16-Jan-17 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, according to a market report published by Lucintel. The North American automotive composites market is expected to reach an estimated US$3.5 bln by 2021 and it is forecast to grow at a CAGR of 6% 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.
Polypropylene 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. 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.
Previous News
Next News
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}