North America Market Insights on Automotive Composite Materials: Report Analysis, Share, Revenue, Growth Rate With Forecast Overview 2022-2031

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Shibuya Data Count

Feb 22, 2022, 05:55 EST

Shibuya-ku, Tokyo, Japan, Japan, Feb 22, 2022, 05:55 /Comserve / -- The automotive industry holds a significant share of North America’s economy as the region is the second largest vehicle producer in the world.

The automotive industry holds a significant share of North America’s economy as the region is the second largest vehicle producer in the world. However, the increase in number of vehicles led to subsequent increase in Greenhouse Gases (GHG) emissions owing to which National Highway Traffic Safety Administration (NHTSA) and Environment Protection Agency (EPA) issued emission regulations. They collectively set a target value of 89g/km of CO2 emission for passenger cars, 126g/km of CO2 emission for light trucks and 101 g/km for combined cars and trucks to be achieved by 2025. Such regulations motivated the automotive OEMs to use composite materials to reduce the overall weight of their vehicles, thereby helping them reach the targeted emission values within the targeted timeframe. Besides the rise in emission standards in the region, the demand of composite materials also increased in Electric Vehicles (EVs) to offset the weight increased by the batteries. In addition to this, the presence of local composite material manufacturers in the region also fuels the market growth. On the other hand, there are some market challenges such as high cost of raw materials and high R&D investments that are hampering the growth of North America’s automotive composite materials market.

Insights Presented in the Report:

North America automotive composites material market is segmented based on different materials such as Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC), Ceramic Matrix Composite (CMC) and Hybrid Composite. Currently, PMCs are the most popular composite type among the automakers as they have high flexibility, high insulation, lower density and lighter weight than other composite materials type. In addition, to get a deep dive analysis of PMCs, the polymer type is further segmented by matrices, namely thermosets and thermoplastics. However, low cost and exceptionally good structural and mechanical properties of hybrid composites are making them a popular alternative to the single fiber composites. Hence hybrid composites are anticipated to be the fastest growing segment during the forecast period.

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The market is further fragmented across different manufacturing processes. This includes hand lay-up, compression molding, injection molding, and resin transfer molding (RTM). Injection molding process dominated the market in 2017 and is expected to continue its dominance over the forecast period. On the other hand, RTM will be the fastest growing manufacturing process because of its growing adoption in auto industry.

Based on several application areas in automobiles, North America automotive composite materials market is segmented into interior, exterior, chassis, powertrain & under the hood and Structural. Among different application areas, exterior application held the highest market share and was valued at $470.6 million in 2017. However, stringent regulations on vehicle interior air quality are expected to fuel the demand of composite demand for vehicle interiors.
North America automotive composite materials market is further segmented on the basis of different vehicle types. This includes performance cars, passenger cars and other (commercial vehicles and others). As the passenger car segment is the biggest car segment in terms of vehicle number, this segment held the highest market share. In addition to it, the highest market value of passenger cars among the vehicle segments is attributed to the growing adoption of composites in the light vehicles.
For better understanding of the market penetration of automotive composite materials in the region, the market is further categorized across different countries, which includes the U.S., Canada, Mexico and rest of North America. Due to high stringent emission standards and presence of a number of local composite material suppliers, the U.S dominated North America automotive composite market in 2017 and will continue to dominate over the forecast period
Top Companies in the Composites Market

The major companies that are profiled in the study are BASF SE, DowDupont Inc., Gurit Holding AG, Magna International Inc., Mitsubishi Chemical Holdings Corporation, Owens Corning, SGL Group, Solvay SA, Teijin Limited and Toray Industries Inc. These industry players are entering into partnerships with auto OEMs to deploy cost efficient composite materials on the vehicles. Some of the key players are also expanding their businesses by setting up new plants or increasing their expenditure on R&D to develop cheaper manufacturing methods.

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Reasons to buy the Report:

The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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The report covers in depth analysis of prominent industry peers with primary focus on key business financials, product portfolio, expansion strategies and recent developments
Detailed examination on drivers, restraints, key trends and opportunities prevailing in the industry.
Examination of industry attractiveness with the help of Porter’s Five Forces analysis
The study comprehensively covers the market across different segments
Deep dive regional level analysis of the industry

Customization Options:

The North America Automotive Composite Market can be customized to country level or any other market segment. Besides this, UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients.

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