Composites Market

Composites Market is anticipated to grow at a CAGR of 8.4% during forecast period and estimated to reach USD 145 billion by 2028.

Composites Market Overview

Composite materials are a combination of two or more constituent materials with different chemicals or physical properties that produce a different material with different individual components characteristics. These composite last longer because they are of high strength, rust-free, and provide long-term resistance with little maintenance required.

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Major Composites Market Drivers

The factor fueling the global composites market growth includes increasing adoption of composites across energy, defense, automotive, and transportation industries. In addition, accelerating per capita income, growing demand for exclusive products, and the higher strength to weight ratio are forecast to expand the market growth over the upcoming years. The growing trend of lightweight and fuel-efficient vehicles has stimulated the replacement of steel by composites in the automotive industry, driving the market growth. Composite materials are used to cater the needs of customers with a variety of designs, structures, and highly complicated engineered parts.

Moreover, as per the composites market research, the growing adoption of composites in various applications including drainage systems, bridges, and seawalls to establish resilient structures, owing to their better performance at higher temperatures, design flexibility, and corrosion resistance will bolster the market growth. Increasing adoption of leading players on research and development activities to produce composite materials to fulfil the growing demand of several end-use industries has strengthened the composites market share. However, strict environmental norms and the restrictions imposed on the disposal of landfills along with the lack of standardization in manufacturing technologies might hamper the composites market size.

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Resin – Segment Analysis

Based on the Resin, thermosetting resin is expected to grow at a higher CAGR rate in the global Composites market during the forecast period. This is due an increase in demand for aerospace, transportation, and defense application. Thermosetting are synthetic materials that strengthen when heated and cannot be remoulded after the initial heating. These composites are more grounded inferable from the cross-connecting and are appropriate for use in high-temperature applications. Thermoset composites applications find its usage across various applications including tooling, construction, infrastructure, robotics, and biomedical.

End-Use – Segment Analysis

Based on the End-Use, Automotive and transportation end-use segment is expected to grow at a higher CAGR rate in the global Composites market during the forecast period. This industry is using this material to reduce the weight of the vehicle and increase its durability. For instance, BMW has opted this technique of composite such as carbon fiber for their models like BMW i8, BMW i3, BMW M4, and BMW M3 for emission reduction, lightweight, improved efficiency, and strength & safety gain.

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Regional – Segment Analysis:

Based on the region, Asia Pacific region is expected to grow at the higher CAGR rate in the global Composites market during the forecast period owing to increasing demand from various end-user industries in the Asia Pacific, such as aerospace and defense, automotive and transportation, electrical and electronics among others. Additionally, the increase in infrastructure development and existence of major manufacturers such as Mitsubishi Chemical Corporation, Toray Industries, Inc, Teijin Ltd etc. is expected to boost this market positively.

Top Market Players

Various notable players operating in the market, include, Owens Corning., Teijin Aramid B.V., TORAY INDUSTRIES, INC., PPG Industries Ohio, Inc., Huntsman International LLC., Hexcel Corporation, DuPont., Mitsubishi Chemical Corporation., Solvay, Composites Solution, among others. 

Key Developments:

• • In 2021, Solvay S.A. collaborated with Italian UAM company Novotech to provide access to the thermoset and thermoplastic composites and adhesive materials. This partnership is intended to offer technical support to develop the structure of its hybrid Seagull water landing aircraft’s second prototype.
  • In 2021, Hexcel Corporation developed a lightweight camera drone using Hexcel HexPly carbon fiber prepregs. The composite drone was developed by joint efforts of students from the University of Applied Sciences Upper Austria in Wels.
  • In 2021, Hexcel Corporation decided to expand its existing engineered core facility in Casablanca, Morocco, at the Midparc Free Trade Zone Industrial Park to expand the size of the plant and will increase the overall employment.
  • In September 2019, INEOS Enterprises, a chemical and composites manufacturing company, had completely acquired the Ashland Global Holdings Inc. and its BDO facility in Germany. This acquisition has given strength to INEOS at a global level.
  • In July 2019, Owens Corning signed a definitive agreement where it acquired Saint-Gobain’s Reinforcement and Composites business for USD 640 Billion. This will build Owen’s Corning’s position as a market leader in composites and glass reinforcements.

Segments covered in the Report:

The global Composites market has been segmented on the basis of Resin, End-Use, Product and regions. Based on Resin, the market is segmented into Thermosetting, Thermoplastic and others. Based on End-Use, the market is segmented into Automotive & Transportation, Aerospace & Defence, Electrical & Electronics, Wind Energy, Construction & Infrastructure, Pipes & Tanks, Marine and others. Based on Product, the market is segmented into Carbon Fiber, Glass Fiber and Others. 

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Market Segmentation

Global Composites Market by Resin

• • Thermosetting
  • Thermoplastic
  • Others

Global Composites Market by End-Use

• • Automotive & Transportation
  • Aerospace & Defence
  • Electrical & Electronics
  • Renewables
  • Construction
  • Marine
  • Others

Global Composites Market by Product

• • Carbon Fiber
  • Glass Fiber
  • Others

Global Composites Market by Region

• • North America Composites Market (Option 1: As a part of the free 25% customization)

    • By Resin
    • By End-Use
    • By Product
    • US Market All-Up
    • Canada Market All-Up

  • Europe Composites Market (Option 2: As a part of the free 25% customization)

    • By Resin
    • By End-Use
    • By Product
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Composites Market (Option 3: As a part of the free 25% customization)

    • By Resin
    • By End-Use
    • By Product
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Composites Market (Option 4: As a part of the free 25% customization)

    • By Resin
    • By End-Use
    • By Product
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Composites (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Owens Corning.
  • Teijin Aramid B.V.
  • TORAY INDUSTRIES, INC.
  • PPG Industries Ohio, Inc.
  • Huntsman International LLC.
  • Hexcel Corporation
  • DuPont
  • Mitsubishi Chemical Corporation.
  • Solvay
  • Composites Solution