Summary

South Korea Automotive Composites
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.
An automotive composite is a high-performance material characterized by its lightweight and ability to increase fuel efficiency. The formulation of composites consists of reinforcing materials such as glass or aramid fiber embedded into a matrix material such as epoxy or polyester. The key benefits of using composites over steel and aluminum include their corrosion resistance, strength, high stiffness-to-weight ratio, and remarkable energy-absorbing capability. Automotive composite finds applications in different parts of vehicles, including dashboards, doors, roof panels, bumpers, brake components, and hoods.
To promote clean transportation and reduce pollution from vehicles in South Korea, strict mandates have been enforced by the Korean Motor Vehicle Safety Standards regulation, which is promoting the utility of automotive composites and propelling the development of the market. In addition, composite manufacturers in South Korea continuously strive to enhance their product offerings through technological advancements such as resin transfer molding and vacuum infusion, which augments the development of the market. In recent times, explorations regarding the incorporation of natural fibers such as cellulose into automotive composites have been trending in South Korea. The physical, chemical, and mechanical properties of natural fibers are projected to be pivotal to improving the sustainability and cost-effectiveness of composites.

However, the higher costs of large-scale production of composites as compared to steel and aluminum restrain the development of the market. Moreover, lack of effective recycling solutions for the constituents of composites, such as carbon fibers, at the end of their lifecycle hampers the market growth. On the contrary, as automotive manufacturers in South Korea focus on boosting the production of electric vehicles (EVs), the market is anticipated to witness lucrative opportunities as automotive composites are crucial to achieving weight reduction and promoting battery efficiency & cooling in EVs. For instance, Kia—a South Korean automotive manufacturer—has opened the first EV-only factory at Gwangmyeong. This opening highlights increase in the significance of EVs in the country and projects a bright future for the South Korea automotive composites market.

Segment Review
The South Korea automotive composites market is segmented into fiber type, resin type, and application. On the basis of fiber type, the market is divided into glass fiber, carbon fiber, and others. Depending on resin type, it is bifurcated into thermoset and thermoplastic. By application, the market is segmented into exterior, interior, and others.
Key Findings
On the basis of fiber type, the glass fiber segment acquired a notable stake in the market in 2023.
Depending on resin type, the thermoset segment dominated the market in 2023.
By application, the interior segment was the highest shareholder in 2023.
Competition Analysis
The leading 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 SE. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.

Additional benefits you will get with this purchase are:
● Quarterly Update and* (only available with a corporate license, on listed price)
● 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
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● 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
● Free data Pack on the Five and Enterprise User License. (Excel version of the report)
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Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
● Analysis of raw material in a product (by %)
● Investment Opportunities
● Product Benchmarking / Product specification and applications
● Supply Chain Analysis & Vendor Margins
● Upcoming/New Entrant by Regions
● Technology Trend Analysis
● Go To Market Strategy
● New Product Development/ Product Matrix of Key Players
● Regulatory Guidelines
● Additional company profiles with specific to client's interest
● Additional country or region analysis- market size and forecast
● Expanded list for Company Profiles
● Historic market data
● Key player details (including location, contact details, supplier/vendor network etc. in excel format)
● List of customers/consumers/raw material suppliers- value chain analysis
● SWOT Analysis
● Volume Market Size and Forecast
Key Market Segments
By Fiber Type
● Glass Fiber
● Carbon Fiber
● Others
By Resin Type
● Thermoset
● Thermoplastic
By Application
● Exterior
● Interior
● Others
● Key Market Players
○ 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
○ BASF SE

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Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report Description
