Market Size of China Automotive Composites Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 8.89 Billion |
| Market Size (2029) | USD 14.01 Billion |
| CAGR (2024 - 2029) | 9.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
