North America Advanced Composites Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Fiber Type (Carbon Fiber Composites, Aramid Fiber Composites, Glass Fiber Composites, and Others), Matrix Type [Epoxy Resin, Phenolics, Polyester Resin, Polyurethane Resin, Polyphenylene Sulfide (PPS), Polyetherimide (PEI), and Others], and End-Use Industry (Aerospace & Defense, Automotive, Wind Energy, Building & Construction, Electrical & Electronics, and Others)
The North America advanced composites market is expected to grow from US$ 11,385.51 million in 2022 to US$ 20,488.78 million by 2028. It is estimated to grow at a CAGR of 10.3% from 2022 to 2028.
Rising Use of Advanced Composites in Wind Energy and Automotive Industries is Fuelling North America Advanced Composites Market
Rapid developments in material technology continue to support variations in the structure of wind turbines. Many of these variations were primarily introduced to reduce the prices of turbines. Factors such as corrosion resistance, fatigue resistance, toughness, rigidity, weight, and appearance of wind turbines significantly impact their operations. Further, glass fiber-reinforced plastics (GRP) is the most used type of composite material in wind turbine manufacturing. A few of the major benefits of using GRPs include advanced mechanical properties, high corrosion resistance, high-temperature tolerance, simplified manufacturing, and favorable costs. Several government initiatives are increasing the demand for advanced composites in the wind energy sector. Lightweight materials offer excellent potential for increasing vehicle efficiency as their acceleration requires less energy than heavier ones. 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, which makes them ideal for vehicle interior parts. Furthermore, they are suitable for the manufacturing of nonstructural interior components, including seat fillers, seat backs, headliners, interior panels, and dashboards. Therefore, growing demand for composites from the automotive industry for the manufacturing of fuel-efficient, lightweight vehicles such as electric vehicles (EVs) is driving the North America advanced composites market growth.
North America Advanced Composites Market Overview
The advanced composites market in North America is segmented into the US, Canada, and Mexico. The North America advanced composites market holds many growth opportunities for advanced composite manufacturers owing to increasing demand from various end-use industries such as building & construction, automotive, aerospace, and electronics. Advanced composites are primarily used in these industries as they are lightweight, durable, have design flexibility, and require less maintenance. The construction industry in North America is witnessing growth owing to rising government investment in residential construction projects and increasing renovation activities in the region. Further, increasing support from governments of various countries in North America for advanced infrastructural setup and rising investment in the construction sector are driving the growth of the advanced composites market. The growth is attributed to the use of advanced composites in these applications owing to its properties such as light weight, durability, design flexibility, and less maintenance. For instance, according to the USAFacts, ~41% of federal transportation and infrastructure spending was on highway transportation, and 19% was for rail and mass transit in 2021. The states and local governments spent US$ 191.1 billion on transportation and infrastructure projects in 2019.
North America Advanced Composites Market Revenue and Forecast to 2028 (US$ Million)
North America Advanced Composites Market Segmentation
The North America advanced composites market is segmented based on fiber type, matrix type, end-use industry, and country.
Based on fiber type, the North America advanced composites market is segmented into carbon fiber composites, aramid fiber composites, glass fiber composites, and others. The carbon fiber composites segment held the largest share of the North America advanced composites market in 2022.
Based on matrix type, the North America advanced composites market is segmented into epoxy resin, phenolics, polyester resin, polyurethane resin, polyphenylene sulfide (PPS), polyetherimide (PEI), and others. The epoxy resin segment held the largest share of the North America advanced composites market in 2022.
Based on end-use industry, the North America advanced composites market is segmented into aerospace & defense, automotive, wind energy, building & construction, electrical & electronics, and others. The aerospace & defense segment held the largest share of the North America advanced composites market in 2022.
Based on country, the North America advanced composites market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US dominated the North America advanced composites market in 2022.
