Nordic Automotive Composites Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
Description
The Nordic Automotive Composites Market is projected to reach USD 152.7 million by 2031, up from USD 91.1 million in 2024. The market is expected to grow at a compound annual growth rate (CAGR) of 7.7% from 2025 to 2031.
Executive Summary and Nordic Automotive Composites Market Analysis
The automotive composites market in the Nordic region is experiencing growth due to the area's commitment to sustainability, innovation, and advanced technology integration. As car manufacturers focus on developing self-driving vehicles, electric vehicles (EVs), and connected mobility solutions, the demand for lightweight, durable, and energy-efficient materials—including composites—is increasing. The rise of smart electronics, infotainment systems, and autonomous driving features makes composite materials essential for reducing vehicle weight, improving energy efficiency, and enhancing overall performance.
Nordic Automotive Composites Market Segmentation Analysis
Key segments contributing to the automotive composites market analysis include product type, resin type, technology, vehicle type, and application.
Product Type: The market is segmented into glass fiber composites, carbon fiber composites, and others. The glass fiber composites segment dominated the market in 2024.
Resin Type: This market is divided into thermoset (including polyester, epoxy, vinyl ester, polyurethane, and others) and thermoplastics (including polyethylene, polypropylene, polycarbonate, polymethyl methacrylate, and others). The thermoplastics segment held the largest market share in 2024.
Technology: The market is segmented into pultrusion, injection molding, compression molding, and others, with injection molding leading in 2024.
Vehicle Type: The market is divided into passenger cars, commercial vehicles, two-wheelers, and others, with passenger cars accounting for the largest share in 2024.
Application: The automotive composites market is further segmented into structural assembly, powertrain components, interior, and exterior, with the interior segment dominating in 2024.
Nordic Automotive Composites Market Outlook
The Nordic region, particularly Sweden and Norway, is a leader in electric vehicle production, driving demand for automotive composites. Sweden, home to major automotive manufacturers such as Volvo, is leveraging advanced composite materials to enhance vehicle performance and reduce emissions. Norway's strong push for EV adoption also fosters demand for lightweight materials that improve energy efficiency. The increasing emphasis on reducing greenhouse gases and carbon emissions, along with a transition to greener mobility solutions, has prompted automakers to adopt advanced composite materials like carbon fiber, natural fibers, and fiberglass.
Nordic Automotive Composites Market Country Insights
Regionally, the Nordic automotive composites market is segmented into Sweden, Denmark, Norway, and Finland. Finland held the largest share in 2024.
The growth of e-commerce is boosting demand for commercial vehicles, particularly smaller vans that can navigate urban environments for last-mile delivery services. This trend is reshaping the logistics landscape and increasing the need for versatile commercial vehicles. According to the World Trend Plus Association: Automobile Sector, Finland recorded 15,221 new commercial vehicle sales in 2023, an increase from 14,948 units in 2022, indicating a positive trend. Automotive composites are widely used in commercial vehicle production due to their ability to reduce weight, improve aerodynamics, and enhance the strength-to-weight ratio. Thus, the growing demand for commercial vehicles is driving the demand for automotive composites in the country.
Nordic 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 are adopting strategies such as expansion, product innovation, and mergers and acquisitions to remain competitive and offer innovative products to their consumers.
Executive Summary and Nordic Automotive Composites Market Analysis
The automotive composites market in the Nordic region is experiencing growth due to the area's commitment to sustainability, innovation, and advanced technology integration. As car manufacturers focus on developing self-driving vehicles, electric vehicles (EVs), and connected mobility solutions, the demand for lightweight, durable, and energy-efficient materials—including composites—is increasing. The rise of smart electronics, infotainment systems, and autonomous driving features makes composite materials essential for reducing vehicle weight, improving energy efficiency, and enhancing overall performance.
Nordic Automotive Composites Market Segmentation Analysis
Key segments contributing to the automotive composites market analysis include product type, resin type, technology, vehicle type, and application.
Product Type: The market is segmented into glass fiber composites, carbon fiber composites, and others. The glass fiber composites segment dominated the market in 2024.
Resin Type: This market is divided into thermoset (including polyester, epoxy, vinyl ester, polyurethane, and others) and thermoplastics (including polyethylene, polypropylene, polycarbonate, polymethyl methacrylate, and others). The thermoplastics segment held the largest market share in 2024.
Technology: The market is segmented into pultrusion, injection molding, compression molding, and others, with injection molding leading in 2024.
Vehicle Type: The market is divided into passenger cars, commercial vehicles, two-wheelers, and others, with passenger cars accounting for the largest share in 2024.
Application: The automotive composites market is further segmented into structural assembly, powertrain components, interior, and exterior, with the interior segment dominating in 2024.