1.2. Key Market Segments
1.3. Key Benefits
1.4. Research Methodology
1.4.1. Primary Research
1.4.2. Secondary Research
1.4.3. Analyst Tools and Models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective
CHAPTER 3: MARKET LANDSCAPE
3.1. Market Definition and Scope
3.2. Key Findings
3.2.1. Top Investment Pockets
3.2.2. Top Winning Strategies
3.3. Porter's Five Forces Analysis
3.3.1. Bargaining Power of Suppliers
3.3.2. Threat of New Entrants
3.3.3. Threat of Substitutes
3.3.4. Competitive Rivalry
3.3.5. Bargaining Power among Buyers
3.4. Market Dynamics
3.4.1. Drivers
3.4.2. Restraints
3.4.3. Opportunities
CHAPTER 4: SOUTH KOREA AUTOMOTIVE COMPOSITES MARKET, BY FIBER TYPE
4.1. Market Overview
4.1.1 Market Size and Forecast, By Fiber Type
4.2. Glass Fiber
4.2.1. Key Market Trends, Growth Factors and Opportunities
4.3. Carbon Fiber
4.3.1. Key Market Trends, Growth Factors and Opportunities
4.4. Others
4.4.1. Key Market Trends, Growth Factors and Opportunities
CHAPTER 5: SOUTH KOREA AUTOMOTIVE COMPOSITES MARKET, BY RESIN TYPE
5.1. Market Overview
5.1.1 Market Size and Forecast, By Resin Type
5.2. Thermoset
5.2.1. Key Market Trends, Growth Factors and Opportunities
5.3. Thermoplastic
5.3.1. Key Market Trends, Growth Factors and Opportunities
CHAPTER 6: SOUTH KOREA AUTOMOTIVE COMPOSITES MARKET, BY APPLICATION
6.1. Market Overview
6.1.1 Market Size and Forecast, By Application
6.2. Exterior
6.2.1. Key Market Trends, Growth Factors and Opportunities
6.3. Interior
6.3.1. Key Market Trends, Growth Factors and Opportunities
6.4. Others
6.4.1. Key Market Trends, Growth Factors and Opportunities
CHAPTER 7: COMPETITIVE LANDSCAPE
7.1. Introduction
7.2. Top Winning Strategies
7.3. Product Mapping Of Top 10 Player
7.4. Competitive Dashboard
7.5. Competitive Heatmap
7.6. Top Player Positioning,2023
CHAPTER 8: COMPANY PROFILES
8.1. HYOSUNG
8.1.1. Company Overview
8.1.2. Key Executives
8.1.3. Company Snapshot
8.1.4. Operating Business Segments
8.1.5. Product Portfolio
8.1.6. Business Performance
8.1.7. Key Strategic Moves and Developments
8.2. Sungwoo Hitech
8.2.1. Company Overview
8.2.2. Key Executives
8.2.3. Company Snapshot
8.2.4. Operating Business Segments
8.2.5. Product Portfolio
8.2.6. Business Performance
8.2.7. Key Strategic Moves and Developments
8.3. HANKUK CARBON CO., LTD.
8.3.1. Company Overview
8.3.2. Key Executives
8.3.3. Company Snapshot
8.3.4. Operating Business Segments
8.3.5. Product Portfolio
8.3.6. Business Performance
8.3.7. Key Strategic Moves and Developments
8.4. SK Chemicals
8.4.1. Company Overview
8.4.2. Key Executives
8.4.3. Company Snapshot
8.4.4. Operating Business Segments
