Western Europe Automotive Composites Market Size, Key Players Analysis, Business Growth (2024-2031)
The Western Europe Automotive Composites Market size is expected to reach US$ 3.93 billion by 2031 from US$ 1.75 billion in 2023. The market is estimated to record a CAGR of 10.7 % from 2024 to 2031.
Executive Summary
Western Europe’s automotive sector was notably dynamic in 2023. Car import values surged by 34.6% and volumes by 12.7%. Meanwhile, exports also climbed, with a 12.7% rise in value and a 12.4% increase in volume, largely driven by improved production and supply chain efficiencies. Germany led the regional production increase, seeing an impressive 18.7% jump in volume. To meet increasingly stringent environmental and fuel efficiency standards, automakers are progressively adopting lightweight composite materials like fiberglass, carbon fiber, and natural fiber-based composites for vehicle body parts, interiors, and structural components. The integration of composites into autonomous and connected vehicles to reduce weight while enhancing safety and performance is also significantly boosting demand for these materials in the region.
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Western Europe Automotive Composites Market Outlook
Western Europe presents an attractive landscape for composite production investment, thanks to its robust supply chain and cost-effective manufacturing capabilities. Government initiatives supporting the transition to sustainable automotive technologies are further fueling market growth. However, challenges like high material costs and the need for specialized expertise in composite manufacturing might temporarily limit widespread adoption. Despite these hurdles, the automotive composites market in the region is set for steady expansion as automakers continue to prioritize advanced materials for both performance and sustainability.
The automotive sector is a crucial contributor, particularly with the accelerating shift towards electric vehicles. Countries like Germany, France, Italy, and the UK, with their established automotive industries, are increasingly incorporating composite materials to enhance vehicle performance, reduce weight, and comply with strict environmental regulations. As Western Europe leads the EV transition, the demand for automotive composites in electric motors is rapidly picking up speed. According to a European Automobile Manufacturers Association report, the region’s car market enjoyed a 13.9% growth in 2023 compared to 2022, hitting a volume of 10.5 million units.
Western Europe Automotive Composites Market Segmentation
Western Europe Automotive Composites Market By Fiber Type
- Glass Fiber Composites
- Carbon Fiber Composites
Western Europe Automotive Composites Market By Resin Type
- Thermoset
- Thermoplastics
Western Europe Automotive Composites Market By Technology
- Pultrusion
- Injection Molding
- Compression Molding
Western Europe Automotive Composites Market By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Two Wheelers
Western Europe Automotive Composites Market Regions and Countries Covered
Western Europe
- Belgium
- Netherlands
- Luxembourg
- UK
- Germany
- France
- Italy
- Spain
- Switzerland
- Sweden
- Austria
- Denmark
- Portugal
- Norway
- Finland
Western Europe Automotive Composites Market Market leaders and key company profiles
- Gurit Holdings AG
- Hexcel Corp
- Mitsubhishi Chemical Group
- SGL Carbon SE
- Solvay SA
- Teijin Ltd
- DuPont de Numours Inc
- Toray Industries
- Atlas Fibre
- Elaghmore Advisor LLP
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