North America Composites Market

North America Composites Market Size (2024 to 2029)

As per our analysis report, the North America Composites Market is expected to reach USD 2.07 billion by 2029 from USD 1.28 billion in 2024, growing at a compound annual growth rate (CAGR) of 10% during the forecast period.

MARKET DRIVERS AND RESTRAINTS

The stringent policies regarding the environment have made it difficult for plastics and opened doors for the growth of the composites market in North America. The ease of handling non-utilized plastic material is also a driving factor. PE-base composites are the highest contributor in the North American region, thus PE-based composites add to the overall growth of the industry.
The usage of composites in aerospace, and wind energy turbines is growing, and these options often come cheap as compared to their counterparts which helps in the growth of the industry.

The composites market industry is affected by volatile prices and alternatives. The North American region is one of the largest markets for composites, but the Asian Pacific region is growing the fastest, and more growth can be expected in the Asia Pacific area. The mechanical strength of these composites is a major drawback that hinders the growth of the industry.

Impact of COVID-19 on the North America Composites Market

North America, especially the USA is badly plagued by the COVID-19 virus during the major parts of 2020. Amidst this USA has prepared them for the search for vaccine. It has negatively affected the demand for composites across various end-use industries such as aerospace & defense, automotive & transportation, wind energy, construction & infrastructure, and pipes & tanks. The disruption in the supply chain resulted in delays or non-arrival of raw materials, disrupted financial flows, and declining morale among production line workers have compelled aircraft and automobile manufacturers to operate at reduced or sometimes at zero capacities. This has led to a reduction in demand for composites. The market is foreseen to recuperate from 2021 onwards.

This research report on the North America Composites market has been segmented and sub-segmented based on the following categories.

North America Composites Market By Type

• Glass
• Carbon
• Natural

North America Composites Market By Resin

• Thermoset composites
• Thermoplastic composites 

North America Composites Market By Application

• Wind Energy
• Aerospace & Defense
• Transportation
• Metal and Mining
• The Automotive

The glass fiber market has the largest share in the market as compared to other categories. This is because they have low cost and superior properties.

The automotive industry has the largest share of the composites market in terms of volume. The transport industry also has a big share. This is because the industry has to comply with the corporate average fuel efficiency (CAFE) standards and minimize Carbon dioxide emissions.

Thermoset composites are witnessed to record huge growth, and the packaging industry has proved to be an excellent growth opportunity for the composites industry.

North America Composites Market By Country

• The United States
• Canada
• Rest of North America

North America is one of the largest markets for the composites market industry thanks to the huge investments in the pharmaceutical sector.

The USA has invested a lot in healthcare facilities. The importance of safe packaging has increased and plastics are becoming second choices to the composites. The chemical synthetics market has grown in the US and wood-plastic composites became the highest remerging market.

KEY MARKET PLAYERS

Axion International Inc., CertainTeed Corporation., Polymera Inc, TimberTech Ltd., ResinTech Inc. are some of the notable companies in the North America Composites market.