Avient Corp, Ensinger GmbH, Johns Manville Corp, Mitsubishi Chemical Corp, Owens Corning, SGL Carbon SE, Solvay SA, Teijin Ltd, and Toray Industries Inc are the leading companies operating in the North America advanced composites market.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Advanced Composites Market, by Fiber Type
1.3.2 North America Advanced Composites Market, by Matrix Type
1.3.3 North America Advanced Composites Market, by End-Use Industry
1.3.4 North America Advanced Composites Market, by Country
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:
4. North America Advanced Composites Market Landscape
4.1 Market Overview
4.2 Porter's Five Forces Analysis
4.2.1 Threat of New Entrants:
4.2.2 Bargaining Power of Buyers:
4.2.3 Bargaining Power of Suppliers:
4.2.4 Competitive Rivalry:
4.2.5 Threat of Substitutes:
4.3 Ecosystem Analysis
4.3.1 Raw Material Suppliers:
4.3.2 Manufacturers:
4.3.3 Distributors or Suppliers:
4.3.4 End-Use Industries
4.4 Expert Opinion
5. North America Advanced Composites Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Demand for Lightweight Materials in Aerospace & Defense Industry
5.1.2 Rising Use of Advanced Composites in Wind Energy and Automotive Industries
5.2 Market Restraints
5.2.1 High Cost and Recyclability Issues of Advanced Composites
5.3 Market Opportunities
5.3.1 Increasing Demand for Nanocomposites
5.4 Future Trends
5.4.1 Rise in Adoption of Biocomposites
5.5 Impact Analysis
6. Advanced Composites Market – North America Analysis
6.1 North America Advanced Composites Market –Volume and Forecast to 2028 (Kilo Tons)
6.2 North America Advanced Composites Market –Revenue and Forecast to 2028 (US$ Million)
7. North America Advanced Composites Market Analysis – By Fiber Type
7.1 Overview
7.2 North America Advanced Composites Market, By Fiber Type (2021 and 2028)
7.3 Carbon Fiber Composites
7.3.1 Overview
7.3.2 Carbon Fiber Composites: Advanced Composites Market – Revenue and Forecast to 2028 (US$ Million)
7.3.3 Carbon Fiber Composites: Advanced Composites Market – Volume and Forecast to 2028 (Kilo Tons)
7.4 Aramid Fiber Composites
7.4.1 Overview
7.4.2 Aramid Fiber Composites: Advanced Composites Market – Revenue and Forecast to 2028 (US$ Million)
7.4.3 Aramid Fiber Composites: Advanced Composites Market – Volume and Forecast to 2028 (Kilo Tons)
7.5 Glass Fiber Composites
7.5.1 Overview
7.5.2 Glass Fiber Composites: Advanced Composites Market – Revenue and Forecast to 2028 (US$ Million)
7.5.3 Glass Fiber Composites: Advanced Composites Market – Volume and Forecast to 2028 (Kilo Tons)
7.6 Others
7.6.1 Overview
7.6.2 Others: Advanced Composites Market – Volume and Forecast to 2028 (US$ Million)
7.6.3 Others: Advanced Composites Market – Revenue and Forecast to 2028 (Kilo Tons)
8. North America Advanced Composites Market Analysis – Matrix Type
8.1 Overview
8.2 North America Advanced Composites Market, By Matrix Type (2021 and 2028)
8.3 Epoxy Resin
8.3.1 Overview
8.3.2 Epoxy Resin: Advanced Composites Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Phenolics
8.4.1 Overview
8.4.2 Phenolics: Advanced Composites Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Polyester Resin
8.5.1 Overview
8.5.2 Polyester Resin: Advanced Composites Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Polyurethane Resin
8.6.1 Overview
8.6.2 Polyurethane Resin: Advanced Composites Market – Revenue and Forecast to 2028 (US$ Million)
8.7 Polyphenylene Sulfide (PPS)
8.7.1 Overview
8.7.2 Polyphenylene Sulfide (PPS): Advanced Composites Market – Revenue and Forecast to 2028 (US$ Million)
8.8 Polyetherimide (PEI):
8.8.1 Overview
8.8.2 Polyetherimide (PEI): Advanced Composites Market – Revenue and Forecast to 2028 (US$ Million)
8.9 Others
8.9.1 Overview
8.9.2 Others: Advanced Composites Market – Revenue and Forecast to 2028 (US$ Million)
9. North America Advanced Composites Market Analysis – By End-Use Industry
9.1 Overview
9.2 North America Advanced Composites Market, By End-Use Industry (2021 and 2028)
9.3 Aerospace and Defense
9.3.1 Overview
9.3.2 Aerospace and Defense: Advanced Composites Market – Revenue and Forecast to 2028 (US$ Million)
9.4 Automotive
9.4.1 Overview
9.4.2 Automotive: Advanced Composites Market – Revenue and Forecast to 2028 (US$ Million)
9.5 Wind Energy
