A composite is created from two or more constituent materials. These constituent materials are combined to produce a substance with characteristics that are distinct from the constituent parts despite having chemical or physical qualities that are noticeably different. Composites are being increasingly adopted in different industries including electrical & electronics, automotive & transportation, wind energy, aerospace & defense, construction & infrastructure, and others.
According to Ken Research Analysis, the Global Composites Market is expected to record a positive CAGR of ~8% during the forecast period (2022-2028) and is expected to reach approximately US$ 120 billion by 2028.
The desirable performance of composites as well as the high adoption of composites in various end-user industries owing to their properties is positively impacting the market growth.
- Customers' needs for a wide range of intricately engineered parts, design patterns, and structures are met through the use of composite materials. The product supports several sectors, including wind power, consumer goods, automotive, aerospace, and the maritime sector. Different materials are used in a variety of ways by these businesses. Regulations, consumer demand, cost criteria, and part performance requirements all influence this usage. For instance, there are significant differences between the materials, costs, and process technology used in the aerospace sector and the car industry. Due to their diversity, these materials can satisfy this wide range of demands. For instance, there are resins, a variety of fibers, equipment, process, and finishing options that can be used to fabricate almost any item for any application.
Concerns about improper disposal and recycling of composite products as well as the high production cost of composites limit the market growth.
- Composites recycling and disposal raise problems that need to be resolved. One such problem relates to carbon fiber composites used in hexavalent chromium primer-coated end-of-life aircraft structures. Due to the possibility of the hexavalent chromium in these composites seeping into the ground, they may be categorized as hazardous waste and cannot be disposed of on land.
The COVID-19 outbreak had a huge impact on supply chains since key economies had to halt commerce. Additionally, the demand for composites had decreased across a range of end-use industries, including aerospace, automotive, and construction. However, the situation improved in 2021 due to the removal of trade barriers, which restored the market's growth trajectory.
Key Trends by Market Segment
By Fiber Type: The carbon fiber composites segment held the largest Market share in the Global Composites Market in 2021.
- Carbon atoms are bonded in parallel crystals to create carbon fiber, which is then combined with other materials to create composites. Due to their beneficial characteristics, including high stiffness, low thermal expansion, good chemical resistance, high-temperature tolerance, and low weight, these fibers are used in industrial and manufacturing applications.
- The strength and endurance of these Composites have been improved due to technical improvements, which have expanded their penetration in pipe production applications. The market is expected to be supported throughout the forecast period by rising demand for high-strength materials in the automotive and aerospace sectors.
By Resin Type: The thermoset composites resin type segment held the largest share of the Global Composites Market in 2021.
- The significant growth in demand for thermoset composites in sectors of aerospace, transportation, and defense is boosting the market growth. Glass, carbon, and aramid fibers are the usual building blocks of thermoset composite, which is frequently mixed with resins such as epoxies, phenolics, vinyl esters, polyesters, cyanate esters, and polyimides.
By End-User: The automotive & transportation end-user segment held the largest share of the Global Composites Market in 2021.
- Over the foreseeable term, this market segment is likely going to continue to lead. The transportation industry benefits from composites since the components are much lighter in weight, increasing fuel economy.
- It is anticipated that rising consumer and industry demand for high-tech electronics would increase demand for composite materials. Terminal boxes, electrical enclosures, lamp housings, sockets, plugs, and parts for the distribution of energy are some of the electrical and electronics applications for composites that are most frequently used.
By Manufacturing Process: The layup process segment held the largest share of the Global Composites Market in 2021.
- The layup method dominated the market and generated a sizeable portion of revenue when it came to the production of composites. Over the course of the forecast period, rising production of boats, wind turbine blades, and architectural moldings are anticipated to propel the growth of the layup process sector in the worldwide composites market.
- Over the course of the projection period, rising output in the automotive and marine industries is anticipated to provide growth chances for the filament winding process. Golf club shafts, car drive shafts, tiny aircraft fuselages, spaceship structures, pressure vessels like firefighter oxygen canisters, and other products have all been made possible by improvements in the filament winding process.
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By Geography: Asia Pacific accounted for the largest market share in 2021 within the total Global Composites Market.
- Historically, Japan, North America, and Europe dominated the glass fiber and carbon fiber composites market. However, there has been a noticeable trend in recent years toward the developing economies in Asia Pacific and the rest of the world.
- For instance, the significant demand for low-cost carriers has raised the market for glass fiber and carbon fiber composites in the aircraft, wind energy, and transportation sectors in rising nations like India, Brazil, and China. China, whose rapid industrialization is anticipated to meet the growth in demand, has started several research projects involving glass fiber and carbon fiber composites.
Competitive Landscape
The Global Composites Market is highly competitive with ~500 players which include globally diversified players, regional players as well as a large number of country-niche players.
Large global players hold the highest market share of 45% which is followed by the regional players holding a 30% share. Some of the major players in the market include Huntsman Corporation LLC, SGL Group, Teijin Ltd., CooperVision, DuPont, Owens Corning, Toray Industries, Inc., Mitsubishi Chemical Holdings Corporation, Solvay, Exel Group, DOW, and others.
Recent Developments Related to Major and Emerging Companies
- In September 2019, Solvay, at its USA facility in Anaheim, California, increased its capacity for thermoplastic composites by adding a new production line for meeting the strong demand growth from aerospace customers for this high-performance material and Solvay's proprietary and distinctive technology.
- In July 2021, Hexcel, a leader in advanced composites technology, reported that a lightweight camera drone it built utilizing Hexcel HexPly carbon fiber prepregs completed its first flight. A group of students from the University of Applied Sciences Upper Austria in Wels created the composite drone using components provided by Hexcel Neumarkt in Austria.
- In September 2019, the acquisition of Ashland Global Holdings Inc.'s composites business by INEOS Enterprises had been announced. A BDO office in Germany is also part of the acquisition. The companies involved in the transaction generate more than US$1.1 billion in annual sales. Over 19 locations in Europe, North and South America, Asia, and the Middle East, have 1,250 employees.
Key Topics Covered in the Report
- Snapshot of the Global Composites Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Composites Market
- Historic Growth of the Overall Global Composites Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Composites Market
- Overview, Product Offerings, and SWOT Analysis of Key Competitors
- COVID-19 Impact on the Overall Global Composites Market
- Future Market Forecast and Growth Rates of the Total Global Composites Market and by Segments
- Market Size of Fiber Type / End User Segments with Historical CAGR and Future Forecasts
- Analysis of the Composites Market in Major Regions
- Major Production / Consumption Hubs in the Major Regions
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Country
For more insights on the market intelligence, refer to the link below: –
3 Key Insights on US$ 120 Bn Opportunity in the Global Composites Market: Ken Research
