BRICS Automotive Composites Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis

The BRICS Automotive Composites Market is projected to reach approximately USD 12.91 billion by 2031, growing from USD 5.50 billion in 2024. This growth represents an estimated compound annual growth rate (CAGR) of 13.0% from 2024 to 2031.

Executive Summary and Market Analysis

The BRICS automotive composites market, which includes Brazil, Russia, India, China, and South Africa, is on track for significant expansion. This growth is fueled by rapid industrialization, urbanization, and the rising demand for advanced materials in vehicle production. As the automotive industry in these countries evolves, automakers are increasingly utilizing composites, such as carbon fiber, fiberglass, and natural fiber-based materials, to enhance vehicle performance, reduce weight, and improve fuel efficiency. These materials are particularly appealing for meeting global environmental regulations aimed at reducing emissions and enhancing fuel economy, as composites are lighter and stronger than traditional metals, making them ideal solutions to performance and sustainability challenges in the automotive sector.

Market Segmentation Analysis

The key segments contributing to the BRICS automotive composites market analysis include fiber type, resin type, technology, vehicle type, and application.

By Fiber Type: The market is divided into glass fiber composites, carbon fiber composites, and others. The glass fiber composites segment held the largest share in 2024.

By Resin Type: The market is segmented into thermosets and thermoplastics, with thermoplastics holding the largest share in 2024.

By Technology: The market is classified into pultrusion, injection molding, compression molding, and others. The injection molding segment had the largest share in 2024.

By Vehicle Type: The market includes passenger cars, commercial vehicles, two-wheelers, and others. The passenger cars segment held the largest share in 2024.

By Application: The market is segmented into structural assembly, powertrain components, interior, and exterior. The interior segment accounted for the largest share in 2024.

Market Outlook

India's rapidly expanding automotive industry is increasingly adopting composites in vehicle manufacturing. As the demand for vehicles rises, automakers are focusing on enhancing vehicle aesthetics, durability, and fuel efficiency. Composites are being integrated into various vehicle components, including bumpers, interior panels, and body panels. Additionally, the rise of electric mobility in India is further driving the adoption of lightweight materials.

In Brazil and Russia, the automotive composites market is benefiting from growing investments in manufacturing infrastructure and an expanding automotive supply chain. With an increasing emphasis on improving vehicle performance and environmental sustainability, the BRICS nations collectively present significant growth opportunities for the global automotive composites market. The ongoing pursuit of innovation and sustainability in these regions is expected to further bolster the market in the coming years.

Country Insights

The BRICS automotive composites market is further segmented by region into the Russian Federation, Brazil, South Africa, India, and China. In 2024, China held the largest market share.

In China, the largest automotive market globally, the demand for lightweight, high-performance vehicles has driven a notable increase in the adoption of composite materials. As the country transitions towards electric vehicles (EVs) and prioritizes reducing carbon emissions, composites are increasingly used in EV production to lower vehicle weight and extend battery life. Furthermore, China's strong manufacturing capabilities and government incentives promoting green technologies have created a favorable environment for the growth of the automotive composites market.

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 remain competitive and provide innovative products to consumers. Show more