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 and Western Europe Automotive Composites Market Analysis
In 2023, car import value and volume in the region increased by 34.6%. The improvement of production and supply chain conditions resulted in a 12.7% increase in export value and a 12.4% increase in export volume. Western European car manufacturers experienced a notable surge in production, with Germany leading in volume, showing an 18.7% increase in 2023. Automotive manufacturers are developing more fuel-efficient and environmentally friendly vehicles to meet the required standards. Composite materials, including fiberglass, carbon fiber, and natural fiber-based composites, are being used as a substitute for traditional materials in vehicle bodies, interiors, and structural components. The automotive industry is also incorporating composites into autonomous and connected vehicles to achieve weight reduction, while enhancing safety and performance. This is a key factor in driving the demand for automotive composites in the region.
Download our Sample PDF Report
@ https://www.businessmarketinsights.com/sample/BMIRE00031224
Western Europe Automotive Composites Market Outlook
Western Europe's robust supply chain and economical manufacturing make it an appealing region for investment in composite production. Governmental initiatives promoting the transition to sustainable automotive technologies are further stimulating market growth. Nevertheless, challenges such as elevated material costs and the requirement for specialized expertise in composite manufacturing may impede widespread adoption in the short term. Overall, the automotive composites market in the region is poised for consistent expansion, as automakers persist in prioritizing advanced materials to achieve both performance and sustainability objectives. The automotive sector is a substantial contributor, notably with the increasing prevalence of electric vehicles. Nations like Germany, France, Italy, and the UK are prominent players in the region, boasting well-established automotive industries that are progressively embracing composite materials to augment vehicle performance, reduce weight, and comply with stringent environmental regulations.
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
About Us:
Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications
