U.S. Automotive Composites Market
The U.S. automotive composites market was valued at $1.2 billion in 2023 and is projected to reach $1.8 billion by 2033, growing at a CAGR of 3.8% from 2024 to 2033.
Automotive composites are lightweight materials with superior properties formed by blending two or more different substances with distinguished characteristics. These are high-performance objects incorporated into automobiles to improve their fuel efficiency, aesthetics, and durability. The formulation of composites consists of reinforcing materials such as glass or aramid fiber, which are embedded into a matrix material such as epoxy or polyester. The key attributes of automotive composites are their resistance to corrosion and flexibility to be shaped into complex designs. They find applications in different parts of automobiles, including dashboards, doors, roof panels, bumpers, brake components, and hoods.
Rise in awareness regarding the crucial role of lightweight materials in enhancing the fuel efficiency of automobiles has fueled the usage of composites in vehicle designing, thereby propelling the development of the market. Furthermore, the implementation of stringent emission standards by regulatory bodies such as the Environmental Protection Agency is compelling automakers to manufacture light vehicles, which is augmenting the growth of the U.S. automotive composites market. A prominent trend acquiring traction in the market currently is the development of self-healing composites. They are created to withstand or recover from environmental effects & abrasions, resulting in remarkable impact resistance and strength in automobiles.
However, high costs associated with the production of composites restrict their usage in low-cost vehicles, hampering the development of the market. Moreover, lack of efficient recycling options at the end-of-life stage deters several environmentally conscious consumers from purchasing vehicles manufactured using composites, which, in turn, hampers the market growth.
On the contrary, exponential surge in the adoption of electric vehicles (EVs) in the U.S. is projected to present remunerative opportunities for the market. Automotive composites are essential for the development of EVs as lightweight materials are pivotal to accelerate the range & efficiency of electric batteries, without compromising the strength and durability.
According to an article by The International Council on Clean Transportation - an independent non-profit organization - sales of new light-duty EVs in the U.S. grew by 9% in 2023, reaching around 1.4 million from the approximate value of 1 million in 2022. With rising concerns pertaining to the environmental impact and low fuel efficiency of internal combustion engines, the adoption of EVs is poised to increase notably in the future, opening new avenues for the U.S. automotive composites market.
Segment Review
The U.S. automotive composites market is segmented into fiber type, resin type, and application. Depending on fiber type, the market is divided into glass fiber, carbon fiber, and others. As per resin type, it is bifurcated into thermoset and thermoplastic. By application, it is categorized into exterior, interior, and others.Key Findings
Depending on fiber type, the glass fiber segment dominated the market in 2023.As per resin type, the thermoset segment acquired a notable stake in the market in 2023.
By application, the interior segment was the highest shareholder in 2023.
Competition Analysis
The major players in the U.S. automotive composites market include Toray Industries, Inc., Hexcel Corporation, Teijin Limited, Mitsubishi Chemical Corporation, Owens Corning, Huntsman Corporation, Solvay S.A., Magna International Inc., Plasan Carbon Composite, and A. Schulman, Inc. 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:
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Key Market Segments
By Fiber Type
- Glass Fiber
- Carbon Fiber
- Others
By Resin Type
- Thermoset
- Thermoplastic
By Application
- Exterior
- Interior
- Others
Key Market Players
- Toray Industries, Inc
- Hexcel Corporation
- Teijin Limited
- Mitsubishi Chemical Corporation
- Owens Corning
- Huntsman Corporation
- Solvay S.A.
- Magna International Inc
- Plasan Carbon Composite
- A. Schulman, Inc
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: U.S. AUTOMOTIVE COMPOSITES MARKET, BY FIBER TYPE
CHAPTER 5: U.S. AUTOMOTIVE COMPOSITES MARKET, BY RESIN TYPE
CHAPTER 6: U.S. AUTOMOTIVE COMPOSITES MARKET, BY APPLICATION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- Toray Industries, Inc
- Hexcel Corporation
- Teijin Limited
- Mitsubishi Chemical Corporation
- Owens Corning
- Huntsman Corporation
- Solvay S.A.
- Magna International Inc
- Plasan Carbon Composite
- A. Schulman, Inc
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 310 |
| Published | November 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 1.2 billion |
| Forecasted Market Value ( USD | $ 1.8 billion |
| Compound Annual Growth Rate | 3.8% |
| Regions Covered | United States |
| No. of Companies Mentioned | 10 |
