The US automotive composites market is projected to exhibit a growth rate (CAGR) of 6% during 2023-2028. The increasing disposable income, growing urbanization, widespread adoption of electric vehicles (EV’s), growing demand for light weight vehicles, significant growth in the automotive industry, rapid technological advancements, and the implementation of stringent government regulations, represent some of the key factors driving the market.
Automotive composites refer to a group of materials composed of two or more constituent materials with different physical or chemical properties. These composites are typically made by combining different materials, such as carbon fibers, glass fibers, or aramid fibers, with a polymer matrix, such as epoxy or polyester resin. As compared to traditional materials like steel, automotive composites offer high strength, lightweight, and improved performance. They are widely used in the production of lighter and more fuel-efficient vehicles, while maintaining structural integrity and safety standards. Moreover, composites allow for greater design freedom, supporting innovative and aerodynamic shapes. As a result, automotive composites are extensively used in various automotive applications, including body panels, chassis components, interior parts, and structural reinforcements.
US Automotive Composites Market Trends:
The significant growth in the automotive industry and increasing focus on reducing the weight of vehicles to improve fuel efficiency and reduce emissions is one of the key factors creating a positive outlook for the market. Furthermore, increasing preference for environmentally friendly and fuel-efficient vehicles is steering consumer demand towards cars utilizing composite materials. In addition to this, the widespread utilization of composites, as they offer unique design possibilities and performance advantages, which is favoring the market growth. In line with this, the growing popularity of electric vehicles (EVs) is facilitating the product demand to maximize battery efficiency, which in turn is propelling the market growth. As economies grow and transportation needs evolve, there is an increasing demand for vehicles with enhanced performance and sustainability features, which is driving the need for automotive composites. Moreover, the implementation of stringent emissions and fuel efficiency regulations is driving the adoption of lightweight materials in the automotive industry. Furthermore, rapid advancements in composite manufacturing technologies, such as automated fiber placement and resin transfer molding, that make composites more cost-effective and scalable for mass production, is providing an impetus to the market growth. Besides this, the widespread product utilization in critical components like body panels, chassis, and structural parts owing to their high strength-to-weight ratio and excellent impact resistance is providing a considerable boost to the market growth. Other factors, including rising expenditure capacities of consumers, rising demand for luxury and high-performance vehicles, and enhanced focus on research and development (R&D) activities, are supporting the market growth.
US Automotive Composites Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the US automotive composites market report, along with forecasts at the country level for 2023-2028. Our report has categorized the market based on material type, resin type, application, resin group, and fiber group.
Material Type Insights:
The report has provided a detailed breakup and analysis of the market based on the material type. This includes BMC, LFT, SFT, GMT, CFT, and others.
Resin Type Insights:
- PP Composites
- PBT Composites
A detailed breakup and analysis of the market based on the resin type has also been provided in the report. This includes PP composites, PBT composites, and others.
- Power Chain System
A detailed breakup and analysis of the market based on the application has also been provided in the report. This includes interior, exterior, power chain system, and others.
Resin Group Insights:
- Thermoset Composites
- Thermoplastics Composites
A detailed breakup and analysis of the market based on the resin group has also been provided in the report. This includes thermoset composites, and thermoplastics composites.
Fiber Type Insights:
- Glass Fiber Composites
- Carbon Fiber Composites
A detailed breakup and analysis of the market based on the fiber type has also been provided in the report. This includes glass fiber composites, carbon fiber composites, and others.
The report has also provided a comprehensive analysis of all the major regional markets, which include Northeast, Midwest, South, and West.
The report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
US Automotive Composites Market Report Coverage:
|Base Year of the Analysis
| Historical Period
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
- Material Type
- Resin Type
- Resin Group
- Fiber Type
|Material Types Covered
||SMC, BMC, LFT, SFT, GMT, CFT, Others
|Resin Types Covered
||PP Composites, PBT Composites, Others
||Interior, Exterior, Power Chain System, Others
|Resin Groups Covered
||Thermoset Composites, Thermoplastics Composites
|Fiber Types Covered
||Fiber Composites, Carbon Fiber Composites, Others
||Northeast, Midwest, South, West
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2899
Five User License: US$ 4899
Corporate License: US$ 7899
|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report:
- How has the US automotive composites market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the US automotive composites market?
- What is the breakup of the US automotive composites market on the basis of material type?
- What is the breakup of the US automotive composites market on the basis of resin type?
- What is the breakup of the US automotive composites market on the basis of application?
- What is the breakup of the US automotive composites market on the basis of resin group?
- What is the breakup of the US automotive composites market on the basis of fiber type?
- What are the various stages in the value chain of the US automotive composite market?
- What are the key driving factors and challenges in the US automotive composite market?
- What is the structure of the US automotive composite market and who are the key players?
- What is the degree of competition in the US automotive composite market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the US automotive composite market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the US automotive composite market.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the US automotive composite industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.