China Automotive Composites Market Size (2024 - 2029)

China Automotive Composites Market Analysis

The China Automotive Composites Market size is estimated at USD 8.89 billion in 2024, and is expected to reach USD 14.01 billion by 2029, growing at a CAGR of 9.5% during the forecast period (2024-2029).

Over the long term, factors such as increasing demand for lightweight material from the automotive industry and growing focus on fuel economy are expected to be major drivers for the market. Presently, composite materials, like thermoplastics and reinforced glass, have drawn the attention of carmakers, making them focus on sourcing better, tensile, and lighter components in the manufacture of automobile units.

However, high costs associated with carbon fiber composites, and glass fiber composites are hindering the growth of the market, as their usage in low-cost vehicles could drastically increase the prices of such vehicles.

The low recyclability of composites is also a restraint for their penetration in entry-level passenger vehicles. However, collaborations of the OEMs with suppliers (due to rising demand for fuel-efficient vehicles, growing lightweight electrical vehicle segment, and major automobile giants, like BMW and Nissan, trying to replace their existing metal parts with composite fibers) imply the scope and booming opportunity that the market is anticipated to offer over the forecast period.

China Automotive Composites Industry Segmentation

Composites are being considered to make lighter, safer, and more fuel-efficient vehicles. A composite is composed of a high-performance fiber (such as carbon or glass) in a matrix material (epoxy polymer) that when combined provides enhanced properties compared with the individual materials by themselves.

China's automotive composites market is segmented by vehicle type, application type, process type, propulsion type, and material type. By Vehicle type, the market is segmented into passenger cars and commercial vehicles. By Application type, the market is segmented into Structural Assembly, Powertrain Component, Interior, Exterior, and Others. By process type, the market is segmented into Hand layout / Manual Process, Compression Molding, Injection Molding, and Continuous Process. By Propulsion type, the market is segmented into internal combustion engines, battery electric vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles. By material type, Thermoset Polymer, Thermoplastic Polymer, Carbon Fiber, and Glass Fiber. For each segment, the market sizing and forecast have been done based on the value (USD).