The North American automotive composites market is expected to reach $3.5 billion by 2021

According to a new market report published by Lucintel, the future of the North American automotive composites market looks good with opportunities in various applications such as exterior, interior, power train system, chassis system, under body system, and others. The North American automotive composites market is expected to reach an estimated $3.5 billion by 2021 and it is forecast to grow at a CAGR of 6.0% from 2016 to 2021. The major drivers of growth for this market are increasing automotive production and increasing demand for lightweight materials to achieve higher fuel efficiency and reduce greenhouse gas emissions. The US government has set new standards requiring light vehicles to achieve a Corporate Average Fuel Efficiency (CAFE) standard of 36.6 mpg by 2017 and 54.5 mpg by 2025. The federal proposal to improve CAFE standards serves as a major stimulus to incorporate lightweight materials such as composites.
In this market, exterior, interior, power train system, under body system, electrical and electronics, chassis system, and others are the major applications. On the basis of its comprehensive research, Lucintel forecasts that the power train system is expected to be the largest market and chassis system are expected to show higher growth during the forecast period of 2016 to 2021.
Within the North American automotive composites market, sheet molding compound (SMC), bulk molding compound (BMC), glass mat thermoplastic (GMT), short fiber thermoplastic (SFT), long fiber thermoplastic (LFT), continuous fiber thermoplastic (CFT), phenolic composites, polyurethane (PU) composites, natural fiber composites and other carbon thermoset composites are the major materials. SFT is expected to remain the largest market by value and volume, mainly driven by small complex shaped components in under the hood applications.

By resin type, polypropylene (PA) composites are expected to remain the largest market by value and volume consumption. High resistance to abrasion, low friction characteristics, electrical resistance, heat resistance, and good chemical resistance are the properties which drive the PA composite demand in automotive.
By fiber type, glass composites, carbon composites, and natural fiber composites are the major fiber segments. The glass fiber composites market is expected to remain the largest fiber segment, and the carbon fiber composites market is expected to witness the highest growth over the forecast period. Increasing penetration of carbon composites in sports, luxury, and electrical vehicles is the major driver for composite usage in the automotive market.
By country, US automotive composites were the major market for North America due to the highest rate of automotive production.
For business expansion, Lucintel’s report suggests innovation and new product development to produce hybrid and higher performance thermoplastic composites. The report further suggests the development of partnerships with customers to create win-win situations and development of low-cost solutions for customers.

Emerging trends, which have a direct impact on the dynamics of the industry, include increasing penetration of thermoplastic and carbon composites. Strategic alliances between OEMs, carbon fiber and resin suppliers in the automotive industry are also the emerging trends. Continental Structural Plastics, IDI composites, DuPont, and Interplastic Corporation are among the major suppliers of composites in the North American automotive market.

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the North American Automotive Composites market by application, by resin composites type, material type, by fiber composites type, by resin group type, and by country, and has come up with a comprehensive research report entitled “Growth Opportunities in the North American Automotive Composites Market 2016-2021: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a springboard for growth strategy, as it provides a comprehensive data and analysis on trends, key drivers, and directions.

The study includes a forecast for the North American Automotive Composites market by application, by resin composites type, material type, by fiber composites type, by resin group type, and by country as follows:

By Application Type (Value ($M) and Volume (M lbs) from 2010 to 2021):
• Interior
• Exterior
• Under the body systems
• Chassis
• Power trains
• Others

By Resin Composite Type (Value ($M) and Volume (M lbs) from 2010 to 2021):
• Polypropylene (PP) Composites
• Polybutylene terephthalate (PBT) Composites
• Polyamide (PA) Composites
• Vinyl ester Composites
• Polyester Composites
• Phenolic Composites
• Other Composites

By Material Type (Value ($M) and Volume (M lbs) from 2010 to 2021):
• Sheet Molding Compound (SMC)
• Bulk Molding Compound (BMC)
• Glass Mat Thermoplastic (GMT)
• Short Fiber Thermoplastic (SFT)
• Long Fiber Thermoplastic (LFT)
• Continuous Fiber Thermoplastic (CFT)
• Phenolic Composites
• Polyurethane (PU) Composites
• Natural Fiber Composites
• Other composites

By Fiber Composite Type (Value ($M) and Volume (M lbs) from 2010 to 2021):
• Glass Fiber Composites
• Carbon Fiber Composites
• Natural Fiber Composites

By Resin Group Type (Value ($M) and Volume (M lbs) from 2010 to 2021):
• Thermoplastic Composites
• Thermosets Composites

By Country Type Volume (M lbs) shipment for 2015:
• USA
• Mexico
• Canada

This 165-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com. Lucintel offerings include Advanced Materials Reports, Composite Materials Market Report, Opportunity Screening and Analysis, Capital Investment Feasibility and SWOT Analysis.

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

Lucintel LLC
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marketing@lucintel.com

This release was published on openPR.