Market Size of Germany Automotive Composites Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 4.5 Billion |
| Market Size (2029) | USD 10.40 Billion |
| CAGR (2024 - 2029) | 14.98 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Germany Automotive Composites Market Analysis
The Germany Automotive Composites Market size is estimated at USD 4.5 billion in 2024, and is expected to reach USD 10.40 billion by 2029, growing at a CAGR of 14.98% during the forecast period (2024-2029).
- The COVID-19 pandemic had a significant impact on the German automotive composites market. The market was already facing challenges due to rising raw material prices and increasing competition from other materials. However, the pandemic exacerbated these challenges and led to a decline in demand for automotive composites. But as the situation gets normalized, the market has gained its stable position.
- To meet the emissions regulations and policies, OEMs are trying to reduce the weight of automobiles by employing lightweight composites. Composites have been adapted as the primary strategy. High-speed production, accuracy, stability, strength-to-weight ratio, better finish, and simple assembly are some of the many reasons to employ composite materials. 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. OEMs are investing in R&D to develop inexpensive methods to make the composites available to a wide range of customers.
- 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.
