European Automotive Composites Market Trends and Forecast
Lucintel finds that the future of the European automotive composites intermediate material looks promising with opportunities in the exterior, interior, power train system/electrical components, underbody system, and electrical and electronics applications. The European automotive composites market is expected to reach an estimated $3 billion by 2030 with a CAGR of 3% from 2024 to 2030. The major drivers for this market are increasing automotive production and growing demand for lightweight materials to achieve higher fuel efficiency and reduce greenhouse gas emissions.
The European automotive composites market depends on carbon fibers, glass fibers and aramid fibers for strength as well as lightness and epoxy, polyester and vinyl ester resins for their binders. Core materials like honeycomb structures or foams are used to strengthen the products while additives such as pigments, fillers and flame retardants will offer additional advantages. The cost of carbon fiber composites is higher due to the strength-to-weight ratio compared to less expensive glass fiber composites. However, the benefits such as weight savings and flexibility of design make it worthwhile in high-performance vehicles despite initial expenditure. Pricing in Europe’s automobile composites industry is influenced by market dynamics, raw material costs and production advances thus determining competitiveness.
• Lucintel forecasts that CFT will remain the largest segment by value and volume.
• Short fiber thermoplastic (SFT) will remain the largest segment by value and volume due to ease of processing and better capability of making parts in complex geometry.
Country wise Outlook for the European Automotive Composites Market
The European automotive composites market is witnessing substantial growth in Europe market. Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major European automotive composites producers in key regions: the Germany, UK, and Russia.
Emerging Trends in the European Automotive Composites Market
Emerging trends in the European Automotive Composites Market shaping its future applications and market dynamics:
1. Incorporating Hybrid and Electric Vehicle (EVs): The gradual shift of mobility to be electric has resulted in an increase in the demand for lightweight and structurally efficient materials. Composites have the advantage of cutting down on weight, which helps EV manufacturers extend vehicle range and enhance performance.
2. Recycling and Sustainability Initiatives: The desire is strong to come up with reusable or sustainable composites that meet governmental environmental standards. For instance, adoption of bio-based resins, improvement of recycling technologies at end-of-life stage as well as lessening carbon footprint during fabrication.
3. Smart and Connected Components: Inclusion of smart technologies within composite automotive parts is gaining momentum It involves embedding sensors into these composites for structural health monitoring purposes coupled with incorporating connectivity features that enhance performance and safety levels on vehicles.
4. Advanced Manufacturing Technologies: Europe is adopting automated manufacturing processes such as automated fiber placement (AFP) and automated tape laying (ATL). This technology allows production accurate, effective and cheaply complex composite structures.
5. Collaboration and Research: Partnerships between OEMs, material suppliers,r&d organizations as well as academia are responsible for innovation in composite materials in the automobile industry Joint research projects aim at developing new composite formulations, improving manufacturing techniques, and validating through testing.
6. Regulatory Compliance & Standards: In the automobile sector strict safety regulations must be adhered to by all means Therefore, in order to withstand harsh environmental conditions that they may be exposed to crashworthy composites are manufactured by makers hence durability of a motor vehicle should be guaranteed always.
7. Customization and Design Flexibility: Composite materials offer more flexibility to designers than other types of materials when it comes to designing complex shapes or integrating functions into them; thus automakers can customize their products while addressing changes in customer preferences owing to these materials’ design flexibility.
These trends underscore the evolving landscape of the European automotive composite market, driven by advancements in materials science, manufacturing technologies, sustainability goals, and the transition towards electric mobility.
A total of 107 figures / charts and 68 tables are provided in this 205-page report to help in your business decisions. A sample figure with insights is shown below.
Recent Developments by the European Automotive Composites Market
Recent developments in European automotive composites market by various companies highlight ongoing innovations and advancements across different sectors:
1. Initiatives for Lightweight Material: The emphasis on lightweighting cars for fuel efficiency and emission reductions is strong. Carbon fiber reinforced plastics (CFRP) and glass fiber reinforced plastics (GFRP) are gradually finding their way into automotive parts like body panels, chassis structures, and interior components.