Nordic Automotive Composites Market Outlook
The Nordic region, particularly Sweden and Norway, is a leader in electric vehicle production, driving demand for automotive composites. Sweden, home to major automotive manufacturers such as Volvo, is leveraging advanced composite materials to enhance vehicle performance and reduce emissions. Norway's strong push for EV adoption also fosters demand for lightweight materials that improve energy efficiency. The increasing emphasis on reducing greenhouse gases and carbon emissions, along with a transition to greener mobility solutions, has prompted automakers to adopt advanced composite materials like carbon fiber, natural fibers, and fiberglass.
Nordic Automotive Composites Market Country Insights
Regionally, the Nordic automotive composites market is segmented into Sweden, Denmark, Norway, and Finland. Finland held the largest share in 2024.
The growth of e-commerce is boosting demand for commercial vehicles, particularly smaller vans that can navigate urban environments for last-mile delivery services. This trend is reshaping the logistics landscape and increasing the need for versatile commercial vehicles. According to the World Trend Plus Association: Automobile Sector, Finland recorded 15,221 new commercial vehicle sales in 2023, an increase from 14,948 units in 2022, indicating a positive trend. Automotive composites are widely used in commercial vehicle production due to their ability to reduce weight, improve aerodynamics, and enhance the strength-to-weight ratio. Thus, the growing demand for commercial vehicles is driving the demand for automotive composites in the country.
Nordic 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 are adopting strategies such as expansion, product innovation, and mergers and acquisitions to remain competitive and offer innovative products to their consumers.
Table of Contents
169 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. Nordic 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. Nordic 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. Nordic Automotive Composites Market Regional Analysis
- 6.1 Nordic Automotive Composites Market Overview
- 6.2 Nordic Automotive Composites Market Revenue 2021-2031 (US$ Million)
- 6.3 Nordic Automotive Composites Market Forecast Analysis
- 7. Nordic Automotive Composites Market Analysis – by Fiber Type
- 7.1 Glass Fiber Composites
- 7.1.1 Overview
- 7.1.2 Glass Fiber Composites: Nordic 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: Nordic Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 8. Nordic Automotive Composites Market Analysis – by Resin Type
- 8.1 Thermoset
- 8.1.1 Overview
- 8.1.2 Thermoset: Nordic Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 8.2 Thermoplastics
- 8.2.1 Overview
- 8.2.2 Thermoplastics: Nordic Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 9. Nordic Automotive Composites Market Analysis – by Technology
- 9.1 Pultrusion
- 9.1.1 Overview
- 9.1.2 Thermoplastics: Nordic Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 9.2 Injection Molding
- 9.2.1 Overview
- 9.2.2 Thermoplastics: Nordic Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 9.3 Compression Molding
- 9.3.1 Overview
- 9.3.2 Thermoplastics: Nordic Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 10. Nordic Automotive Composites Market – Nordic Analysis
- 10.1 Nordic
- 10.1.1 Nordic Automotive Composites Market Breakdown, by Key Country, 2025 and 2031 (%)
- 10.1.1.1 Nordic Automotive Composites Market – Revenue and Forecast Analysis – by Country
- 10.1.1.1 Sweden: Nordic Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.1.1 Sweden: Nordic Automotive Composites Market Breakdown, by Fiber Type
- 10.1.1.1.2 Sweden: Nordic Automotive Composites Market Breakdown, by Resin Type
- 10.1.1.1.3 Sweden: Nordic Automotive Composites Market Breakdown, by Technology
- 10.1.1.2 Denmark: Nordic Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.2.1 Denmark: Nordic Automotive Composites Market Breakdown, by Fiber Type
- 10.1.1.2.2 Denmark: Nordic Automotive Composites Market Breakdown, by Resin Type
- 10.1.1.2.3 Denmark: Nordic Automotive Composites Market Breakdown, by Technology
- 10.1.1.3 Norway: Nordic Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.3.1 Norway: Nordic Automotive Composites Market Breakdown, by Fiber Type
- 10.1.1.3.2 Norway: Nordic Automotive Composites Market Breakdown, by Resin Type
- 10.1.1.3.3 Norway: Nordic Automotive Composites Market Breakdown, by Technology
- 10.1.1.4 Finland: Nordic Automotive Composites Market – Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.4.1 Finland: Nordic Automotive Composites Market Breakdown, by Fiber Type
- 10.1.1.4.2 Finland: Nordic Automotive Composites Market Breakdown, by Resin Type
- 10.1.1.4.3 Finland: Nordic Automotive Composites Market Breakdown, by Technology
- 11. Competitive Landscape
- 11.1 Heat Map Analysis
- 11.2 Company Positioning and Concentration
- 12. Nordic 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.