9.5.1 Overview
9.5.2 Wind Energy: Advanced Composites Market – Revenue and Forecast to 2028 (US$ Million)
9.6 Building and Construction
9.6.1 Overview
9.6.2 Building and Construction: Advanced Composites Market – Revenue and Forecast to 2028 (US$ Million)
9.7 Electrical and Electronics
9.7.1 Overview
9.7.2 Electrical and Electronics: Advanced Composites Market– Revenue and Forecast to 2028 (US$ Million)
9.8 Others
9.8.1 Overview
9.8.2 Others: Advanced Composites Market – Revenue and Forecast to 2028 (US$ Million)
10. North America Advanced Composites Market – Country Analysis
10.1 Overview
10.1.1 North America: Advanced Composites Market, by Key Country
10.1.1.1 US: Advanced Composites Market –Revenue and Forecast to 2028 (US$ Million)
10.1.1.2 US: Advanced Composites Market –Volume and Forecast to 2028 (Kilo Tons)
10.1.1.2.1 US: Advanced Composites Market, by Fiber Type
10.1.1.2.2 US: Advanced Composites Market, by Fiber Type
10.1.1.2.3 US: Advanced Composites Market, by Matrix Type
10.1.1.2.4 US: Advanced Composites Market, by End-Use Industry
10.1.1.3 Canada: Advanced Composites Market–Revenue and Forecast to 2028 (US$ Million)
10.1.1.4 Canada: Advanced Composites Market–Volume and Forecast to 2028 (Kilo Tons)
10.1.1.4.1 Canada: Advanced Composites Market, by Fiber Type
10.1.1.4.2 Canada: Advanced Composites Market, by Fiber Type
10.1.1.4.3 Canada: Advanced Composites Market, by Matrix Type
10.1.1.4.4 Canada: Advanced Composites Market, by End-Use Industry
10.1.1.5 Mexico: Advanced Composites Market–Revenue and Forecast to 2028 (US$ Million)
10.1.1.6 Mexico: Advanced Composites Market–Volume and Forecast to 2028 (Kilo Tons)
10.1.1.6.1 Mexico: Advanced Composites Market, by Fiber Type
10.1.1.6.2 Mexico: Advanced Composites Market, by Fiber Type
10.1.1.6.3 Mexico: Advanced Composites Market, by Matrix Type
10.1.1.6.4 Mexico: Advanced Composites Market, by End-Use Industry
11. Industry Landscape
11.1 Overview
11.2 Merger and Acquisition
11.3 Expansion
11.4 Other Business Strategies
12. Company Profiles
12.1 Avient Corp
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Toray Industries Inc
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Teijin Ltd
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 SGL Carbon SE
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Owens Corning
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Solvay SA
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Johns Manville Corp
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Ensinger GmbH
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Mitsubishi Chemical Corp
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
LIST OF TABLES
Table 1. North America Advanced Composites Market –Volume and Forecast to 2028 (Kilo Tons)
Table 2. North America Advanced Composites Market –Revenue and Forecast to 2028 (US$ Million)
Table 3. US Advanced Composites Market, by Fiber Type – Revenue and Forecast to 2028 (US$ Million)
Table 4. US Advanced Composites Market, by Fiber Type – Volume and Forecast to 2028 (Kilo Tons)
Table 5. US Advanced Composites Market, by Matrix Type – Revenue and Forecast to 2028 (US$ Million)
Table 6. US Advanced Composites Market, by End-Use Industry – Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada: Advanced Composites Market, by Fiber Type – Revenue and Forecast to 2028 (US$ Million)
Table 8. Canada: Advanced Composites Market, by Fiber Type – Volume and Forecast to 2028 (Kilo Tons)
Table 9. Canada Advanced Composites Market, by Matrix Type – Revenue and Forecast to 2028 (US$ Million)
Table 10. Canada Advanced Composites Market, by End-Use Industry – Revenue and Forecast to 2028 (US$ Million)
Table 11. Mexico Advanced Composites Market, by Fiber Type – Revenue and Forecast to 2028 (US$ Million)
Table 12. Mexico Advanced Composites Market, by Fiber Type – Volume and Forecast to 2028 (Kilo Tons)
Table 13. Mexico Advanced Composites Market, by Matrix Type – Revenue and Forecast to 2028 (US$ Million)
Table 14. Mexico Advanced Composites Market, by End-Use Industry – Revenue and Forecast to 2028 (US$ Million)
Table 15. Glossary of Terms
LIST OF FIGURES
Figure 1. North America Advanced Composites Market Segmentation
Figure 2. North America Advanced Composites Market Segmentation – By Country
