ASEAN Automotive Composites Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
Description
The ASEAN Automotive Composites Market is projected to reach USD 1,037.37 million by 2031, increasing from USD 542.60 million in 2024. The market is estimated to record a compound annual growth rate (CAGR) of 9.7% from 2025 to 2031.
Executive Summary and Market Analysis:
The automotive composites market in ASEAN is experiencing significant growth driven by a rising demand for lightweight, fuel-efficient, and sustainable vehicles. Composites, made from two or more distinct components, are essential in producing automotive parts because they reduce weight while maintaining strength and durability. As governments and automotive manufacturers focus on sustainability and environmental concerns, composites emerge as a key solution. The shift toward electric vehicles (EVs) and stricter fuel efficiency standards further fuels the demand for lighter materials, boosting the use of automotive composites.
Market Segmentation Analysis:
The automotive composites market can be segmented by product type, resin type, technology, vehicle type, and application.
Product Type: The market is divided into glass fiber composites, carbon fiber composites, and other types. In 2024, the glass fiber composites segment dominated the market.
Resin Type: The market is categorized into thermoset resins (including polyester, epoxy, vinyl ester, polyurethane, and others) and thermoplastics (including polyethylene, polypropylene, polycarbonate, polymethyl methacrylate, and others). The thermoplastics segment held a larger share in 2024.
Technology: The market is segmented into pultrusion, injection molding, compression molding, and others. The injection molding segment led the market in 2024.
Vehicle Type: The market includes passenger cars, commercial vehicles, two-wheelers, and others. The passenger cars segment had the largest share in 2024.
Application: The automotive composites market is divided into structural assembly, powertrain components, interior, and exterior applications. The interior segment dominated the market in 2024.
Market Outlook:
The ASEAN automotive composites market benefits from increased investments in research and development. Innovations in composite manufacturing processes, such as resin transfer molding and compression molding, improve production efficiency and reduce costs, making composites more accessible to a broader range of vehicles. Additionally, the industry's shift toward sustainability encourages the development of bio-based and recyclable composite materials. As the region evolves into a key player in the global automotive sector, the ASEAN automotive composites market is expected to witness steady growth, driven by technological advancements, environmental considerations, and changing consumer demands.
Thailand, Indonesia, and Malaysia have established themselves as major automotive manufacturing hubs, with numerous global automakers operating production facilities in these countries. They are embracing advanced materials technology, including carbon fiber, glass fiber, and natural fiber composites, to enhance vehicle performance and efficiency. Consumers are increasingly seeking premium and performance-oriented cars, which often utilize high-performance composite materials. The growing adoption of composites is fueled by their advantages in corrosion resistance, design flexibility, and cost-effectiveness over time, making them a popular choice for both original equipment manufacturers (OEMs) and aftermarket applications.
Country Insights:
The ASEAN automotive composites market is further segmented by region, which includes Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Thailand held the largest market share in 2023.
The growth of Thailand's automotive composites market can be attributed to its well-established automotive manufacturing base and increasing demand for lightweight materials. As Thailand strengthens its position as a key automotive hub in Southeast Asia, the use of composites, such as fiberglass, carbon fiber, and natural fibers, is on the rise, especially for improving fuel efficiency and meeting environmental regulations. The shift toward electric vehicles (EVs) is accelerating the adoption of composite materials, which enhance battery performance and reduce overall vehicle weight. With ongoing investments in green technologies, Thailand's automotive composites market is expected to continue expanding in the coming years.
Company Profiles:
Key players in the market include Gurit Holding AG, Hexcel Corp, Mitsubishi Chemical Group Corp, SGL Carbon SE, Solvay SA, Teijin Ltd, DuPont de Nemours Inc, Toray Industries Inc, Atlas Fibre, and Elaghmore Advisor LLP. These companies employ strategies such as expansion, product innovation, and mergers and acquisitions to enhance their market presence.
Executive Summary and Market Analysis:
The automotive composites market in ASEAN is experiencing significant growth driven by a rising demand for lightweight, fuel-efficient, and sustainable vehicles. Composites, made from two or more distinct components, are essential in producing automotive parts because they reduce weight while maintaining strength and durability. As governments and automotive manufacturers focus on sustainability and environmental concerns, composites emerge as a key solution. The shift toward electric vehicles (EVs) and stricter fuel efficiency standards further fuels the demand for lighter materials, boosting the use of automotive composites.
Market Segmentation Analysis:
The automotive composites market can be segmented by product type, resin type, technology, vehicle type, and application.
Product Type: The market is divided into glass fiber composites, carbon fiber composites, and other types. In 2024, the glass fiber composites segment dominated the market.
Resin Type: The market is categorized into thermoset resins (including polyester, epoxy, vinyl ester, polyurethane, and others) and thermoplastics (including polyethylene, polypropylene, polycarbonate, polymethyl methacrylate, and others). The thermoplastics segment held a larger share in 2024.
