The global Composites market is anticipated to grow nearly at a CAGR of 8.4 % to reach US$ 148.8 Million by 2027.
The increase in demand from the end-user industries drives the composites market. The improved properties such as high fatigue life, high strength and modulus, lower weight, acoustic insulation, and resistance to corrosion have resulted in increased demand for composites. The rising demand for lightweight materials in the aerospace & defense and automotive industry are the main drivers for the growth of composites market; demand for corrosion and chemical resistance materials in the construction and pipe & tank industry; demand for electrical resistivity and high demand for flammable materials in the electrical and electronics industry. The emerging trends that have a direct influence on the industry’s dynamics include low-cost carbon fiber development, high-performance glass fiber development, and rapid resin cure system.
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In-house supply of primary raw materials and carbon fiber processing and use helps manufacturers minimize logistics costs. It also allows manufacturers to augment productivity for the different end-use products directly. Due to their characteristics, such as low thermal expansion, weight, high stiffness, temperature tolerance, and chemical resistance, carbon fibers find numerous applications. Volatility in the prices of raw materials and non-recyclable composites presents a significant threat to market growth.
A composite is a synthesis of two physically and chemically distinct materials. When combined, they produce a substance that is skilled in doing a specific task, such as becoming stronger, lighter, or electricity resistant. The explanation for their use is that they improve the properties of their base materials and, in many cases, are appropriate. A composite’s most common example is concrete. In this application, the structural steel rebar provides the concrete with strength and rigidity, while the cured cement holds the rebar stationary. Rebar alone would be too flexible, so cement alone would quickly break. However, a very rigid material is formed when combined to form a composite.
Growing of Construction and Infrastructure Industry at Rapid pace
Building and infrastructure industry is the top consumer of composites. With development taking place at a rapid pace, it is expected that the composite market will hit its peak. Construction of homes, swimming pools, storage tanks, countertops, bridges, skyscrapers, and commercial layouts across developed and developing economies is augmenting the growth in the composite market. The success of creating the most robust and lightweight structures in the construction industry has increased the level of engagement of composites. Due to the rapid development in developing economies like India and China, humungous demands for composites are seen from the APAC zone.
Increasing use of Composites in Commercial Aircraft and Automobiles
Despite their high cost, fiber-reinforced composite materials have driven mainly due to the requirements of high-performance items such as wings, tails, propellers, fuselages, helicopter rotor blades, spacecraft equipment. The parts of the Airbus A350 and Boeing 787 aircraft are mainly made from composites. They are also used in sailing, fishing gear, kayaks, dinghies, and scull hulls manufacturing. For robust and lightweight composite materials such as carbon fiber, the esteemed thrill of speed in various sports cars is achieved. Composites are used to render the chassis of multiple two-wheelers and bikes. The introduction of electrification between vehicles to replace conventional fuel has dramatically increased the use of composites in the automotive market.
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High cost and Lack of Standardization impeding the market of Composites
The high processing and manufacturing cost and Lack of Standardization in Manufacturing Technologies are expected to hamper the growth of the Composites market. There are issues related to the recycling of composites, which could be another factor deterring the composites market growth.
Global Composites Market: Fiber Type
Based on Fiber Type, the Composites market segmented into Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites, and Other Fiber Composites. The glass fiber composites segment is account for a significant market share of composites during the forecast years since they are less costly and possess superior physical and mechanical properties such as strength, flexibility, durability, stability, and lightweight. Glass fiber composites are mainly used in the segments of wind power, pipes & tanks, electrical & electronics, and construction & infrastructure.
Global Composites Market: Resin Type
Based on Resin Type, the Composites market bifurcated into Thermoset Composites, and Thermoplastic Composites. The thermoset composites segment is expected to account for a significant share of the composites market during the forecast years, due to its durability and low costs. Thermoset resins have high-performance properties and are therefore commonly used in the end-use industries of shipping, aerospace & defense, maritime, electrical & electronics, and wind energy.
Global Composites Market: Manufacturing Process
Based on Manufacturing Process, the Composites market segregated into Lay-up, Filament Winding, Injection Molding, Pultrusion, Compression Molding, RTM, and Others. The lay-up manufacturing process is anticipated to account for a significant share of the composites market during the forecast horizon, due to the increased demand from wind energy, marine, and aerospace & defense end-use industries. The choice of the manufacturing process of composites depends mostly on the shape and dimensions of the components to be made.
Global Composites Market: End-use industry
Based on End-use Industry Type, the Composites market segregated into Aerospace & defense, Wind Energy, Transportation, Construction & Infrastructure, Marine, Pipe & Tank, Electrical & Electronics, and Others. The transportation segment is projected to have the largest share in the composites market during the forecast horizon. Many composites have a higher strength-to-weight ratio than steel and aluminum. The major driving factors behind the introduction of more lightweight and fuel-efficient composites in transportation are environmental regulations relating to emission standards, particularly in North America, Europe, and China.
Global Composites Market: Regional insights
By geography, the global Composites Market segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific dominated the global composite application market and is expected to continue to dominate over the forecast period, owing to China and India’s growing economies, the participation of leading players, and the expansion of transportation, wind, and construction & infrastructure industries. The nation’s economic growth is the main factor in high composite consumption. In the region, the transport and construction and infrastructure industries are expanding rapidly, driving demand for composites.
The major market players in the Global Composites are Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, SGL Group, Nippon Electrical Glass Co. Ltd., Koninklijke Ten Cate bv, Huntsman International LLC., Solvay, MRC, PPG Industries, Inc., E. I. DuPont Nemours & Co., Weyerhaeuser Company, Chongqing Polycomp International Corporation, Jushi Group Co., Ltd., Honeywell International Inc., Renegade Materials Corporation, Kineco Kaman Composites – India Private Limited, Henkel AG & Co. KGaA, UPM Biocomposites, Trex Company, Inc., Gaffco Ballistics, Binani Industries Ltd., and other Prominent Players are expanding their presence in the market by implementing various innovations and technologies.
The objective of the Study:
To analyze and forecast the global Composites market size of the market, in terms of value.
To examine the careful market segmentation and forecast the market size, in terms value, based on the region by segmenting the Global Composites market into five regions, namely, North America, Europe, Asia Pacific, Middle East, South America and their leading countries.
To outline, categorized and forecast the global Composites market based on the Fiber Type, Resin Type, and Manufacturing Process, and End-use Industry.
To examine competitive developments like technological advancement, services, and regulative framework within the global Composites Market.
To highlight the impact analysis of the factors, affecting the market dynamics such as drivers, restraints, opportunities, and challenges.
To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.
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What are the key findings of the report?
•This report provides comprehensive information on factors expected to influence the market growth and market share in the future. •The report offers the current state of the market and future prospects for various geographical regions. •This report provides both qualitative and quantitative information about the competitive landscape of the market.
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