North America Market Insights on Automotive Composite Materials: Insights and Forecast, 2019-2025

$3999$7577

Emphasis on Material Type (Polymer Matrix Composites, Metal Matrix Composites, Ceramic Matrix Composites and Hybrid Composites), Manufacturing Process (Hand Lay up, Compression Molding, Injection Molding, Resin Transfer Molding)

Published:

Aug-2019

Pages:

150

Table:

97

Figure:

67

Report ID:

UMAU19167

Geography:

Clear
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Report Description
Table of content
Research Methodology

Report Description

North America Automotive Composite Material was valued at US$ 765.9 Million in 2018 and is anticipated to reach US$ 1,630.3 Million by 2025 displaying reasonable CAGR of 11.50% over the forecast period (2019-2025). The automotive industry holds a significant share of North America’s economy as the region is the second largest vehicle producer in the world. However, the increase in number of vehicles led to subsequent increase in Greenhouse Gases (GHG) emissions owing to which National Highway Traffic Safety Administration (NHTSA) and Environment Protection Agency (EPA) issued emission regulations. They collectively set a target value of 89g/km of CO2 emission for passenger cars, 126g/km of CO2 emission for light trucks and 101 g/km for combined cars and trucks to be achieved by 2025. Such regulations motivated the automotive OEMs to use composite materials to reduce the overall weight of their vehicles, thereby helping them reach the targeted emission values within the targeted timeframe. Besides the rise in emission standards in the region, the demand of composite materials also increased in Electric Vehicles (EVs) to offset the weight increased by the batteries. In addition to this, the presence of local composite material manufacturers in the region also fuels the market growth. On the other hand, there are some market challenges such as high cost of raw materials and high R&D investments that are hampering the growth of North America’s automotive composite materials market.

“Polymer Matrix Composite is expected to dominate during the analyzed period.”

The North America automotive composites material market is segmented based on different materials such as Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC), Ceramic Matrix Composite (CMC) and Hybrid Composite. Currently, PMCs are the most popular composite type among the automakers as they have high flexibility, high insulation, lower density and lighter weight than another composite materials type and are anticipated to dominate the market during the forecast (2018-2025). However, low cost and exceptionally good structural and mechanical properties of hybrid composites are making them a popular alternative to the single fiber composites. Hence hybrid composites are anticipated to be the fastest growing segment during the forecast period.

“Thermoset held the largest market share in 2018 and is expected to dominate the market in 2025.”

The study further bifurcates the PMCs by matrix types, including thermosets and thermoplastics. wherein thermoset held the largest market share in 2018 and is expected to dominate the market by 2025. However, thermoplastic is expected to register highest growth during the forecast period as they are compact and wireless

“Amongst Manufacturing Process, Injection moulding is projected to hold the largest market share and will dominate the North America automotive composite material market by 2025.”

North America automotive composite market is further fragmented across different manufacturing processes. This includes hand lay-up, compression moulding, injection moulding, and resin transfer moulding (RTM). Injection moulding process dominated the market in 2018 and is expected to continue its dominance over the forecast period. On the other hand, RTM will be the fastest growing manufacturing process because of its growing adoption in auto industry.

“Amongst applications, exterior segment is anticipated to dominate North America automotive composite material market by 2025.”

Based on several application areas in automobiles, North America automotive composite materials market is segmented into interior, exterior, chassis, powertrain & under the hood and Structural. Among different application areas, exterior application held the highest market share and was valued at US$ 519.7 million in 2018. However, stringent regulations on vehicle interior air quality are expected to fuel the demand of composite demand for vehicle interiors

 North America Automotive Composite Market Size by Manufacturing Process, 2018-25 (US$ Mn)

“Amongst vehicle type, passenger cars hold the major share in North America automotive composite material market.”

Based on different vehicle types, North American automotive composite materials market is segmented into performance cars, passenger cars and others (commercial vehicles and others). Passenger car segment is the biggest car segment in terms of vehicle number, further this segment held the highest market share. In addition to it, the highest market value of passenger cars among the vehicle segments is attributed to the growing adoption of composites in the light vehicles

 

“China represents as one of the largest markets of North America automotive composite material market.”

For a deep dive analysis of the industry North America automotive composite materials market is further segmented across different countries, which includes, U.S., Canada, Mexico and rest of North America. Due to high stringent emission standards and presence of several local composite material suppliers, the U.S dominated North America automotive composite market in 2018 and will continue to dominate over the forecast period

Competitive Landscape-Top 10 Market Players

BASF SE, DowDupont Inc., Gurit Holding AG, Magna International Inc., Mitsubishi Chemical Holdings Corporation, Owens Corning, SGL Group, Solvay SA, Teijin Limited and Toray Industries Inc. are some of the prominent players operating in the Automotive composites market industry. Some of the key players are also expanding their businesses by setting up new plants or increasing their expenditure on R&D to develop cheaper manufacturing methods. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

Reasons to buy:

  • Current and future market size from 2018 to 2025 in terms of value (US$)
  • Combined analysis of deep dive secondary research and input from primary research through Key Opinion Leaders of the industry
  • Country level details of the overall adoption of automotive composite material in North America
  • A quick review of overall industry performance at a glance
  • An In-depth analysis of key industry players
  • A detailed analysis of drivers, restraints, key trends and opportunities prevailing in the industry
  • Examination of industry attractiveness with the help of Porter’s Five Forces analysis
  • The study comprehensively covers the market across different segments and sub-segments of the technology
  • Country Covered: US, Canada and Mexico

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  1.1Market Definition
  1.2Objective of the Study
  1.3Limitation 
  1.4Stakeholders 
  1.5Currency used in the Report
  1.6Scope of the North America Automotive Composites Material Market Study

 

  2.1Research Methodology for North America Automotive Composites Material Market Study
   2.1.1Main objective of North America Automotive Composites Material Market Study

 

  5.1Introduction 
  5.2Market Dynamics
   5.2.1Market Trends & Drivers
    5.2.1.1Stringent Government Regulations on GHG emission
    5.2.1.2Increasing Demand of Composites in Hybrid and Electric Vehicles
    5.2.1.3Superior Structural and Mechanical Properties
   5.2.2Market Restraints
    5.3.1.1High Cost of the Raw Materials
    5.3.1.2Lack of innovation and advancements in Emerging Countries
   5.2.3Opportunities
    5.3.2.1Growing Scope of Hybrid Composite Materials
    5.3.2.2Increase in partnerships Between OEMs and Composite Manufacturers
  6.1Demand  
  6.2Supply Side Analysis
   6.2.1Product launches
   6.2.2Partnership
   6.2.3Business Expansion and Investment
   6.2.4Mergers & Acquisitions
  6.3Value Chain Analysis of Automotive Composites Material Market
  8.1General Overview
   8.1.1Polymer Matrix Composite (PMC)
   8.1.2Polymer Matrix Composite (PMC), by Matrix Type
    8.1.2.1Thermoset Matrix
    8.1.2.2Thermoplastic Matrix
   8.1.3Metal Matrix Composite (MMC)
   8.1.4Ceramic Matrix Composite (CMC)
   8.1.5Hybrid Composites
  9.1General Overview
   9.1.1Hand Lay up
   9.1.2Compression Moulding
   9.1.3Injection Moulding
   9.1.4Resin Transfer Moulding
  10.1General Overview
   10.1.1Interior 
   10.1.2Exterior 
   10.1.3Chassis, Powertrain and Under the Hood
   10.1.4Structural
  11.1Overview  
   11.1.1Super Cars
   11.1.2Passenger Cars
   11.1.3Others (Light Commercial Vehicles, Buses, Trucks and Others)
  12.1North America Automotive Composites Materials Market
   12.1.1The US Automotive Composite Materials Market
    12.1.1.1The US Automotive Composite Materials Market by Material Type
     12.1.1.1.1The US Polymer Matrix Composites Market by Matrix Type
    12.1.1.2The US Automotive Composite Market by Manufacturing Process
    12.1.1.3The US Automotive Composite Materials Market by Application
    12.1.1.4The US Automotive Composite Materials Market by Vehicle Type
   12.1.2Canada Automotive Composite Market
    12.1.2.1Canada Automotive Composite Materials Market by Material Type
     12.1.2.1.1Canada Polymer Matrix Composites Market by Matrix Type
    12.1.2.2Canada Automotive Composite Market by Manufacturing Process
    12.1.2.3Canada Automotive Composite Materials Market by Application
    12.1.2.4Canada Automotive Composite Materials Market by Vehicle Type
   12.1.3Mexico Automotive Composite Materials Market
    12.1.3.1Mexico Automotive Composite Materials Market by Material Type
     12.1.3.1.1Mexico Polymer Matrix Composites Market by Matrix Type
    12.1.3.2Mexico Automotive Composite Market by Manufacturing Process
    12.1.3.3Mexico Automotive Composite Materials Market by Application
    12.1.3.4Mexico Automotive Composite Materials Market by Vehicle Type
   12.1.4Rest of North America
    12.1.4.1Rest of NA Automotive Composite Materials Market by Material Type
     12.1.4.1.1Rest of NA Polymer Matrix Composites Market by Matrix Type
    12.1.4.2Rest of NA Automotive Composite Market by Manufacturing Process
    12.1.4.3Rest of NA Automotive Composite Materials Market by Application
    12.1.4.4Rest of NA Automotive Composite Materials Market by Vehicle Type
 13.1North America Automotive Composite Materials Market Share, by Key Players, 2018

