South Korea Automotive Composites Market Expected to Reach $597.0 Million by 2033

The South Korea automotive composites market was valued at $376.5 million in 2023, and is projected to reach $597.0 million by 2033, growing at a CAGR of 4.8% from 2024 to 2033.

Automotive composites are materials made from two or more constituent materials with different physical or chemical properties, which, when combined, result in a composite with characteristics superior to those of the individual components. In the automotive industry, these composites are used to enhance vehicle performance by providing benefits such as reduced weight, increased strength, corrosion resistance, and improved fuel efficiency.

Composites offer enhanced durability, resistance to corrosion, and greater design flexibility, which are essential for the unique structural requirements of EVs. As electric and hybrid vehicles require larger battery systems and often face heat management challenges, composite materials are being used in battery enclosures, protecting battery cells while ensuring thermal efficiency and safety. In addition, the adoption of composites in EV components such as body panels, chassis, and interior parts helps meet stringent safety and performance standards without compromising vehicle performance. This growing application of composites in electric and hybrid vehicles is driving demand across the automotive industry, making it a vital area of focus for manufacturers. All these factors are expected to drive the growth of the South Korea automotive composites market during the forecast period.

However, the production of composite materials, particularly advanced composites such as carbon fiber-reinforced polymers (CFRP) , involves complex and energy-intensive processes, which contribute to their high cost. As compared to traditional materials such as steel or aluminum, composites require specialized equipment, skilled labor, and longer production times. These factors increase the overall production costs for automotive manufacturers that makes it difficult to justify their use in mass-market vehicles, especially in cost-sensitive segments. All these factors hamper the growth of the South Korea automotive composites market.

The shift towards circular economy practices in South Korea encourages the use of recyclable and biodegradable materials in automotive production. Bio-based composites align with this trend, as they are sourced from agricultural waste or plant-based materials, reducing the environmental impact of production and disposal. This growing emphasis on sustainability, paired with advancements in bio-composite technologies, is expected to create new market opportunities for automotive composite manufacturers in South Korea, driving innovation and growth in the sector. All these factors are anticipated to offer new growth opportunities for the South Korea automotive composites market during the forecast period.

Key Composite Materials

• Carbon Fiber Reinforced Polymers (CFRP) : It is known for their high strength-to-weight ratio, CFRPs are becoming popular for high-performance vehicles.
• Glass Fiber Reinforced Polymers (GFRP) : It is widely used in various automotive applications due to their cost-effectiveness and good mechanical properties.
• Natural Fiber Composites: These gain traction for their eco-friendliness and potential for weight reduction.

Segment Highlights

The South Korea automotive composites market is segmented into fiber type, resin type, and application. By fiber type, the market is classified into glass fiber, carbon fiber, and others. By resin type, the market is divided into thermosets and thermoplastics. By application, the market is categorized into exterior, interior, and others.

The major players operating in the South Korea automotive composites market include HYOSUNG, Sungwoo Hitech, HANKUK CARBON CO., LTD., SK chemicals, KUMHO P&B CHEMICALS., INC, Hanwha Advanced Materials, Kolon Industries, Inc., Evonik Industries AG, Mitsubishi Chemical Group Corporation, and BASF.