InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Composites Market Size, Share & Trends Analysis Report By Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites), Resin Type (Thermoset Composites, Thermoplastic Composites), Manufacturing Process (Lay-Up, Filament Winding, Injection Molding, Pultrusion, Compression Molding, RTM ), End-Use Industry (Aerospace & Defense, Wind Energy, Automotive & Transportation, Construction & Infrastructure, Marine, Pipe & Tank, Electrical & Electronics) – Market Outlook And Industry Analysis 2034″
The global composites market is estimated to reach over USD 313.2 billion by 2034, exhibiting a CAGR of 9.2% during the forecast period.
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Composites are materials formed through the interaction of two or more chemically distinct phases. These materials are categorized into various types, including polymer, metal, ceramic, carbon, and graphite composites, based on the matrix used. Their enhanced properties make them suitable for a wide range of applications across industries such as aerospace, military, and construction.
The growing demand for lightweight components, particularly in the automotive and transportation sectors, is driving market growth. Additionally, the increasing adoption of novel lightweight materials across all industrial sectors is expected to further support market expansion in the coming years. In the aerospace and defense industries, composites are widely utilized to reduce the weight of military aircraft and helicopters, improving overall performance and fuel efficiency.
List of Prominent Players in the Composites Market:
- BASF SE
- Binani Industries Ltd.
- China Jushi Co., Ltd.
- Compagnie De Saint-Gobain S.A
- Cytec Industries (Solvay, S.A.)
- Dowaksa
- Dupont
- Gaffco Ballistics
- Gurit Holding Ag
- Henkel Ag & Co. Kgaa
- Hexcel Corporation
- Hexion
- Honeywell International Inc.
- Huntsman Corporation Llc
- Jushi Group Co., Ltd.
- Kineco Limited
- Mitsubishi Chemical Holdings Corporation (Japan)
- Momentive Performance Materials, Inc.
- Nippon Electrical Glass Co. Ltd. (Japan)
- Owens Corning
- Ppg Industries, Inc.
- Renegade Materials Corporation
- Sgl Group
- Teijin Ltd
- Toray Industries, Inc.
- Trex Company, Inc.
- Upm Biocomposites
- Veplas Group
- Weyerhaeuser Company
Market Dynamics:
Drivers-
The increasing consumer awareness of the advantages of composite materials is expected to significantly contribute to market revenue growth. Composites offer a range of benefits, including being lightweight, corrosion-resistant, and highly durable, making them ideal for use in industries such as sports, manufacturing, and automotive, where high-performance products like premium sports equipment are in demand.
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Challenges:
One of the primary challenges facing the composites market is the high cost of production and assembly, driven by the expensive raw materials required. Additionally, composites exhibit relatively low strength in the out-of-plane direction, with the matrix material carrying the majority of the load, making them susceptible to damage from strong impacts.
Regional Trends:
The Asia Pacific region is anticipated to hold a significant market share in terms of revenue and is projected to experience substantial growth at a high CAGR. This growth is attributed to the presence of major manufacturers in key economies such as China, India, and Japan, positioning the region as a lucrative market for composite materials in sectors including automotive, construction, aerospace, and electronics. Additionally, North America accounts for a significant portion of the market, with rising demand for lightweight materials in the U.S. automotive industry being a key driver of market expansion. Over the forecast period, the increasing capacity in the electrical and electronics sectors, along with continued growth in the automotive and aerospace industries, is expected to support further market development in the region.
Recent Developments:
- In February 2022, Multiaxial glass fiber noncrimp fabrics were the first product Saertex produced in its new Mexico facility to forward its product line’s growth into the wind power industry.
- In June 2021, the lightweight camera drone was built using Hexcel HexPly carbon fiber pre-preg, according to Hexcel Corporation, a world leader in advanced composites technology. A set of students from the University of Applied Sciences Upper Austria in Wels constructed a composite drone using parts supplied by the Austrian company Hexcel Neumarkt.
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Segmentation of Composites Market-
Composites Market By Fiber Type
- Glass Fiber Composites
- Carbon Fiber Composites
- Natural Fiber Composites
- Other Fiber Composites
- Basalt Fiber Composites
- Aramid Fiber Composites
- Boron Fiber Composites
- Hybrid Fiber Composites
- Ultra-High-Molecular-Weight Polyethylene (Uhmwpe) Fiber Composites
Composites Market By Resin Type
- Thermoset Composites
- Epoxy Resin
- Polyester Resin
- Vinyl Ester Resin
- Polyurethane Resin
- Others
- Thermoplastic Composites
- Polycarbonates (Pc)
- Polypropylene (Pp)
- Polyphenylene Sulfide (Pps)
- Polyetherimide (Pei)
- Polyetheretherketone (Peek)
- Polyamide (Pa)
- Others
Composites Market By Application
- Aerospace & Defense
- Civil
- Defense
- Wind Energy
- Automotive & Transportation
- Automotive
- Recreational Vehicles
- Bus, Trucks, And Other Heavy Vehicles
- Metros And Monorails
- Passenger Rails
- High-Speed And Bullet Trains
- Construction & Infrastructure
- Marine
- Powerboat
- Sailboat
- Cruise Ship
- Others
- Pipe & Tank
- Electrical & Electronics
- Others
- Industrial
- Healthcare
- Sporting Goods
Composites Market By Manufacturing Process
- Lay-up
- Filament Winding
- Injection Molding
- Pultrusion
- Compression Molding
- RTM
- Others
Composites Market By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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