 

  14.1BASF SE  
   14.1.1Key Facts 
   14.1.2Business Description
   14.1.3Key Product/Services Offerings
   14.1.4SWOT Analysis
   14.1.5Key Financials
    14.1.5.1Revenue Split
   14.1.6Recent Developments
    14.1.6.1Product Launches
    14.1.6.2Partnership
    14.1.6.3Business Expansion and Investment
    14.1.6.4Mergers & Acquisitions
  14.2DowDuPont Inc.
   14.2.1Key Facts 
   14.2.2Business Description
   14.2.3Key Product/Services Offerings
   14.2.4SWOT Analysis
   14.2.5Key Financials
    14.2.5.1Revenue Split
   14.2.6Recent Developments
    14.2.6.1Mergers & Acquisitions
  14.3Gurit Holding AG
   14.3.1Key Facts 
   14.3.2Business Description
   14.3.3Key Product/Services Offerings
   14.3.4SWOT Analysis
   14.3.5Key Financials
    14.3.5.1Revenue Split
   14.3.6Recent developments
    14.3.6.1Product Launches
    14.3.6.2Partnership
    14.3.6.3Mergers & Acquisitions
  14.4Magna International Inc.
   14.4.1Key Facts 
   14.4.2Business Description
   14.4.3Key Product/Services Offerings
   14.4.4SWOT Analysis
   14.4.5Key Financials
    14.4.5.1Revenue Split
   14.4.6Recent developments
    14.4.6.1Product Launches
    14.4.6.2Partnership
    14.4.6.3Business Expansion and Investment
    14.4.6.4Mergers & Acquisitions
  14.5Mitsubishi Chemical Holdings Corporation
   14.5.1Key Facts 
   14.5.2Business Description
   14.5.3Key Product/Services Offerings
   14.5.4SWOT Analysis
   14.5.5Key Financials
    14.5.5.1Revenue Split
   14.5.6Recent developments
    14.5.6.1Product Launches
    14.5.6.2Business Expansion and Investment
    14.5.6.3Mergers & Acquisitions
  14.6Owens Corning 
   14.6.1Key Facts 
   14.6.2Business Description
   14.6.3Key Product/Services Offerings
   14.6.4SWOT Analysis
   14.6.5Key Financials
    14.6.5.1Revenue Split
   14.6.6Recent developments
    14.6.6.1Partnership
    14.6.6.2Business Expansion and Investment
    14.6.6.3Mergers & Acquisitions
  14.7SGL Group 
   14.7.1Key Facts 
   14.7.2Business Description
   14.7.3SWOT Analysis
   14.7.4Key Financials
    14.7.4.1Revenue Split
   14.7.5Recent developments
    14.7.5.1Product Launches
    14.7.5.2Partnership
    14.7.5.3Business Expansion and Investment
    14.7.5.4Mergers & Acquisitions
  14.8Solvay SA  
   14.8.1Key Facts 
   14.8.2Business Description
   14.8.3Key Product/Services Offerings
   14.8.4SWOT Analysis
   14.8.5Key Financials
    14.8.5.1Revenue Split
   14.8.6Recent developments
    14.8.6.1Product Launches
    14.8.6.2Partnership
    14.8.6.3Business Expansion and Investment
  14.9Teijin Limited 
   14.9.1Key Facts 
   14.9.2Business Description
   14.9.3Key Product/Services Offerings
   14.9.4SWOT Analysis
   14.9.5Key Financials
    14.9.5.1Revenue Split
   14.9.6Recent developments
    14.9.6.1Product Launches
    14.9.6.2Partnership
    14.9.6.3Business Expansion and Investment
    14.9.6.4Mergers & Acquisitions
  14.10Toray Industries Inc.
   14.10.1Key Facts 
   14.10.2Business Description
   14.10.3Key Product/Services Offerings
   14.10.4SWOT Analysis
   14.10.5Key Financials
    14.10.5.1Revenue Split
   14.10.6Recent developments
    14.10.6.1Product Launches
    14.10.6.2Partnership
    14.10.6.3Business Expansion and Investment
    14.10.6.4Mergers & Acquisitions