Technology: The market is segmented into pultrusion, injection molding, compression molding, and others. The injection molding segment led the market in 2024.
Vehicle Type: The market includes passenger cars, commercial vehicles, two-wheelers, and others. The passenger cars segment had the largest share in 2024.
Application: The automotive composites market is divided into structural assembly, powertrain components, interior, and exterior applications. The interior segment dominated the market in 2024.
Market Outlook:
The ASEAN automotive composites market benefits from increased investments in research and development. Innovations in composite manufacturing processes, such as resin transfer molding and compression molding, improve production efficiency and reduce costs, making composites more accessible to a broader range of vehicles. Additionally, the industry's shift toward sustainability encourages the development of bio-based and recyclable composite materials. As the region evolves into a key player in the global automotive sector, the ASEAN automotive composites market is expected to witness steady growth, driven by technological advancements, environmental considerations, and changing consumer demands.
Thailand, Indonesia, and Malaysia have established themselves as major automotive manufacturing hubs, with numerous global automakers operating production facilities in these countries. They are embracing advanced materials technology, including carbon fiber, glass fiber, and natural fiber composites, to enhance vehicle performance and efficiency. Consumers are increasingly seeking premium and performance-oriented cars, which often utilize high-performance composite materials. The growing adoption of composites is fueled by their advantages in corrosion resistance, design flexibility, and cost-effectiveness over time, making them a popular choice for both original equipment manufacturers (OEMs) and aftermarket applications.
Country Insights:
The ASEAN automotive composites market is further segmented by region, which includes Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Thailand held the largest market share in 2023.
The growth of Thailand's automotive composites market can be attributed to its well-established automotive manufacturing base and increasing demand for lightweight materials. As Thailand strengthens its position as a key automotive hub in Southeast Asia, the use of composites, such as fiberglass, carbon fiber, and natural fibers, is on the rise, especially for improving fuel efficiency and meeting environmental regulations. The shift toward electric vehicles (EVs) is accelerating the adoption of composite materials, which enhance battery performance and reduce overall vehicle weight. With ongoing investments in green technologies, Thailand's automotive composites market is expected to continue expanding in the coming years.
Company Profiles:
Key players in the market include Gurit Holding AG, Hexcel Corp, Mitsubishi Chemical Group Corp, SGL Carbon SE, Solvay SA, Teijin Ltd, DuPont de Nemours Inc, Toray Industries Inc, Atlas Fibre, and Elaghmore Advisor LLP. These companies employ strategies such as expansion, product innovation, and mergers and acquisitions to enhance their market presence.
Table of Contents
186 Pages
- 1. Introduction
- 1.1 Business Market Insights Research Report Guidance
- 1.2 Market Segmentation
- 2. Executive Summary
- 2.1 Key Market Insights
- 2.2 Market Attractiveness
- 3. Research Methodology
- 3.1 Secondary Research
- 3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country level data:
- 4. ASEAN Automotive Composites Market Landscape
- 4.1 Market Overview
- 4.2 Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers
- 4.2.3 Threat of New Entrants
- 4.2.4 Competitive Rivalry
- 4.2.5 Threat of Substitutes
- 4.3 Ecosystem Analysis
- 4.3.1 Raw Material Suppliers
- 4.3.2 Manufacturers
- 4.3.3 Distributors/Suppliers
- 4.3.4 End Users
- 5. ASEAN Automotive Composites Market – Key Market Dynamics
- 5.1 Growth Drivers
- 5.1.1 Demand for Lightweight Materials
- 5.1.2 Rise of Electric and Hybrid Vehicles
- 5.1.3 Increased Demand for Durability and Performance
- 5.2 Market Opportunities
- 5.2.1 Growing Adoption of Lightweight Composites for Fuel Efficiency
- 5.2.2 Increased Use of Composites in Electric Vehicles
- 5.2.3 Development of Recyclable and Sustainable Composites
- 5.3 Future Trends
- 5.3.1 Increased Use of Carbon Fiber Composites
- 5.3.2 Advancements in Recycling and Sustainability
- 5.3.3 Integration of Smart Materials in Automotive Composites
- 5.4 Impact of Drivers and Restraints
- 6. ASEAN Automotive Composites Market Regional Analysis
- 6.1 ASEAN Automotive Composites Market Overview
- 6.2 ASEAN Automotive Composites Market Revenue 2021-2031 (US$ Million)
- 6.3 ASEAN Automotive Composites Market Forecast Analysis