8.4.5. Product Portfolio
8.4.6. Business Performance
8.4.7. Key Strategic Moves and Developments
8.5. KUMHO PAndB CHEMICALS.,INC
8.5.1. Company Overview
8.5.2. Key Executives
8.5.3. Company Snapshot
8.5.4. Operating Business Segments
8.5.5. Product Portfolio
8.5.6. Business Performance
8.5.7. Key Strategic Moves and Developments
8.6. Hanwha Advanced Materials
8.6.1. Company Overview
8.6.2. Key Executives
8.6.3. Company Snapshot
8.6.4. Operating Business Segments
8.6.5. Product Portfolio
8.6.6. Business Performance
8.6.7. Key Strategic Moves and Developments
8.7. Kolon Industries, Inc.
8.7.1. Company Overview
8.7.2. Key Executives
8.7.3. Company Snapshot
8.7.4. Operating Business Segments
8.7.5. Product Portfolio
8.7.6. Business Performance
8.7.7. Key Strategic Moves and Developments
8.8. Evonik Industries AG
8.8.1. Company Overview
8.8.2. Key Executives
8.8.3. Company Snapshot
8.8.4. Operating Business Segments
8.8.5. Product Portfolio
8.8.6. Business Performance
8.8.7. Key Strategic Moves and Developments
8.9. Mitsubishi Chemical Group Corporation
8.9.1. Company Overview
8.9.2. Key Executives
8.9.3. Company Snapshot
8.9.4. Operating Business Segments
8.9.5. Product Portfolio
8.9.6. Business Performance
8.9.7. Key Strategic Moves and Developments
8.10. BASF SE
8.10.1. Company Overview
8.10.2. Key Executives
8.10.3. Company Snapshot
8.10.4. Operating Business Segments
8.10.5. Product Portfolio
8.10.6. Business Performance
8.10.7. Key Strategic Moves and Developments
LIST OF TABLES
TABLE 1. SOUTH KOREA AUTOMOTIVE COMPOSITES MARKET, BY FIBER TYPE, 2024 - 2033 ($MILLION)
TABLE 2. SOUTH KOREA AUTOMOTIVE COMPOSITES MARKET, BY FIBER TYPE, 2024 - 2033 (KILOTON)
TABLE 3. SOUTH KOREA AUTOMOTIVE COMPOSITES MARKET, BY RESIN TYPE, 2024 - 2033 ($MILLION)
TABLE 4. SOUTH KOREA AUTOMOTIVE COMPOSITES MARKET, BY RESIN TYPE, 2024 - 2033 (KILOTON)
TABLE 5. SOUTH KOREA AUTOMOTIVE COMPOSITES MARKET, BY APPLICATION, 2024 - 2033 ($MILLION)
TABLE 6. SOUTH KOREA AUTOMOTIVE COMPOSITES MARKET, BY APPLICATION, 2024 - 2033 (KILOTON)
TABLE 7. HYOSUNG: KEY EXECUTIVES
TABLE 8. HYOSUNG: COMPANY SNAPSHOT
TABLE 9. HYOSUNG: OPERATING SEGMENTS
TABLE 10. HYOSUNG: PRODUCT PORTFOLIO
TABLE 11. HYOSUNG: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 12. SUNGWOO HITECH: KEY EXECUTIVES
TABLE 13. SUNGWOO HITECH: COMPANY SNAPSHOT
TABLE 14. SUNGWOO HITECH: OPERATING SEGMENTS
TABLE 15. SUNGWOO HITECH: PRODUCT PORTFOLIO
TABLE 16. SUNGWOO HITECH: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 17. HANKUK CARBON CO., LTD. : KEY EXECUTIVES
TABLE 18. HANKUK CARBON CO., LTD. : COMPANY SNAPSHOT
TABLE 19. HANKUK CARBON CO., LTD. : OPERATING SEGMENTS