Research Methodology

Analysing historical market, estimation of the current market and forecasting the future market for North American automotive composite materials were the three major steps considered while creating and analysing the overall adoption rate of automotive composite materials in major North American countries. Exhaustive secondary research was done to collect the historical market of the technology and overall estimation of the current market. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted with industry experts across value chain of the North American automotive composite materials market. After all the assumption, market sizing and validation of market numbers through primary interviews, top-down approach was employed to forecast the complete market size of the North American automotive composite materials market. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyse the market size of segments and sub-segments of the technology. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the North American automotive composite materials market through company internal sources such as annual report & financial statements, performance presentations, press releases, inventory records, sales figures etc. and external sources including trade journals, news articles, government publications, International Organization of Motor Vehicle Manufacturers, competitor publications, sector reports, regulatory bodies publications, safety standard organizations, third-party database and other creditable publications.

Step 2: Market Segmentation:

After obtaining historical market size of the overall market, detailed secondary analysis was done to gather historical market insights and share for different segments & sub-segments of the North American Automotive Composite Materials market. Major segments included in the report are material type, manufacturing process, application, and vehicle types.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, detailed factor analysis was conducted to estimate the current market size of the North American automotive composite materials market. Factor analysis was conducted using dependent and independent variable such as purchasing power, government initiatives, government regulations in major North American countries. Historical trends of the automotive composite materials and their year-on-year impact on the market size and share in the recent past were analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at current market size, key players in market, market share of these players, industry’s supply chain, and value chain of the industry. All the required percentage shares, splits, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including drivers, restraints, trends and opportunities available in the market. After analyzing these factors, relevant forecasting techniques i.e. Bottom-up/Top-down was applied to arrive at the market forecast pertaining to 2025 for different segment and sub-segments in major North American countries. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and rate of adoption of automotive composite materials in major North American countries
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players across different technologies and markets as well as market share of each player. Also, the growth strategies adopted by these players to compete in the rapidly growing North American Automotive Composite Materials market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head etc.). Primary research findings were summarized, and statistical analysis was performed to prove the stated hypothesis. Input from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants

Market Engineering

Data triangulation technique was employed to complete the overall market engineering process and to arrive precise statistical numbers of each segment and sub-segment pertaining to the North American automotive composite materials market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of material type, manufacturing process, application, and vehicle type.

Main objective of the North American Automotive Composite Materials Market Study

The current & future market trends of the North American automotive composite materials market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market, providing a platform for the industrial participant to exploit the untapped market to benefit as first mover advantage. Other quantitative goal of the studies includes:

  • Analyse the current and forecast market size of North American automotive composite materials in terms of value (US$)
  • Analyse the current and forecast market size of different segments and sub-segments of North American automotive composite materials market. Segments in the study include material type, manufacturing process, application, and vehicle type
  • Define and describe the technologies and protocols used in automotive composite materials
  • Anticipate potential risk associated with the technology along with customer and competitor analysis, among others
  • Define and analysis of the government regulations for automotive composite materials in major North American countries
  • Analyse the current and forecast market size of automotive composite materials in regions, in terms of value for countries including US, Canada, Mexico and Rest of North America
  • Define and analyse the competitive landscape of the North American automotive composite materials and the growth strategies adopted by the market players to sustain in the ever-growing market