North America Market Insights on Automotive Composite Materials: Insights and Forecast (2018-2024)

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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) – Insights and Forecast, 2018-2024

Published:

Sep-2018

Pages:

137

Table:

39

Figure:

76

Report ID:

UMAU18108

Geography:

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Report Description
Table of content
Research Methodology

Report Description

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.

Insights Presented in the Report:

  • 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 other composite materials type. In addition, to get a deep dive analysis of PMCs, the polymer type is further segmented by matrices, namely thermosets and thermoplastics. 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.
  • The market is further fragmented across different manufacturing processes. This includes hand lay-up, compression molding, injection molding, and resin transfer molding (RTM). Injection molding process dominated the market in 2017 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.
  • 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 $470.6 million in 2017. However, stringent regulations on vehicle interior air quality are expected to fuel the demand of composite demand for vehicle interiors.
  • North America automotive composite materials market is further segmented on the basis of different vehicle types. This includes performance cars, passenger cars and other (commercial vehicles and others). As the passenger car segment is the biggest car segment in terms of vehicle number, 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.
  • For better understanding of the market penetration of automotive composite materials in the region, the market is further categorized across different countries, which includes the U.S., Canada, Mexico and rest of North America. Due to high stringent emission standards and presence of a number of local composite material suppliers, the U.S dominated North America automotive composite market in 2017 and will continue to dominate over the forecast period

Top Companies in the Composites Market

The major companies that are profiled in the study are 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. These industry players are entering into partnerships with auto OEMs to deploy cost efficient composite materials on the vehicles. 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.

Reasons to buy the Report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers in depth analysis of prominent industry peers with primary focus on key business financials, product portfolio, expansion strategies and recent developments
  • Detailed examination on 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
  • Deep dive regional level analysis of the industry

Customization Options:

The North America Automotive Composites Market can be customized to country level or any other market segment. Besides this, UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients.