- 7. ASEAN Automotive Composites Market Analysis – by Fiber Type
- 7.1 Glass Fiber Composites
- 7.1.1 Overview
- 7.1.2 Glass Fiber Composites: ASEAN Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 7.2 Carbon Fiber Composites
- 7.2.1 Overview
- 7.2.2 Carbon Fiber Composites: ASEAN Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 8. ASEAN Automotive Composites Market Analysis – by Resin Type
- 8.1 Thermoset
- 8.1.1 Overview
- 8.1.2 Thermoset: ASEAN Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 8.2 Thermoplastics
- 8.2.1 Overview
- 8.2.2 Thermoplastics: ASEAN Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 9. ASEAN Automotive Composites Market Analysis – by Technology
- 9.1 Pultrusion
- 9.1.1 Overview
- 9.1.2 Thermoplastics: ASEAN Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 9.2 Injection Molding
- 9.2.1 Overview
- 9.2.2 Thermoplastics: ASEAN Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 9.3 Compression Molding
- 9.3.1 Overview
- 9.3.2 Thermoplastics: ASEAN Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 10. ASEAN Automotive Composites Market – ASEAN Analysis
- 10.1 ASEAN
- 10.1.1 ASEAN Automotive Composites Market Breakdown, by Key Country, 2025 and 2031 (%)
- 10.1.1.1 ASEAN Automotive Composites Market – Revenue and Forecast Analysis – by Country
- 10.1.1.1 Indonesia: ASEAN Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.1.1 Indonesia: ASEAN Automotive Composites Market Breakdown, by Fiber Type
- 10.1.1.1.2 Indonesia: ASEAN Automotive Composites Market Breakdown, by Resin Type
- 10.1.1.1.3 Indonesia: ASEAN Automotive Composites Market Breakdown, by Technology
- 10.1.1.2 Malaysia: ASEAN Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.2.1 Malaysia: ASEAN Automotive Composites Market Breakdown, by Fiber Type
- 10.1.1.2.2 Malaysia: ASEAN Automotive Composites Market Breakdown, by Resin Type
- 10.1.1.2.3 Malaysia: ASEAN Automotive Composites Market Breakdown, by Technology
- 10.1.1.3 Philippines: ASEAN Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.3.1 Philippines: ASEAN Automotive Composites Market Breakdown, by Fiber Type
- 10.1.1.3.2 Philippines: ASEAN Automotive Composites Market Breakdown, by Resin Type
- 10.1.1.3.3 Philippines: ASEAN Automotive Composites Market Breakdown, by Technology
- 10.1.1.4 Singapore: ASEAN Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.4.1 Singapore: ASEAN Automotive Composites Market Breakdown, by Fiber Type
- 10.1.1.4.2 Singapore: ASEAN Automotive Composites Market Breakdown, by Resin Type
- 10.1.1.4.3 Singapore: ASEAN Automotive Composites Market Breakdown, by Technology
- 10.1.1.5 Thailand: ASEAN Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.5.1 Thailand: ASEAN Automotive Composites Market Breakdown, by Fiber Type
- 10.1.1.5.2 Thailand: ASEAN Automotive Composites Market Breakdown, by Resin Type
- 10.1.1.5.3 Thailand: ASEAN Automotive Composites Market Breakdown, by Technology
- 10.1.1.6 Vietnam: ASEAN Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.6.1 Vietnam: ASEAN Automotive Composites Market Breakdown, by Fiber Type
- 10.1.1.6.2 Vietnam: ASEAN Automotive Composites Market Breakdown, by Resin Type
- 10.1.1.6.3 Vietnam: ASEAN Automotive Composites Market Breakdown, by Technology
- 11. Competitive Landscape
- 11.1 Heat Map Analysis
- 11.2 Company Positioning and Concentration
- 12. ASEAN Automotive Composites Market Industry Landscape
- 12.1 Overview
- 12.2 Mergers and Acquisitions
- 12.3 Agreements, Collaborations, and Joint Ventures
- 12.4 New Product Launches
- 12.5 Expansions and Other Strategic Developments
- 13. Company Profiles
- 13.1 Gurit Holdings AG
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
- 13.2 Hexcel Corp
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
- 13.3 Mitsubhishi Chemical Group
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
- 13.4 SGL Carbon SE
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
- 13.5 Solvay SA
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
- 13.6 Teijin Ltd
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
- 13.7 DuPont de Numours Inc
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
- 13.8 Toray Industries
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Products and Services
- 13.8.4 Financial Overview
- 13.8.5 SWOT Analysis
- 13.8.6 Key Developments
- 13.9 Atlas Fibre
- 13.9.1 Key Facts
- 13.9.2 Business Description
- 13.9.3 Products and Services
- 13.9.4 Financial Overview
- 13.9.5 SWOT Analysis
- 13.9.6 Key Developments
- 13.10 Elaghmore Advisor LLP
- 13.10.1 Key Facts
- 13.10.2 Business Description
- 13.10.3 Products and Services
- 13.10.4 Financial Overview
- 13.10.5 SWOT Analysis
- 13.10.6 Key Developments
- 14. Appendix
- 14.1 About Business Market Insights
Search Inside Report
Pricing
Currency Rates
Questions or Comments?
Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
