Introducing government policies that promote lightweight materials, lower emissions, and sustainable production processes incentivize the adoption of composites. In India, initiatives such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme are driving the adoption of EVs, boosting the demand for composites in the automotive sector.
Based on region, the Asia Pacific automotive composites market is further segmented into the China, India, South Korea, Japan, Australia, Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. China held the largest share in 2023.
China's automotive composites market is experiencing rapid growth, fueled by the country's expanding automotive industry and increasing demand for lightweight, high-performance materials. As China shifts toward electric vehicles (EVs) and stricter emissions regulations are enforced, automakers increasingly adopt composites such as carbon fiber, fiberglass, and natural fibers to improve fuel efficiency and extend battery life. The government of China has taken several initiatives to stimulate the production capacities of automobile manufacturers to 35 million units by 2025. According to the 2022 report by the International Energy Agency, China recorded EV sales of 3.3 million in 2021. The market is also driven by China's significant investment in advanced manufacturing technologies and the growth of the EV sector. With a strong focus on sustainability, China is poised to become a global leader in the automotive composites market, supporting both domestic and international demand.
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 7.30 Billion |
| Market Size by 2031 | US$ 16.62 Billion |
| Global CAGR (2025 - 2031) | 10.8% |
| Historical Data | 2022-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Fiber Type
|
| Regions and Countries Covered | Asia Pacific
|
Gurit Holding AG, Hexcel Corp, Mitsubishi Chemical Group Corp, SGL Carbon SE, Solvay SA, Teijin Ltd, DuPont de Nemours Inc, Toray Industries Inc, Atlas Fibre, and Elaghmore Advisor LLP are among the key players operating in the market. These players adopt strategies such as expansion, product innovation, and mergers and acquisitions to stay competitive in the market and offer innovative products to their consumers.
The following methodology has been followed for the collection and analysis of data presented in this report:
The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:
Note:
All financial data included in the Company Profiles section has been standardized to US$. For companies reporting in other currencies, figures have been converted to US$ using the relevant exchange rates for the corresponding year.
The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate and analyze the data and gain valuable insights. These research interviews are designed to:
Primary research is conducted via email interactions and telephone interviews with industry experts across various markets, categories, segments, and sub-segments in different regions. Participants typically include:
The Asia Pacific Automotive Composites Market is valued at US$ 7.30 Billion in 2024, it is projected to reach US$ 16.62 Billion by 2031.
As per our report Asia Pacific Automotive Composites Market, the market size is valued at US$ 7.30 Billion in 2024, projecting it to reach US$ 16.62 Billion by 2031. This translates to a CAGR of approximately 10.8% during the forecast period.
The Asia Pacific Automotive Composites Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Automotive Composites Market report:
The Asia Pacific Automotive Composites Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Automotive Composites Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Automotive Composites Market value chain can benefit from the information contained in a comprehensive market report.
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