Market Size of US Automotive Composites Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 13.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Automotive Composites Market Analysis
The Unites States of America automotive composites market is expected to grow at a CAGR of over 13% during the forecasted period (2020 - 2025)
- Presently, composite materials, like thermoplastics and reinforced glass, have drawn the attention of carmakers, making them focus on sourcing better, tensile, and lighter components in the manufacture of automobile units.
- Factors such as increasing demand for lightweight material from the automotive industry and growing focus on fuel economy are expected to be major drivers for the market. However, high costs associated with carbon fiber composites, and glass fiber composites is hindering the growth of the market, as their usage in low-cost vehicles could drastically increase the prices of such vehicles.
- The low recyclability of composites is also a restraint for their penetration in entry-level passenger vehicles. However, collaborations of the OEMs with suppliers (due to rising demand for fuel-efficient vehicles, growing lightweight electrical vehicle segment, and major automobile giants, like BMW and Nissan, trying to replace their existing metal parts with composite fibers) imply the scope and booming opportunity that the market is anticipated to offer over the forecast period.
US Automotive Composites Industry Segmentation
The United States of America automotive composites market report consists of latest technologies and developments in this market, demand by application, process, material and share of major players across this region.
| Productino Type | |
| Hand Layup | |
| Resin Transfer Molding | |
| Vacuum Infusion Processing | |
| Injection Molding | |
| Compression Molding |
| Material Type | |
| Thermoset Polymer | |
| Thermoplastic Polymer | |
| Carbon Fiber | |
| Glass Fiber | |
| Others |
| Application Type | |
| Structural Assembly | |
| Power Train Components | |
| Interior | |
| Exterior | |
| Others |
US Automotive Composites Market Size Summary
The United States automotive composites market is poised for significant growth, driven by the increasing demand for lightweight materials in the automotive industry. As car manufacturers focus on enhancing fuel efficiency and meeting stringent emission regulations, the use of composite materials such as carbon fiber and glass fiber has become more prevalent. These materials offer the advantage of reducing vehicle weight, which directly impacts fuel economy and driving dynamics. Despite the high costs associated with these composites, collaborations between original equipment manufacturers (OEMs) and suppliers are expected to create substantial opportunities for market expansion. The automotive sector's shift towards replacing metal parts with composite fibers, particularly in electric vehicles, underscores the potential for growth in this market segment.
The market landscape is characterized by intense competition among key players, including Hexcel Corporation, Mitsubishi Chemical Carbon Fibre and Composite Inc, SGL Carbon, and Toray Industries Inc. These companies are actively engaging in strategic activities such as acquisitions and joint ventures to strengthen their market positions. For instance, recent acquisitions by Hexcel Corporation and Toray Industries highlight the industry's focus on expanding capabilities and product offerings. Additionally, the demand for glass fiber composites is anticipated to remain high due to their cost-effectiveness and moderate mechanical performance. As technological advancements continue to enhance the properties of composites, their application in various automotive components is expected to increase, further driving market growth.
US Automotive Composites Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porters Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Productino Type
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2.1.1 Hand Layup
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2.1.2 Resin Transfer Molding
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2.1.3 Vacuum Infusion Processing
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2.1.4 Injection Molding
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2.1.5 Compression Molding
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2.2 Material Type
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2.2.1 Thermoset Polymer
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2.2.2 Thermoplastic Polymer
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2.2.3 Carbon Fiber
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2.2.4 Glass Fiber
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2.2.5 Others
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2.3 Application Type
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2.3.1 Structural Assembly
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2.3.2 Power Train Components
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2.3.3 Interior
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2.3.4 Exterior
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2.3.5 Others
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US Automotive Composites Market Size FAQs
What is the current US Automotive Composites Market size?
The US Automotive Composites Market is projected to register a CAGR of greater than 13% during the forecast period (2024-2029)
Who are the key players in US Automotive Composites Market?
3B Fiberglass , Delphi Technologies, General Motors Company, SGL Carbon SE and Nippon Sheet Glass Co Ltd are the major companies operating in the US Automotive Composites Market.