Figure 3. North America Advanced Composites Market Overview
Figure 4. North America Advanced Composites Market, By Fiber Type
Figure 5. North America Advanced Composites Market, by Country
Figure 6. Porter's Five Forces Analysis
Figure 7. North America Advanced Composites Market Ecosystem
Figure 8. Expert Opinion
Figure 9. North America Advanced Composites Market Impact Analysis of Drivers and Restraints
Figure 10. North America Advanced Composites Market –Volume and Forecast to 2028 (Kilo Tons)
Figure 11. North America Advanced Composites Market – Revenue and Forecast to 2028 (US$ Million)
Figure 12. North America Advanced Composites Market Revenue Share, By Fiber Type (2021 and 2028)
Figure 13. Carbon Fiber Composites: North America Advanced Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 14. Carbon Fiber Composites: North America Advanced Composites Market – Volume and Forecast To 2028 (Kilo Tons)
Figure 15. Aramid Fiber Composites: North America Advanced Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 16. Aramid Fiber Composites: North America Advanced Composites Market – Volume and Forecast To 2028 (Kilo Tons)
Figure 17. Glass Fiber Composites: North America Advanced Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 18. Glass Fiber Composites: North America Advanced Composites Market – Revenue and Forecast To 2028 (Kilo Tons)
Figure 19. Others: North America Advanced Composites Market – Volume and Forecast To 2028 (US$ Million)
Figure 20. Others: North America Advanced Composites Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 21. North America Advanced Composites Market Revenue Share, By Matrix Type (2021 and 2028)
Figure 22. Epoxy Resin: North America Advanced Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 23. Phenolics: North America Advanced Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 24. Polyester Resin: North America Advanced Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 25. Polyurethane Resin: North America Advanced Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 26. Polyphenylene Sulfide (PPS): North America Advanced Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 27. Polyetherimide (PEI): North America Advanced Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 28. Others: North America Advanced Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 29. North America Advanced Composites Market Revenue Share, By End-Use Industry (2021 and 2028)
Figure 30. Aerospace and Defense: North America Advanced Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 31. Automotive: North America Advanced Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 32. Wind Energy: North America Advanced Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 33. Building and Construction: North America Advanced Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 34. Electrical and Electronics: North America Advanced Composites Market– Revenue and Forecast To 2028 (US$ Million)
Figure 35. Others: North America Advanced Composites Market – Revenue and Forecast To 2028 (US$ Million)
Figure 36. North America: Advanced Composites Market, by Key Country – Revenue (2021) (US$ Million)
Figure 37. North America: Advanced Composites Market Revenue Share, by Key Country (2021 and 2028)
Figure 38. US: Advanced Composites Market –Revenue and Forecast to 2028 (US$ Million)
Figure 39. US: Advanced Composites Market –Volume and Forecast to 2028 (Kilo Tons)
Figure 40. Canada: Advanced Composites Market–Revenue and Forecast to 2028 (US$ Million)
Figure 41. Canada: Advanced Composites Market–Volume and Forecast to 2028 (Kilo Tons)
Figure 42. Mexico: Advanced Composites Market–Revenue and Forecast to 2028 (US$ Million)
Figure 43. Mexico: Advanced Composites Market–Volume and Forecast to 2028 (Kilo Tons)
- Avient Corp
- Ensinger GmbH
- Johns Manville Corp
- Mitsubishi Chemical Corp
- Owens Corning
- SGL Carbon SE
- Solvay SA
- Teijin Ltd
- Toray Industries Inc
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America advanced composites market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the North America advanced composites market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the advanced composites market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution