North America Automotive Composite Leaf Springs Market Share by Size and Growth 2028

The automotive composite leaf springs market in North America is expected to grow from US$ 13.49 million in 2021 to US$ 20.93 million by 2028; it is estimated to grow at a CAGR of 6.5% from 2021 to 2028.

The US, Canada, and Mexico are major economies in North America. The use of composite materials is gaining major traction from the automotive industry, especially for the manufacturing of lightweight components. The increasing focus of vehicle manufacturers toward lightweight vehicles to improve their performance and fuel-efficiency bolsters the adoption of composite material-based products. The benefits of composite leaf springs over the conventional leaf springs are driving their adoption in the automotive industry. They are ~70% lighter than steel springs, thinner and compact in size, and durable and stress-resistant; moreover, they facilitate better flexibility in design and exhibit excellent driving qualities. Composite leaf springs also deliver improved shock absorber performance in vehicles, which is driving their adoption among vehicle manufacturers focusing on effective load-balancing solutions. For instance, Hexcel developed advanced composites materials-based leaf springs that help pickup trucks in managing the load effectively. The new composite leaf springs offered by the company are contributing to the reduction of the total vehicle weight of pickup trucks by ~45 pounds per vehicle.

The composite leaf spring manufacturers are experiencing significant growth in demand for composite leaf spring products. According to the SGL Carbon Q3 2021 report, the company has registered 51.7% and 9.5% surge in demand for their composite solutions and carbon fibers, respectively, from the automotive industry. As per the company statements, composite materials are experiencing an uptrend in the automotive industry, which is likely to continue in the coming years as well.

An exponential rise in COVID-19 cases forced governments in North American countries to impose lockdown. The shutdown of many manufacturing plants, the slow functioning of municipalities, and the discontinuation of operations in the automotive industry adversely affected the North America automotive composite leaf spring market in 2020. North America accounts for a major share of automotive composite leaf spring sales, and declining sales of automotive components could affect the growth of the automotive composite leaf spring industry players in this region. The short-term effect of COVID-19 pandemic would not impact the recovery of the overall sales performance of the automotive industry; this is mainly attributed to the continuous promotion of passenger vehicles by various companies in North America. However, the automotive sector is regaining its pace with the resumption of operations at manufacturing units, which would boost the adoption of automotive composite leaf springs in the coming years.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America automotive composite leaf springs market. The North America automotive composite leaf springs market is expected to grow at a good CAGR during the forecast period.

North America Automotive Composite Leaf Springs Market Revenue and Forecast to 2028 (US$ Million)

North America Automotive Composite Leaf Springs Market Segmentation

North America Automotive Composite Leaf Springs Market – By Installation Type

Transversal
Longitudinal

North America Automotive Composite Leaf Springs Market – By Location Type

Front Leaf Spring
Rear Leaf Spring

North America Automotive Composite Leaf Springs Market – By Process Type

High-Pressure Resin Transfer Molding Process
Prepreg Layup Process
Others

North America Automotive Composite Leaf Springs Market – By Vehicle Type

Passenger Car
Light Commercial Vehicles
Medium and Heavy-Duty Vehicles

North America Automotive Composite Leaf Springs Market, by Country

US
Canada
Mexico

North America Automotive Composite Leaf Springs Market - Companies Mentioned

Additel
FLEX-FORM
Hendrickson Holding LLC
KraussMaffei
M.W. Industries, Inc.
Muhr und Bender KG
SGL Carbon
Shandong Beiqi Haihua Automobile Parts Co., Ltd.

North America Automotive Composite Leaf Springs Market Strategic Insights

Get more information on this report

North America Automotive Composite Leaf Springs Market Segmentation Analysis

North America Automotive Composite Leaf Springs Market Report Highlights

North America Automotive Composite Leaf Springs Report Scope

Report Attribute	Details
Market size in 2021	US$ 13.49 Million
Market Size by 2028	US$ 20.93 Million
CAGR (2021 - 2028)	6.5%
Historical Data	2019-2020
Forecast period	2022-2028
Segments Covered	By Installation Type Transversal Longitudinal By Location Type Front Leaf Spring Rear Leaf Spring By Process Type High-Pressure Resin Transfer Molding Process Prepreg Layup Process By Vehicle Type Passenger Car Light Commercial Vehicles Medium and Heavy-Duty Vehicles
Regions and Countries Covered	North America US Canada Mexico
Market leaders and key company profiles	Additel FLEX-FORM Hendrickson Holding LLC KraussMaffei M.W. Industries, Inc. Muhr und Bender KG SGL Carbon Shandong Beiqi Haihua Automobile Parts Co., Ltd.