Report : North America Plastics for Composites Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type [Thermoset (Polyester, Vinyl Ester, Epoxy, Polyurethane, and Others) and Thermoplastic (Polypropylene, Polyethylene, Polyvinylchloride, Polystyrene, Polyethylene Terephthalate, Polycarbonate, and Others)] and Technology (Injection Molding, Compression Molding, Pultrusion, Resin Infusion, and Others)
At 4.1% CAGR, the North America Plastics for Composites Market is speculated to be worth US$ 8,521.59 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America plastics for composites market was valued at US$ 6,692.57 million in 2022 and is expected to reach US$ 8,521.59 million by 2028, registering a CAGR of 4.1% from 2022 to 2028. Growing demand for lightweight materials in aerospace and automotive industries and flourishment of construction industry are the critical factors attributed to the North America plastics for composites market expansion.
Advanced materials are crucial for boosting the fuel economy of modern automobiles while ensuring safety and performance. Since it takes less energy to accelerate lighter objects than heavier ones, lightweight materials offer excellent potential for increasing fuel efficiency. A 10% decrease in vehicle weight can result in a 6–8% improvement in fuel economy. Substituting cast iron and traditional steel components with lightweight materials such as high-strength steel, aluminum (Al) alloys, magnesium (Mg) alloys, carbon fiber, and polymer composites can reduce the weight of a vehicle body and chassis by up to 50%, thereby reducing the fuel consumption of a vehicle. The application of composites in the automotive sector is growing at a significant pace. In this sector, plastics are used in large quantities to produce composites. Plastic composites have excellent acoustic and thermal properties compared to composites of nonrenewable origin, which makes them ideal for vehicle interior parts. Moreover, they are suitable for the manufacturing of nonstructural interior components, including seat fillers, seat backs, headliners, interior panels, and dashboards. Therefore, a high demand for composites from the automotive industry for the manufacturing of fuel-efficient, lightweight vehicles drives the North America plastics for composites market growth. The rising adoption of electric vehicles (EVs) is also driving the demand for plastics for composites. The increasing need for lighter-weight materials to construct aviation components and parts has been another significant factor contributing to the growth of the North America plastics for composites market. 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 lower the weight of airplane parts, subsequently facilitating fuel cost reductions. These initiatives focus on creating lightweight materials and parts that will reduce fuel consumption and help adopt hybrid and electric planes in the future. This will help them strengthen the aerospace industry, along with achieving greener operations, as it adapts to more sustainable travel over the next few decades. Such initiatives are driving the demand for plastic-based composites. This is expected to drive the North America plastics for composites market during the forecast period.
On the contrary, issues related to recycling of thermoset plastics hurdles the growth of North America plastics for composites market.
Based on type, the North America plastics for composites market is bifurcated into thermoset, and thermoplastic. The thermoset segment held 53.9% market share in 2022, amassing US$ 3,608.08 million. It is projected to garner US$ 4,454.81 million by 2028 to expand at 3.6% CAGR during 2022–2028. Further, thermoset is segmented into polyester, vinyl ester, epoxy, polyurethane, and others. Further, thermoplastic is segmented into polypropylene, polyethylene, polyvinylchloride, polystyrene, polyethylene terephthalate, polycarbonate, and others.
Based on technology, the North America plastics for composites market is categorized into injection molding, compression molding, pultrusion, resin infusion, and others. The compression molding segment held 31.1% market share in 2022, amassing US$ 2,083.80 million. It is projected to garner US$ 2,789.40 million by 2028 to expand at 5.0% CAGR during 2022–2028.
Based on country, the North America plastics for composites market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 82.4% market share in 2022. It was assessed at US$ 5,511.53 million in 2022 and is likely to hit US$ 7,044.42 million by 2028, exhibiting a CAGR of 4.2% during the forecast period.
Key players dominating the North America plastics for composites market are Lanxess AG; Convestro AG; Celanese Corp; INEOS Group Holdings SA; Daicel Corp; Basf SE; Evonik Industries AG; Solvay SA; Saudi Basic Industries Corp; and Arkema SA among others.
- In Sep 2019, INEOS Group Holdings SA acquired composites business from Ashland Global Holdings Inc.
- In Nov 2022, Covestro AG partnered with Coleitec to expand the application of polyurethane composite materials.
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