TABLE 20. HANKUK CARBON CO., LTD. : PRODUCT PORTFOLIO
TABLE 21. HANKUK CARBON CO., LTD. : KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 22. SK CHEMICALS: KEY EXECUTIVES
TABLE 23. SK CHEMICALS: COMPANY SNAPSHOT
TABLE 24. SK CHEMICALS: OPERATING SEGMENTS
TABLE 25. SK CHEMICALS: PRODUCT PORTFOLIO
TABLE 26. SK CHEMICALS: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 27. KUMHO PANDB CHEMICALS.,INC: KEY EXECUTIVES
TABLE 28. KUMHO PANDB CHEMICALS.,INC: COMPANY SNAPSHOT
TABLE 29. KUMHO PANDB CHEMICALS.,INC: OPERATING SEGMENTS
TABLE 30. KUMHO PANDB CHEMICALS.,INC: PRODUCT PORTFOLIO
TABLE 31. KUMHO PANDB CHEMICALS.,INC: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 32. HANWHA ADVANCED MATERIALS: KEY EXECUTIVES
TABLE 33. HANWHA ADVANCED MATERIALS: COMPANY SNAPSHOT
TABLE 34. HANWHA ADVANCED MATERIALS: OPERATING SEGMENTS
TABLE 35. HANWHA ADVANCED MATERIALS: PRODUCT PORTFOLIO
TABLE 36. HANWHA ADVANCED MATERIALS: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 37. KOLON INDUSTRIES, INC.: KEY EXECUTIVES
TABLE 38. KOLON INDUSTRIES, INC.: COMPANY SNAPSHOT
TABLE 39. KOLON INDUSTRIES, INC.: OPERATING SEGMENTS
TABLE 40. KOLON INDUSTRIES, INC.: PRODUCT PORTFOLIO
TABLE 41. KOLON INDUSTRIES, INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 42. EVONIK INDUSTRIES AG: KEY EXECUTIVES
TABLE 43. EVONIK INDUSTRIES AG: COMPANY SNAPSHOT
TABLE 44. EVONIK INDUSTRIES AG: OPERATING SEGMENTS
TABLE 45. EVONIK INDUSTRIES AG: PRODUCT PORTFOLIO
TABLE 46. EVONIK INDUSTRIES AG: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 47. MITSUBISHI CHEMICAL GROUP CORPORATION: KEY EXECUTIVES
TABLE 48. MITSUBISHI CHEMICAL GROUP CORPORATION: COMPANY SNAPSHOT
TABLE 49. MITSUBISHI CHEMICAL GROUP CORPORATION: OPERATING SEGMENTS
TABLE 50. MITSUBISHI CHEMICAL GROUP CORPORATION: PRODUCT PORTFOLIO
TABLE 51. MITSUBISHI CHEMICAL GROUP CORPORATION: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 52. BASF SE: KEY EXECUTIVES
TABLE 53. BASF SE: COMPANY SNAPSHOT
TABLE 54. BASF SE: OPERATING SEGMENTS
TABLE 55. BASF SE: PRODUCT PORTFOLIO
TABLE 56. BASF SE: KEY STRATEGIC MOVES AND DEVELOPMENTS
LIST OF FIGURES
FIGURE 1. SOUTH KOREA AUTOMOTIVE COMPOSITES MARKET,2024 - 2033
FIGURE 2. SEGMENTATION OF SOUTH KOREA AUTOMOTIVE COMPOSITES MARKET,2024 - 2033
FIGURE 3. TOP INVESTMENT POCKET IN SOUTH KOREA AUTOMOTIVE COMPOSITES MARKET,2024 - 2033
FIGURE 4. MODERATE BARGAINING POWER OF BUYERS
FIGURE 5. MODERATE BARGAINING POWER OF SUPPLIERS
FIGURE 6. MODERATE THREAT OF NEW ENTRANTS
FIGURE 7. LOW THREAT OF SUBSTITUTION
FIGURE 8. HIGH COMPETITIVE RIVALRY
FIGURE 9. OPPORTUNITIES, RESTRAINTS AND DRIVERS: SOUTH KOREA AUTOMOTIVE COMPOSITES MARKET
