North America Composites Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Fiber Type (Carbon Fiber Composites, Glass Fiber Composites, and Others), Resin Type [Thermoset (Polyester, Vinyl Ester, Epoxy, Polyurethane, and Others) and Thermoplastic (Polypropylene, Polyethylene, Polyvinylchloride, Polystyrene, Polyethylene Terephthalate, Polycarbonate, and Others)], and End Use Industry (Automotive, Aerospace and Defense, Wind, Construction, Marine, Sporting Goods, and Others)
The North America composites market is expected to grow from US$ 25,512.91 million in 2022 to US$ 35,349.16 million by 2028. It is estimated to grow at a CAGR of 5.6% from 2022 to 2028.
Increasing Demand for Lightweight Materials from Automotive & Aerospace Industry fuels the North America Composites Market
Automotive manufacturers prefer lightweight materials for manufacturing automobiles while ensuring safety and performance. Lightweight materials have excellent potential for increasing fuel efficiency. A 10% decrease in vehicle weight can result in a 6–8% enhancement in fuel economy. Substituting cast iron and traditional steel components with lightweight materials such as high-strength steel, aluminium alloys, magnesium alloys, carbon fiber, and polymer composites can reduce the weight of a vehicle body, thereby reducing the fuel consumption of a vehicle. Advanced materials such as carbon fiber composites have the potential to reduce the weight of automotive components by 50-75%. The application of composites in the automotive sector continues to grow. Plastic composites have excellent acoustic and thermal properties compared to composites of non-renewable origin, making them ideal for vehicle’s interior parts. Further, they are suitable for the manufacturing of non-structural interior components, including seat fillers, seat backs, headliners, interior panels, and dashboards. Therefore, the high demand for composites from the automotive industry for the manufacturing of fuel-efficient, lightweight vehicles, coupled with growing sales of electric vehicles, is driving the North America composites market.
In addition, aircraft manufacturers are making efforts to enlarge primary thermoplastic structures in business jets and commercial aircraft. They have been the early adopters of long fiber-reinforced thermoplastics. Materials such as composites and polymers are significantly lighter than steel, brass, alloys, iron, etc. The use of these materials allows manufacturers to reduce the weight of airplane parts, subsequently facilitating fuel cost reductions. The development of super lightweight aerospace composites enables significant mass savings in aerospace components. Thus, the increasing need for light-weight materials to construct aviation components and parts is also a significant factor contributing to the growth of the North America composites market.
North America Composites Market Overview
The North America composites market is segmented into the US, Canada, and Mexico. The region holds an extensive growth opportunity for the composites market players due to the growing utilization of composites by its end-use industries, including automotive, construction, aerospace, and electronics. The composites are utilized in various interior, exterior, structural, and other applications. The construction sector in North America is witnessing growth due to a robust economy and increased federal and state financing for commercial and institutional structures in the region. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2021, North America registered vehicle production of 13.42 million. Due to the properties of composites, including noncorrosive properties, prefabrication capabilities, and design flexibility, they are increasingly preferred in bridge construction and renovations. Thus, the expansion of the construction sector is expected to fuel the North America composites market during the forecast period.
North America Composites Market Revenue and Forecast to 2028 (US$ Million)
North America Composites Market Segmentation
The North America composites market is segmented into fiber type, resin type, end use industry, and country.
Based on fiber type, the North America composites market is segmented into carbon fiber composites, glass fiber composites, and others. The glass fiber composites segment held the largest share of the North America composites market in 2022.
Based on resin type, the North America composites market is segmented into thermoset and thermoplastic. The thermoset segment held a larger share of the North America composites market in 2022. The thermoset is segmented into polyester, vinyl ester, epoxy, polyurethane, and others. The Thermoplastic is segmented into polypropylene, polyethylene, polyvinylchloride, polystyrene, polyethylene terephthalate, polycarbonate, and others.
Based on end use industry, the North America composites market is segmented into automotive, aerospace and defense, wind, construction, marine, sporting goods, and others. The automotive segment held the largest share of the North America composites market in 2022.
Based on country, the North America composites market is segmented into the US, Canada, and Mexico. The US dominated the share of the North America composites market in 2022.
DuPont de Nemours Inc; Gurit Holding AG; Hexion Inc; Mitsubishi Chemical Holdings Corp; Nippon Electric Glass Co Ltd; Owens Corning; SGL Carbon SE; Solvay SA; Teijin Ltd; and Toray Industries Inc are the leading companies operating in the North America composites market.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Composites Market, by Fiber Type
1.3.2 North America Composites Market, by Resin Type
1.3.3 North America Composites Market, by End Use Industry
1.3.4 North America Composites Market, by Country
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:
4. North America Composites Market Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.2.1 Threat of New Entrants:
4.2.2 Bargaining Power of Suppliers:
4.2.3 Bargaining Power of Buyers:
4.2.4 Competitive Rivalry:
4.2.5 Threat of Substitutes:
4.3 Ecosystem Analysis
4.3.1 Overview:
4.3.2 Raw Material Suppliers:
4.3.3 Manufacturers
4.3.4 Distributors
4.3.5 End-User
4.4 Expert Opinion
5. North America Composites Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Demand for Lightweight Materials from Automotive & Aerospace Industry
5.1.2 Rising Utilization of Glass-fiber Composites in End-use Industries
5.2 Market Restraints
5.2.1 Challenges in Recycling of Thermoset Composites
5.3 Market Opportunities
5.3.1 Applications of Composites in Wind Energy Sector
5.4 Future Trends
5.4.1 Development of Composites from Biobased Matrices
5.5 Impact Analysis
6. Composites Market– North America Analysis
6.1 North America Composites Market Overview
6.2 North America Composites Market –Volume and Forecast to 2028 (Kilo Tons)
6.3 North America Composites Market –Revenue and Forecast to 2028 (US$ Million)
7. North America Composites Market Analysis – By Fiber Type
7.1 Overview
7.2 North America Composites Market, By Fiber Type (2021 and 2028)
7.3 Carbon Fiber Composites
7.3.1 Overview
7.3.2 Carbon Fiber Composites: North America Composites Market – Volume and Forecast to 2028 (Kilo Tons)
7.3.3 Carbon Fiber Composites: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Glass Fiber Composites
7.4.1 Overview
7.4.2 Glass Fiber Composites: North America Composites Market – Volume and Forecast to 2028 (Kilo Tons)
7.4.3 Glass Fiber Composites: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
7.5 Others
7.5.1 Overview
7.5.2 Others: North America Composites Market – Volume and Forecast to 2028 (Kilo Tons)
7.5.3 Others: North America Composites Market – Revenue and Forecast to 2028 (US$ Mn)
8. North America Composites Market Analysis – By Resin Type
8.1 Overview
8.2 North America Composites Market, By Resin Type (2021 and 2028)
8.3 Thermoset
8.3.1 Overview
8.3.2 Thermoset: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
8.3.3 Polyester
8.3.3.1 Overview
8.3.3.2 Polyester: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
8.3.4 Vinyl Ester
8.3.4.1 Overview
8.3.4.2 Vinyl Ester: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
8.3.5 Epoxy
8.3.5.1 Overview
8.3.5.2 Epoxy: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
8.3.6 Polyurethane
8.3.6.1 Overview
8.3.6.2 Polyurethane: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
8.3.7 Others
8.3.7.1 Overview
8.3.7.2 Others: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Thermoplastic
8.4.1 Overview
8.4.2 Thermoplastic: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
8.4.3 Polypropylene
8.4.3.1 Overview
8.4.3.2 Polypropylene: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
8.4.4 Polyethylene
8.4.4.1 Overview
8.4.4.2 Polyethylene: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
8.4.5 Polyvinylchloride
8.4.5.1 Overview
8.4.5.2 Polyvinylchloride: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
8.4.6 Polystyrene
8.4.6.1 Overview
8.4.6.2 Polystyrene: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
8.4.7 Polyethylene Terephthalate
8.4.7.1 Overview
8.4.7.2 Polyethylene Terephthalate: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
8.4.8 Polycarbonate
8.4.8.1 Overview
8.4.8.2 Polycarbonate: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
8.4.9 Others
8.4.9.1 Overview
8.4.9.2 Others: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
9. North America Composites Market Analysis – By End Use Industry
9.1 Overview
9.2 North America Composites Market, By End Use Industry (2021 and 2028)
9.3 Automotive
9.3.1 Overview
9.3.2 Automotive: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
9.4 Aerospace and Defense
9.4.1 Overview
9.4.2 Aerospace and Defense: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
9.5 Wind
9.5.1 Overview
9.5.2 Wind: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
9.6 Construction
9.6.1 Overview
9.6.2 Construction: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
9.7 Marine
9.7.1 Overview
9.7.2 Marine: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
9.8 Sporting Goods
9.8.1 Overview
9.8.2 Sporting Goods: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
9.9 Others
9.9.1 Overview
9.9.2 Others: North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
10. North America Composites Market – Country Analysis
10.1 Overview
10.1.1 North America Composites Market, by Key Country
10.1.1.1 US: North America Composites Market –Volume and Forecast to 2028 (Kilo Tons)
10.1.1.2 US: North America Composites Market –Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 US: North America Composites Market, by Fiber Type
10.1.1.2.2 US: North America Composites Market, by Fiber Type
10.1.1.2.3 US: North America Composites Market, by Resin Type
10.1.1.2.4 US: North America Composites Market, by End Use Industry
10.1.1.3 Canada: North America Composites Market–Volume and Forecast to 2028 (Kilo Tons)
10.1.1.4 Canada: North America Composites Market–Revenue and Forecast to 2028 (US$ Million)
10.1.1.4.1 Canada: North America Composites Market, by Fiber Type
10.1.1.4.2 Canada: North America Composites Market, by Fiber Type
10.1.1.4.3 Canada: North America Composites Market, by Resin Type
10.1.1.4.4 Canada: North America Composites Market, by End Use Industry
10.1.1.5 Mexico: North America Composites Market–Volume and Forecast to 2028 (Kilo Tons)
10.1.1.6 Mexico: North America Composites Market–Revenue and Forecast to 2028 (US$ Million)
10.1.1.6.1 Mexico: North America Composites Market, by Fiber Type
10.1.1.6.2 Mexico: North America Composites Market, by Fiber Type
10.1.1.6.3 Mexico: North America Composites Market, by Resin Type
10.1.1.6.4 Mexico: North America Composites Market, by End Use Industry
11. Company Profiles
11.1 DuPont de Nemours Inc
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Gurit Holding AG
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Hexion Inc
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Mitsubishi Chemical Holdings Corp
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Nippon Electric Glass Co Ltd
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Owens Corning
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 SGL Carbon SE
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Teijin Ltd
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 Solvay SA
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Toray Industries Inc
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Glossary of Terms
LIST OF TABLES
Table 1. North America Composites Market –Volume and Forecast to 2028 (Kilo Tons)
Table 2. North America Composites Market –Revenue and Forecast to 2028 (US$ Million)
Table 3. US: North America Composites Market, by Fiber Type – Volume and Forecast to 2028 (Kilo Tons)
Table 4. US: North America Composites Market, by Fiber Type – Revenue and Forecast to 2028 (US$ Million)
Table 5. US: North America Composites Market, by Resin Type – Revenue and Forecast to 2028 (US$ Million)
Table 6. US: North America Composites Market, by End Use Industry – Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada: North America Composites Market, by Fiber Type – Volume and Forecast to 2028 (Kilo Tons)
Table 8. Canada: North America Composites Market, by Fiber Type – Revenue and Forecast to 2028 (US$ Million)
Table 9. Canada: North America Composites Market, by Resin Type – Revenue and Forecast to 2028 (US$ Million)
Table 10. Canada: North America Composites Market, by End Use Industry – Revenue and Forecast to 2028 (US$ Million)
Table 11. Mexico: North America Composites Market, by Fiber Type – Volume and Forecast to 2028 (Kilo Tons)
Table 12. Mexico: North America Composites Market, by Fiber Type – Revenue and Forecast to 2028 (US$ Million)
Table 13. Mexico: North America Composites Market, by Resin Type – Revenue and Forecast to 2028 (US$ Million)
Table 14. Mexico: North America Composites Market, by End Use Industry – Revenue and Forecast to 2028 (US$ Million)
Table 15. Glossary of Terms, North America Composites Market
LIST OF FIGURES
Figure 1. North America Composites Market Segmentation
Figure 2. North America Composites Market Segmentation – By Country
Figure 3. North America Composites Market Overview
Figure 4. North America Composites Market, By End Use Industry
Figure 5. North America Composites Market, by Country
Figure 6. Porter’s Five Forces Analysis of North America Composites Market
Figure 7. North America Composites Market, Ecosystem
Figure 8. Expert Opinion
Figure 9. North America Composites Market Impact Analysis of Drivers and Restraints
Figure 10. North America Composites Market – Volume and Forecast to 2028 (Kilo Tons)
Figure 11. North America Composites Market – Revenue and Forecast to 2028 (US$ Million)
Figure 12. North America Composites Market Revenue Share, by Fiber Type (2021 and 2028)
Figure 13. Carbon Fiber Composites: North America Composites Market – Volume and Forecast To 2028 (Kilo Tons)
Figure 14. Carbon Fiber Composites: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 15. Glass Fiber Composites: North America Composites Market – Volume and Forecast To 2028 (Kilo Tons)
Figure 16. Glass Fiber Composites: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 17. Others: North America Composites Market – Volume and Forecast To 2028 (Tons)
Figure 18. Others: North America Composites Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 19. North America Composites Market Revenue Share, by Resin Type (2021 and 2028)
Figure 20. Thermoset: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 21. Polyester: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 22. Vinyl Ester: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 23. Epoxy: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 24. Polyurethane: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 25. Others: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 26. Thermoplastic: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 27. Polypropylene: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 28. Polyethylene: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 29. Polyvinylchloride: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 30. Polystyrene: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 31. Polyethylene Terephthalate: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 32. Polycarbonate: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 33. Others: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 34. North America Composites Market Revenue Share, By End Use Industry (2021 and 2028)
Figure 35. Automotive: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 36. Aerospace and Defense: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 37. Wind: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 38. Construction: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 39. Marine: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 40. Sporting Goods: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 41. Others: North America Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 42. North America Composites Market, by Key Country - Revenue (2021) (US$ Million)
Figure 43. North America Composites Market Revenue Share, by Key Country (2021 and 2028)
Figure 44. US: North America Composites Market –Volume and Forecast to 2028 (Kilo Tons)
Figure 45. US: North America Composites Market –Revenue and Forecast to 2028 (US$ Million)
Figure 46. Canada: North America Composites Market–Volume and Forecast to 2028 (Kilo Tons)
Figure 47. Canada: North America Composites Market–Revenue and Forecast to 2028 (US$ Million)
Figure 48. Mexico: North America Composites Market–Volume and Forecast to 2028 (Kilo Tons)
Figure 49. Mexico: North America Composites Market–Revenue and Forecast to 2028 (US$ Million)
- DuPont de Nemours Inc
- Gurit Holding AG
- Hexion Inc
- Mitsubishi Chemical Holdings Corp
- Nippon Electric Glass Co Ltd
- Owens Corning
- SGL Carbon SE
- Solvay SA
- Teijin Ltd
- Toray Industries Inc
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America composites market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in North America composites market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.