2. Electric Vehicle (EV) Adoption: Transition to electric vehicles relies much upon the increased use of composites in battery enclosures, structural parts, and thermal management systems. Innovations strive towards enhancing composite strength-to-weight ratio and thermal conductivity to achieve optimal EV efficiency.
3. Interior Comfort and Aesthetics: Composites have been used in car interiors to enhance aesthetics, comfort as well as noise reduction. This entails making visually appealing light weight durable interior components using innovative natural fiber composites fabricated through advanced molding techniques.
4. Safety and Crashworthiness: Impact resistance and crashworthiness have improved vehicle safety through composite materials. This has led to the use of hybrid composites and tailored fiber placement (TFP) approaches which optimize energy absorption while maintaining structural integrity in critical areas.
5. Manufacturing Efficiency: Advanced manufacturing processes such as automated fiber placement (AFP), resin transfer molding (RTM) or compression molding deliver higher production efficiencies with reduced cycle times . These enable ramp-up of composite component production for mass market automotive applications.
6. Sustainability: Sustainable composites that include recycled fibers, bio-based resins or renewable resources are gaining popularity . For automotive composites, innovations aim at lowering environmental footprints while keeping up performance durability or longevity.
7. Integration of Sensors and Electronics: It is now emerging a scenario where smart functionalities within vehicles are achieved by having composite materials that serve as sensors or electronics instead of just being structures only . Some examples involve embedding sensors for structural health monitoring, thermal management among others connectivity solutions.
8. Supply Chain Developments: Composite material advancements on development, testing and certification have been facilitated by collaborative endeavors all through the automobile value chain including OEMs , material suppliers as well as research institutions. This ensures faster adoption of advanced composites into next generation vehicles.
Strategic Growth Opportunities for European Automotive Market
The European automotive market is very dynamic due to its unique properties of being lightweight, strong and thermally stable. Some key strategic growth opportunities for this market include:
EV Adoption:
• Improve manufacturing and adoption of electric vehicles to meet tight emissions mandates.
• Invest in EV infrastructure development, including charging stations and battery recycling facilities.
ADAS:
• Combine ADAS technologies like auto emergency braking and lane keeping assist for safer vehicles.
• Collaborate with tech firms for innovation on the connected vehicle solutions.
Lightweight Materials:
• Develop lightweight materials ranging from carbon fiber composites to aluminum alloys that enhance fuel efficiency and performance levels.
• Innovate in material science to balance strength, cost, and sustainability
Digitalization and Connectivity:
• Enhance vehicle connectivity improving user experience and data driven services provided by this car.
• Invest in cyber security measures to protect connected cars from cyber threats
Expansion of Shared Mobility Services:
• Support shared mobility options such as car sharing and ride hailing as a way of reducing urban congestion and emissions.
• Work with urban planners and local governments to integrate shared mobility into city transport systems.
Transition to Sustainable Manufacturing:
• Embark on eco-friendly practices as well as technologies in manufacturing processes aimed at reducing the carbon footprint.
• Adopt circular economy principles for vehicle production plus end-of-life recycling
Development of Autonomous Vehicles (AVs):
• Finance researches regarding autonomous vehicle technologies which would enhance safety plus efficiency achieved through them
• Collaborate with regulatory authorities towards establishing AV testing along with deployment frameworks.
European Automotive Composites Market Drivers and Challenges
The European automotive market is shaped by stringent emissions regulations and shifting consumer preferences toward electric vehicles (EVs) and sustainable mobility solutions. Drivers include technological advancements in EVs, fostering a transition towards cleaner transportation options. However, challenges such as high manufacturing costs, global supply chain disruptions, and regulatory complexities hinder growth. Overcoming these obstacles through innovation in lightweight materials, digitalization, and infrastructure development will be crucial. The marketÄX%$%Xs evolution towards EVs, coupled with regulatory compliance and technological adaptation, sets the stage for a transformative era in European automotive manufacturing and consumption..