FIGURE 10. SOUTH KOREA AUTOMOTIVE COMPOSITES MARKET , BY FIBER TYPE,2024 - 2033 ($MILLION)
FIGURE 11. SOUTH KOREA AUTOMOTIVE COMPOSITES MARKET , BY RESIN TYPE,2024 - 2033 ($MILLION)
FIGURE 12. SOUTH KOREA AUTOMOTIVE COMPOSITES MARKET , BY APPLICATION,2024 - 2033 ($MILLION)
FIGURE 13. TOP WINNING STRATEGIES, BY YEAR, 2021-2023*
FIGURE 14. TOP WINNING STRATEGIES, BY DEVELOPMENT, 2021-2023*
FIGURE 15. TOP WINNING STRATEGIES, BY COMPANY, 2021-2023*
FIGURE 16. PRODUCT MAPPING OF TOP 10 PLAYERS
FIGURE 17. COMPETITIVE DASHBOARD
FIGURE 18. COMPETITIVE HEATMAP: SOUTH KOREA AUTOMOTIVE COMPOSITES MARKET
FIGURE 19. TOP PLAYER POSITIONING,2023
FIGURE 20. HYOSUNG: NET SALES, 2021-2023 ($MILLION)
FIGURE 21. HYOSUNG: REVENUE SHARE, BY SEGMENT, 2023 (%)
FIGURE 22. HYOSUNG: REVENUE SHARE, BY REGION, 2023 (%)
FIGURE 23. SUNGWOO HITECH: NET SALES, 2021-2023 ($MILLION)
FIGURE 24. SUNGWOO HITECH: REVENUE SHARE, BY SEGMENT, 2023 (%)
FIGURE 25. SUNGWOO HITECH: REVENUE SHARE, BY REGION, 2023 (%)
FIGURE 26. HANKUK CARBON CO., LTD. : NET SALES, 2021-2023 ($MILLION)
FIGURE 27. HANKUK CARBON CO., LTD. : REVENUE SHARE, BY SEGMENT, 2023 (%)
FIGURE 28. HANKUK CARBON CO., LTD. : REVENUE SHARE, BY REGION, 2023 (%)
FIGURE 29. SK CHEMICALS: NET SALES, 2021-2023 ($MILLION)
FIGURE 30. SK CHEMICALS: REVENUE SHARE, BY SEGMENT, 2023 (%)
FIGURE 31. SK CHEMICALS: REVENUE SHARE, BY REGION, 2023 (%)
FIGURE 32. KUMHO PANDB CHEMICALS.,INC: NET SALES, 2021-2023 ($MILLION)
FIGURE 33. KUMHO PANDB CHEMICALS.,INC: REVENUE SHARE, BY SEGMENT, 2023 (%)
FIGURE 34. KUMHO PANDB CHEMICALS.,INC: REVENUE SHARE, BY REGION, 2023 (%)
FIGURE 35. HANWHA ADVANCED MATERIALS: NET SALES, 2021-2023 ($MILLION)
FIGURE 36. HANWHA ADVANCED MATERIALS: REVENUE SHARE, BY SEGMENT, 2023 (%)
FIGURE 37. HANWHA ADVANCED MATERIALS: REVENUE SHARE, BY REGION, 2023 (%)
FIGURE 38. KOLON INDUSTRIES, INC.: NET SALES, 2021-2023 ($MILLION)
FIGURE 39. KOLON INDUSTRIES, INC.: REVENUE SHARE, BY SEGMENT, 2023 (%)
FIGURE 40. KOLON INDUSTRIES, INC.: REVENUE SHARE, BY REGION, 2023 (%)
FIGURE 41. EVONIK INDUSTRIES AG: NET SALES, 2021-2023 ($MILLION)
FIGURE 42. EVONIK INDUSTRIES AG: REVENUE SHARE, BY SEGMENT, 2023 (%)
FIGURE 43. EVONIK INDUSTRIES AG: REVENUE SHARE, BY REGION, 2023 (%)
FIGURE 44. MITSUBISHI CHEMICAL GROUP CORPORATION: NET SALES, 2021-2023 ($MILLION)
FIGURE 45. MITSUBISHI CHEMICAL GROUP CORPORATION: REVENUE SHARE, BY SEGMENT, 2023 (%)
FIGURE 46. MITSUBISHI CHEMICAL GROUP CORPORATION: REVENUE SHARE, BY REGION, 2023 (%)
FIGURE 47. BASF SE: NET SALES, 2021-2023 ($MILLION)
FIGURE 48. BASF SE: REVENUE SHARE, BY SEGMENT, 2023 (%)
FIGURE 49. BASF SE: REVENUE SHARE, BY REGION, 2023 (%)