North American Automotive Composites Market Expected to Reach $3.5 Billion by 2021
8th February 2017
According to a new market report published by Lucintel, 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.
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.