The key drivers for the European automotive composites market include:
1. High Environmental Regulations: Very strict and demanding legislation aimed to reduce motor vehicle emissions pushes towards lightweight composites that improve fuel efficiency.
2. Use of Light Weight Materials: This raises the use of composites due to their higher strength-weight ratio because automotive manufacturers look forward to enhancing vehicle performance and reducing carbon footprint, hence this.
3. Advancements in Material Science and Engineering: The development of composite material technologies continues to provide various enhancements that make them more suitable for use as structural members in vehicles.
4. Focus on Electric and Hybrid Vehicles: The growth of electric and hybrid vehicles has led to increasing demand for these materials which can offset battery weight and enhance range.
5. Consumer Preference for Safety, Comfort: Consumer preference for safety, comfort: improved crash safety benefits such as better acoustic insulation have led consumers who need comfort or security to prefer composites over other materials- they are quiet and secure.
The challenges facing the European automotive composites market include:
1. Expensive Production Costs: Cost limits linked to investment costs and production costs on composite manufacturing, still pose a significant challenge compared to traditional materials like steel or aluminum.
2. Supply Chain Complexity: It is difficult to maintain an effective supply of composite materials as their manufacture is highly specific and they require special handling during treatment processing stages.
3. Integrating into Existing Manufacturing Processes: Before composites can fit in the current automotive manufacturing process properly, there should be considerable technological and logistical changes.
4. Recycling and End-Of-Life Management: Regulatory concerns regarding disposal methods for composites arise from risks associated with environmental problems from composite recycling barriers.
5. Market Fragmentation And Competition Issues: In Europe different parts where suppliers compete heavily depending on customer preference, companies must pursue various competitive strategies in order to position themselves strategically within the market.
Digital transformation and sustainable mobility have brought a major shift in the European Automotive Market especially in its growth and addressing the challenges faced. For the future market dynamics, streamlining regulations and boosting faith among vehicle users into electric cars and connected cars are key. In a world that is increasingly embracing sustainability as well as digitization, global automotive landscape has to be competitive and relevant thus technological progress and environmental responsibility will be vital if it is to remain so..
European Automotive Composites Suppliers and Their Market Shares
In this European competitive market, several key players such as BASF, Magna International, Lanxess, DSM, and Mitsubishi Chemical Group etc. dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players, contact us by email at helpdesk@lucintel.com.
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies European automotive composites market cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the European automotive composites companies profiled in this report include.
• BASF
• Magna International
• Lanxess
• DSM
• Mitsubishi Chemical Group
These companies have established themselves as leaders in the European automotive composites market, with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations. The market share dynamics within the European automotive composites market are evolving, with the entry of new players and the emergence of innovative European automotive composites market technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.
European Automotive Composites Market by Segment
There are market segments in the European automotive composites industry that are and will be growing rapidly in the future. In order to comply with stringent emission regulations, as well as enhance fuel efficiency, light weight materials such as carbon fiber composites have become more prevalent. Growth in interior applications for luxury and technologically advanced vehicle cabins is also occurring. In addition, automakers are focusing on strength-to-weight ratios for performance and safety; thus, structural components like chassis parts and body panels are expanding. Furthermore, electric vehicle (EV) components such as battery enclosures and lightweight frames depict new sectors forged towards green mobility solutions.