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 1.1Market Definition         
 1.2Objective of the Study         
 1.3Limitation          
 1.4Stakeholders         
 1.5Currency used in the Report
 2.1Secondary Data         
  2.1.1Key Secondary Sources        
 2.2Primary Data         
  2.2.1Sampling Techniques & Data Collection Methods     
  2.2.2Primary Participants
 5.1.1Market Trends & Drivers       
   5.1.1.1Stringent Government Regulations on GHG emission    
   5.1.1.2Increasing Demand of Composites among Hybrid and Electric Vehicles  
   5.1.1.3Superior Structural and Mechanical Properties    
  5.1.2Market Restraints        
   5.1.2.1High Cost of the Raw Materials      
   5.1.2.2Lack of Innovation and Advancements in Emerging Countries   
  5.1.3Opportunities        
   5.1.3.1Growing Scope of Hybrid Composite Materials    
   5.1.3.2Increase in partnerships Between OEMs and Composite Manufacturers
 7.1General Overview         
 7.2Polymer Matrix Composite (PMC)        
  7.2.1Thermoset Matrix        
  7.2.2Thermoplastic Matrix        
 7.3Metal Matrix Composite (MMC)        
 7.4Ceramic Matrix Composite (CMC)        
 7.5Hybrid Composites
 8.1General Overview         
 8.2Hand Lay up         
 8.3Compression Molding         
 8.4Injection Molding         
 8.5Resin Transfer Molding
 9.1General Overview         
 9.2Interior          
 9.3Exterior          
 9.4Chassis, Powertrain and Under the Hood       
 9.5Structural
 10.1Overview          
 10.2Performance Cars         
 10.3Passenger Cars         
 10.4Others (Light Commercial Vehicles, Buses, Trucks and Others)
 11.1General Overview         
  11.1.1North America Automotive Composite Materials Market, by Material Type   
  11.1.2North America Automotive Composite Market, by Manufacturing Process   
  11.1.3North America Automotive Composite Materials market, by Application   
  11.1.4North America Automotive Composite Materials Market, by Vehicle Type   
  11.1.5North America Automotive Composite Materials Market, by Country   
   11.1.5.1United States Automotive Composite Materials Market   
    11.1.5.1.1United States Automotive Composite Market, by Material Type 
    11.1.5.1.2United States Automotive Composite Market, by Manufacturing Process 
    11.1.5.1.3United States Automotive Composite Market, by Application  
    11.1.5.1.4United States Automotive Composite Market, by Vehicle Type 
   11.1.5.2Canada Automotive Composite Materials Market    
    11.1.5.2.1Canada Automotive Composite Market, by Material Type  
    11.1.5.2.2Canada Automotive Composite Market, by Manufacturing Process 
    11.1.5.2.3Canada Automotive Composite Market, by Application  
    11.1.5.2.4Canada Automotive Composite Market, by Vehicle Type  
   11.1.5.3Mexico Automotive Composite Materials Market    
    11.1.5.3.1Mexico Automotive Composite Market, by Material Type  
    11.1.5.3.2Mexico Automotive Composite Market, by Manufacturing Process 
    11.1.5.3.3Mexico Automotive Composite Market, by Application  
    11.1.5.3.4Mexico Automotive Composite Market, by Vehicle Type  
   11.1.5.4Rest of NA Automotive Composite Materials Market    
    11.1.5.4.1Rest of NA Automotive Composite Market, by Material Type  
    11.1.5.4.2Rest of NA Automotive Composite Market, by Manufacturing Process 
    11.1.5.4.3Rest of NA Automotive Composite Market, by Application  
    11.1.5.4.4Rest of NA Automotive Composite Market, by Vehicle Type
 12.1North America Automotive Composite Materials Market Share of Major Players, 2017
 13.1BASF SE          
  13.1.1Key Facts         
  13.1.2Business Description        
  13.1.3Key Product/Services Offerings       
  13.1.4SWOT Analysis        
  13.1.5Key Financials        
   13.1.5.1Revenue Split, by Region      
   13.1.5.2Revenue Split, by Business Segment     
  13.1.6Recent Developments        
 13.2DowDuPont Inc.         
  13.2.1Key Facts         
  13.2.2Business Description        
  13.2.3Key Product/Services Offerings       
  13.2.4SWOT Analysis        
  13.2.5Key Financials        
   13.2.5.1Revenue Split, by Region      
   13.2.5.2Revenue Split, by Business Segment     
  13.2.6Recent developments        
 13.3Gurit Holding AG         
  13.3.1Key Facts         
  13.3.2Business Description        
  13.3.3Key Product/Services Offerings       
  13.3.4SWOT Analysis        
  13.3.5Key Financials        
   13.3.5.1Revenue Split, by Region      
   13.3.5.2Revenue Split, by Business Segment     
  13.3.6Recent developments        
 13.4Magna International Inc.        
  13.4.1Key Facts         
  13.4.2Business Description        
  13.4.3Key Product/Services Offerings       
  13.4.4SWOT Analysis        
  13.4.5Key Financials        
   13.4.5.1Revenue Split, by Region      
   13.4.5.2Revenue Split, by Business Segment     
  13.4.6Recent developments        
 13.5Mitsubishi Chemical Holdings Corporation       
  13.5.1Key Facts         
  13.5.2Business Description        
  13.5.3Key Product/Services Offerings       
  13.5.4SWOT Analysis        
  13.5.5Key Financials        
   13.5.5.1Revenue Split, by Region      
   13.5.5.2Revenue Split, by Business Segment     
  13.5.6Recent developments        
 13.6Owens Corning         
  13.6.1Key Facts         
  13.6.2Business Description        
  13.6.3Key Product/Services Offerings       
  13.6.4SWOT Analysis        
  13.6.5Key Financials        
   13.6.5.1Revenue Split, by Region      
   13.6.5.2Revenue Split, by Business Segment     
  13.6.6Recent developments        
 13.7SGL Group          
  13.7.1Key Facts         
  13.7.2Business Description        
  13.7.3SWOT Analysis        
  13.7.4Key Financials        
   13.7.4.1Revenue Split, by Region      
   13.7.4.2Revenue Split, by Business Segment     
   13.7.4.3Revenue of CFM, by Industry      
   13.7.4.4Revenue of GMS, by Industry      
  13.7.5Recent developments        
 13.8Solvay SA          
  13.8.1Key Facts         
  13.8.2Business Description        
  13.8.3Key Product/Services Offerings       
  13.8.4SWOT Analysis        
  13.8.5Key Financials        
   13.8.5.1Revenue Split, by Region      
   13.8.5.2Revenue Split, by Business Segment     
  13.8.1Recent developments        
 13.9Teijin Limited         
  13.9.1Key Facts         
  13.9.2Business Description        
  13.9.3Key Product/Services Offerings       
  13.9.4SWOT Analysis        
  13.9.5Key Financials        
   13.9.5.1Revenue Split, by Region      
   13.9.5.2Revenue Split, by Business Segment     
  13.9.6Recent developments        
 13.1Toray Industries Inc.         
  13.10.1Key Facts         
  13.10.2Business Description        
  13.10.3Key Product/Services Offerings       
  13.10.4SWOT Analysis        
  13.10.5Key Financials        
   13.10.5.1Revenue Split, by Region      
   13.10.5.2Revenue Split, by Business Segment     
  13.10.6Recent developments

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 2024 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