North America Automotive Composites Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 150 | Report Code: BMIRE00031217 | Category: Chemicals and Materials
No. of Pages: 150 | Report Code: BMIRE00031217 | Category: Chemicals and Materials
The North America Automotive Composites Market size is expected to reach US$ 4.21 billion by 2031 from US$ 2.05 billion in 2024. The market is estimated to record a CAGR of 9.4% from 2025 to 2031.
Automotive composites are widely used in automobiles' interior, exterior, and under-the-hood parts to increase efficiency and performance. Passenger vehicles are among the most common transportation modes in the region, and their use is rising with the rise in per capita income. The production of vehicles is consistently increasing due to the escalating demand from customers and technological advancements in the automotive industry. According to data published by the Automotive Trade Manual in 2023, 19.18 million vehicles were sold in North America. As per a report by the American Automotive Policy Council, car sales are expected to exceed 17.7 million vehicles per year by 2025.
Key segments that contributed to the derivation of the automotive composites market analysis are product type, resin type, technology, vehicle type and application.
North America has well-established automotive manufacturers such as Audi AG, Bayerische Motoren Werke AG, Stellantis NV, Ford Motor Company, Honda Motor Co Ltd, Hyundai Motor Company, Mercedes Benz, and Volkswagen Group. Foreign automotive manufacturers are anticipated to be involved in a part of the mainstream automotive industry in North America to increase their market share, which is expected to benefit the demand for composites. Therefore, the growth of the automotive industry is projected to drive the demand for automotive composites in North America.
Based on region, the North America automotive composites market is further segmented into the US, Canada, and Mexico. The US held the largest share in 2023.
The automotive sector is one of the largest manufacturing sectors in the US. According to Kroll Inc, the US sold 15.5 million vehicles in 2023. Production is predicted to increase in the coming years, resulting in higher inventories and potential sales incentives. The number of battery electric vehicle (BEV) models is expected to surpass 100 by 2024, offering customers more choices across segments and price points. Automotive composites are widely used in body panels, bumpers, interior components, structural elements, battery enclosures in electric vehicles, engine components, and underbody shields to reduce weight, enhance performance, improve safety, and meet sustainability goals. Increased demand for luxury cars and a rise in expenditure for car detailing and maintenance are among the key factors contributing to the demand for automotive composites in the US.
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 2.05 Billion |
| Market Size by 2031 | US$ 4.21 Billion |
| Global CAGR (2025 - 2031) | 9.4% |
| Historical Data | 2022-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Fiber Type
|
| Regions and Countries Covered | North America
|
Gurit Holding AG, Hexcel Corp, Mitsubishi Chemical Group Corp, SGL Carbon SE, Solvay SA, Teijin Ltd, DuPont de Nemours Inc, Toray Industries Inc, Atlas Fibre, and Elaghmore Advisor LLP are among the key players operating in the market. These players adopt strategies such as expansion, product innovation, and mergers and acquisitions to stay competitive in the market and offer innovative products to their consumers.
The following methodology has been followed for the collection and analysis of data presented in this report:
The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:
Note:
All financial data included in the Company Profiles section has been standardized to US$. For companies reporting in other currencies, figures have been converted to US$ using the relevant exchange rates for the corresponding year.
The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate and analyze the data and gain valuable insights. These research interviews are designed to:
Primary research is conducted via email interactions and telephone interviews with industry experts across various markets, categories, segments, and sub-segments in different regions. Participants typically include:
The North America Automotive Composites Market is valued at US$ 2.05 Billion in 2024, it is projected to reach US$ 4.21 Billion by 2031.
As per our report North America Automotive Composites Market, the market size is valued at US$ 2.05 Billion in 2024, projecting it to reach US$ 4.21 Billion by 2031. This translates to a CAGR of approximately 9.4% during the forecast period.
The North America Automotive Composites Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Automotive Composites Market report:
The North America Automotive Composites Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Automotive Composites Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Automotive Composites Market value chain can benefit from the information contained in a comprehensive market report.
Office No. 1011, First floor, Farena Corporate Park, Magarpatta-Mundhwa road, Pune - 411028, Maharashtra, India
UK+442030260021, US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For North America Automotive Composites Market