European Automotive Composites Market by Material Type [Value ($M) and Volume (M lbs) Shipment Analysis for 2018 – 2030]:
• SMC
• BMC
• GMT
• SFT
• LFT
• CFT
• Phenolic Composites
• PU Composites
• Natural Fiber Composites
• Other Composites
European Automotive Composites Market by Resin Type [Value ($M) and Volume (M lbs) Shipment Analysis for 2018 – 2030]:
• PA Composites
• PP Composites
• Polyester Composites
• Vinyl ester Composites
• Epoxy Composites
• PBT based Composites
• Phenolic Composites
• Others
European Automotive Composites Market by Application Type [Value ($M) and Volume (M lbs) Shipment Analysis for 2018 – 2030]:
• Power Train Systems/Engine Components
• Exterior
• Interior
• Electrical and Electronics
• Under Body Systems
• Others
European Automotive Composites Market by Resin Group [Value ($M) and Volume (M lbs) Shipment Analysis for 2018 – 2030]:
• Thermoplastic Composites
• Thermoset Composites
European Automotive Composites Market by Fiber Type [Value ($M) and Volume (M lbs) shipment analysis for 2018 – 2030]:
• Glass Fiber Composites
• Carbon Fiber Composites
• Natural Fiber Composites
European Automotive Composites Market by Region [Value ($M) and Volume (M lbs) Shipment Analysis for 2018 – 2030]:
• Germany
• France
• UK
• Italy
• Spain
• Others
Features of European Automotive Composites Market
• Market Size Estimates: European automotive composites market size estimation in terms of value ($M) and volume (M lbs).
• Trend and Forecast Analysis: Market trends (2018-2023) and forecast (2024-2030) by various segments and countries.
• Segmentation Analysis: Market size by material type, resin type, application type, resin group, fiber type, and countries.
• Country Analysis: European Automotive Composites market breakdown by Germany, UK, Spain, France, Italy, and others.
• Growth Opportunities: Analysis of growth opportunities in different material type, resin type, application type, resin group, fiber type, and country for the European automotive composites market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the European automotive composites market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
If you are looking to expand your business in European automotive composites market or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.
FAQ
Q1. What is the European automotive composites market size?
Answer: The European automotive composites market is expected to reach an estimated $3 billion by 2030.
Q2. What is the growth forecast for European automotive composites market?
Answer: The European automotive composites market is expected to grow at a CAGR of 3% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the European automotive composites market?
Answer: The major drivers for this market are increasing automotive production and growing demand for lightweight materials to achieve higher fuel efficiency and reduce greenhouse gas emissions.
Q4. What are the major applications for European automotive composites market?
Answer: Power train system/engine components and exterior are the major applications for European automotive composites market.
Q5. What are the emerging trends in European automotive composites market?
Answer: Emerging trends, which have a direct impact on the dynamics of the European automotive composites industry, includes Incorporating hybrid and electric vehicle (EVs), recycling and sustainability initiatives, smart and connected components, advanced manufacturing technologies, collaboration and research, customization and design flexibility, and regulatory compliance & standards
Q6. Who are the key European automotive composites companies?
Answer: Some of the key European automotive composites companies are as follows:
• BASF
• Magna International
• Lanxess
• DSM
• Mitsubishi Chemical Group
Q7.Which European automotive composites material segment will be the largest in future?
Answer: Lucintel forecasts that the short fiber thermoplastic (SFT) will remain the largest segment by value and volume due to ease of processing and better capability of making parts in complex geometry.
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.
This report answers following 11 key questions
Q1. What are some of the most promising, high-growth in the European automotive composites market by material type (SMC, BMC, GMT, SFT, LFT, and CFT), resin type (PP composites, PBT composites, vinyl ester composites, PA composites, epoxy composites, polyester composites, phenolic composites, and others), fiber type (glass composites, carbon composites, and natural fiber composites), resin group (thermoplastic composites and thermoset composites), application (exterior, interior, power train system/electrical components, underbody system, electrical and electronics, and others), and country (Germany, Spain, France, UK, and Italy)?
Q2. Which segments will grow at a faster pace and why?
Q3. What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q4. What are the business risks and threats to the market?
Q5. What are the emerging trends in this market and the reasons behind them?
Q6. What are the changing demands of customers in the market?
Q7. What are the new developments in the market? Which companies are leading these developments?
Q8. Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q9. What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q10. What M & A activities have taken place in the last 5 years in this market?