Nordic Automotive Composites Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 150 | Report Code: BMIRE00031223 | Category: Chemicals and Materials
No. of Pages: 150 | Report Code: BMIRE00031223 | Category: Chemicals and Materials
The Automotive Composites Market size is expected to reach US$ 153.60 million by 2031 from US$ 91.22 million in 2024. The market is estimated to record a CAGR of 8.0% from 2025 to 2031.
The automotive composites market in Nordic is witnessing growth driven by the region's commitment to sustainability, innovation, and advanced technology integration. As car manufacturers focus on developing self-driving vehicles, EVs, and connected mobility solutions, the demand for lightweight, durable, and energy-efficient materials, including composites, is rising. With the increasing adoption of smart electronics, infotainment systems, and autonomous driving features, composite materials are vital for reducing vehicle weight, improving energy efficiency, and enhancing performance.
Key segments that contributed to the derivation of the automotive composites market analysis are product type, resin type, technology, vehicle type, and application.
Nordic, with its strong automotive manufacturing base, particularly in Sweden and Norway, is at the forefront of electric vehicle production, and fueling the demand for automotive composites. Sweden, home to major automotive manufacturers such as Volvo, is a key player in this market, leveraging advanced composite materials to enhance vehicle performance and reduce emissions. Norway, with its strong push for EV adoption, is also fostering demand for lightweight materials that improve energy efficiency. The growing emphasis on reducing greenhouse gases and carbon emissions and transitioning to greener mobility solutions has prompted automakers to turn to advanced composite materials such as carbon fiber, natural fibers, and fiberglass.
Based on region, the Nordic automotive composites market is further segmented into Sweden, Denmark, Norway, and Finland. Finland held the largest share in 2024.
The growth of e-commerce has led to a higher demand for commercial vehicles, particularly smaller vans that can efficiently navigate urban environments for last-mile delivery services. This trend is reshaping the logistics landscape and increasing the need for versatile commercial vehicles. According to the World Trend Plus's Association: Automobile Sector, in 2023, Finland recorded 15,221 new commercial vehicle sales, an increase from 14,948 units of vehicles in 2022, indicating a positive trend in the market. Automotive composites are widely used in commercial vehicle production owing to their ability to reduce vehicle weight, improve aerodynamics, and enhance the strength-to-weight ratio. Thus, the growing demand for commercial vehicles boosts the demand for automotive composites in the country.
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 91.22 Million |
| Market Size by 2031 | US$ 153.60 Million |
| Global CAGR (2025 - 2031) | 8.0% |
| Historical Data | 2022-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Fiber Type
|
| Regions and Countries Covered | Nordic
|
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 Nordic Automotive Composites Market is valued at US$ 91.22 Million in 2024, it is projected to reach US$ 153.60 Million by 2031.
As per our report Nordic Automotive Composites Market, the market size is valued at US$ 91.22 Million in 2024, projecting it to reach US$ 153.60 Million by 2031. This translates to a CAGR of approximately 8.0% during the forecast period.
The Nordic 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 Nordic Automotive Composites Market report:
The Nordic Automotive Composites Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Nordic Automotive Composites Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Nordic Automotive Composites Market value chain can benefit from the information contained in a comprehensive market report.
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