Automotive Composites Market

The automotive composites market is projected to grow from USD 10.74 billion in 2026 to USD 19.35 billion in 2031, at a CAGR of 12.5% during the forecast period. The automotive composites market is primarily driven by the automotive industry's increasing focus on lightweighting, electrification, and fuel efficiency. Nearly 22 million electric cars were produced globally in 2025, with Asia Pacific accounting for 78.2% of total EV production, highlighting the region's strong demand for composite materials. Asia Pacific represented 71.4% of global motor vehicle production, reinforcing its position as the largest market for automotive composites. The growing adoption of EVs and premium vehicles, coupled with stringent emission regulations and advancements in composite manufacturing technologies, continues to accelerate the use of composites in structural components, body panels, and battery enclosures. High material and processing costs remain key challenges for wider market adoption.

Teijin Limited (Japan)

Teijin Limited is a key participant in the global automotive composites market, leveraging its advanced materials expertise and integrated manufacturing capabilities to support the automotive industry's transition toward lightweight and sustainable mobility solutions. Through its subsidiary, Teijin Automotive Technologies, the company supplies a wide range of composite components, including battery enclosures, underbody shields, structural reinforcements, body panels, and other lightweight parts for electric and conventional vehicles.

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The company continues to strengthen its market position through strategic collaborations, technology partnerships, and investments in advanced composite manufacturing technologies. Teijin is actively expanding its global production footprint and enhancing its capabilities in carbon fiber-reinforced and thermoplastic composite solutions to meet growing demand from automotive OEMs. The company maintains a strong focus on research and development, with ongoing efforts to develop next-generation lightweight, recyclable, and high-performance composite materials that support vehicle electrification, improved fuel efficiency, and sustainability goals.

Toray Industries, Inc. (Japan)

Toray Industries, Inc. is a leading player in the global automotive composites market, supported by its extensive expertise in carbon fiber, thermoplastic composites, and advanced material technologies. The company offers a comprehensive portfolio of lightweight composite solutions for structural components, body panels, battery enclosures, and other applications designed to improve vehicle performance, energy efficiency, and sustainability. Toray continues to strengthen its position through ongoing investments in carbon fiber production capacity, advanced composite processing technologies, and strategic collaborations with automotive OEMs and Tier-1 suppliers. The company is actively developing next-generation carbon fiber-reinforced thermoplastic (CFRTP) and carbon fiber-reinforced plastic (CFRP) solutions that enable faster manufacturing cycles, improved recyclability, and cost-effective mass production for electric and next-generation vehicles.

Through its research and innovation centers, Toray focuses on advancing lightweight materials, automated manufacturing processes, and sustainable composite technologies to support the growing demand for vehicle electrification and emission reduction. With a strong global presence, robust R&D capabilities, and a diversified composite product portfolio, Toray remains well-positioned to capitalize on the expanding adoption of automotive composites worldwide.

Mitsubishi Chemical Group Corporation (Japan)

Mitsubishi Chemical Group Corporation (MCG) is a leading participant in the global automotive composites market, offering an extensive portfolio of advanced materials designed to support vehicle lightweighting, electrification, and sustainability objectives. The company's composite solutions include carbon fiber-reinforced plastics (CFRP), glass fiber-reinforced thermoplastics (GFRTP), prepregs, and specialty resin systems that are widely utilized in structural components, body panels, battery enclosures, and interior automotive applications.

MCG continues to strengthen its market position through strategic investments in advanced composite technologies, manufacturing capabilities, and collaborative partnerships across the automotive value chain. The company's acquisition of CPC Group significantly enhanced its expertise in carbon fiber composite engineering and expanded its presence in the European automotive sector, enabling the development of high-performance lightweight solutions for electric and next-generation vehicles.

Driven by continuous innovation, Mitsubishi Chemical is focused on developing recyclable composite materials, high-volume production technologies, and sustainable solutions that address evolving regulatory requirements and carbon reduction targets. With its strong research and development capabilities, diversified product portfolio, and global manufacturing footprint, MCG remains well-positioned to capitalize on the growing demand for lightweight composite materials in the automotive industry.

AUTOMOTIVE COMPOSITES MARKET: MARKET RANKING

The automotive composites market is competitive, with the top five players accounting for 25–35% of the total market share, indicating a moderately fragmented market structure. The industry comprises a mix of global composite manufacturers, specialty material suppliers, and regional players competing through product innovation, strategic partnerships, capacity expansions, and investments in lightweight and sustainable composite technologies. As demand from electric vehicles and lightweight transportation applications continues to grow, companies are increasingly focusing on advanced materials, cost-effective manufacturing processes, and geographic expansion to strengthen their market positions. The major players active in the automotive composites market are based in Europe, Asia Pacific, and North America. Toray Industries, Inc. (Japan), SGL Carbon (Germany), POLYTEC HOLDING AG, ElringKlinger AG (Germany), Syensqo (Belgium), HENGRUI CORPORATION (HRC) (China), Exel Composites (Finland), Teijin Limited (Japan), Mitsubishi Chemical Group Corporation (Japan), Piran Advanced Composites (UK), IDI Composites International (US), and Röchling SE & Co. KG (Germany) are among a few leading players operating in the automotive composites market.

Many leading players are adopting a range of growth strategies to strengthen their global footprint and competitive position in the automotive composites market. These strategies include new product launches, strategic partnerships, contract agreements, mergers and acquisitions, and continuous product development, all focused on expanding their market presence and meeting evolving industry demands.

Related Reports:

Automotive Composites Market by Fiber Type (Glass, Carbon), Resin Type (Thermoset, Thermoplastic), Manufacturing Process (Compression Molding, Injection Molding, RTM), Application, Vehicle Type, and Region - Forecast to 2031

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