Europe Automotive Composites Material Market Competition and Dynamics: Market Size is Expected to Hit $5878.37 Million by 2029

Europe Automotive Composites Material Market Overview

According to Global Market Monitor, the Europe automotive composites material market size will reach $4526.17 million in 2024 and is expected to grow to $5878.37 million by 2029.

Automotive composite material is made from a mixture of two or more constituent materials with significantly different chemical or physical properties, producing another material with a final structure and different characteristics. Generally, composite materials can be divided into two main types: one is a structural composite material with excellent mechanical properties, and the other is a functional composite material with various excellent physical and chemical properties.

Market Drivers

The automotive industry has always been concerned about the weight of vehicles because it has a direct impact on driving dynamics and fuel consumption. Due to the high cost of potential lightweight solutions and the limited willingness of consumers to pay for automotive lightweight, the use of expensive lightweight materials has so far been limited.

As governments around the world implement strict emissions regulations and plan to set higher emissions standards in the coming years, the importance of lightweight materials is likely to increase. In a typical car, the volume of fiber is 50%, while the weight increases by only 10%. In the United States, regulations say average fuel economy standards must reach 54.5 miles per gallon by 2025.

Market Limitations

Although composite materials and carbon fiber composite materials have higher specific strength and specific modulus characteristics than steel and aluminum in achieving high-performance lightweight vehicle designs, costs, design issues, unfamiliar processing methods, and other materials competition still pose obstacles.In addition, the high costs associated with carbon fiber composites and glass fiber composites have hindered market growth, as their use in low-cost vehicles may significantly increase the price of such vehicles. The low recyclability of composite materials also limits their penetration in entry-level passenger cars.

Introduction of BASF

The top three companies are BASF, Solvay, and Dow. BASF SE is a chemical company. The Company operates in six segments, including chemicals, plastics, performance products, functional solutions, agricultural solutions, and oil and gas. BASF offers products for the chemical, automotive, construction, agriculture, oil, plastics, electrical, electronics, furniture, and paper industries, and provides a range of system solutions and services.

From headlamp housings via door handles to the roof – BASF´s engineering plastics and polyurethanes are the right choice for all exterior applications where the right combination of lightweight, appearance, functionality, and design freedom is needed. Polyurethane systems are suitable for flat and structurally complex components such as glass sunroofs, body coverings, and structural components. Engineering plastics and thermoplastic polyurethanes are used to make long-lasting components that offer excellent UV, weather, and high-temperature resistance, as well as the beauty of their design.

Application Fields of BASFin Automotive Composites Material	Lighting systems
	Window encapsulation
	Door parts
	Mirror parts
	Body panels
	Roofs

For more industry information, please refer to our latest released "2023 Global Automotive Composite Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".