Composites Market is Growing Immensely and Reach USD 216.04 Billion to 2031 | Exclusive InsightAce Study
Companies Covered in this Report are Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electrical Glass Co. Ltd. (Japan), Huntsman International LLC.
Jersey City, NJ, March 29, 2023 (GLOBE NEWSWIRE) — The Global Composites Market is estimated to reach over USD 216.04 billion by 2031, exhibiting a CAGR of 7.29% during the forecast period.
Composites are created by microscopic interactions between two or more chemically different phases of materials. Composites are divided into polymer, metal, ceramic, carbon, and graphite categories depending on the matrix. Due to its improved desired characteristics, it can be used in various industries, including aerospace & military and construction. This rise results from the rising demand for lightweight components in the automotive and transportation industries.
Additionally, it is anticipated that during the forecasted years, novel lightweight components will be used more frequently across all industrial sectors, supporting market expansion. Since composites greatly reduce the body weight of military aircraft and helicopters, they are used in the aerospace and defense industries. In order to increase overall performance and fuel economy, weight reduction is thought to be important, and it is projected that this will be the primary driver driving the industry’s growth.
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- 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.
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.)
- Gaffco Ballistics
- Gurit Holding Ag
- Henkel Ag & Co. Kgaa
- Hexcel Corporation
- 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
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Composites Market Report Scope:
|Market size value in 2022||USD 117.47Bn|
|Revenue forecast in 2031||USD 216.04 Bn|
|Growth rate CAGR||CAGR of 7.29% from 2023 to 2031|
|Quantitative units||Representation of revenue in US$ Billion, Volume (KT) and CAGR from 2023 to 2031|
|Historic Year||2019 to 2022|
|Report coverage||The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends|
|Segments covered||Fiber Type, Resin Type, End-Use Industry And Manufacturing Process|
|Regional scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa|
|Country scope||U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia|
Growing consumer knowledge of the benefits of composites is also anticipated to fuel market revenue development. Composite materials have numerous advantages for the sports, manufacturing, and automotive industries since they are lightweight, corrosion-resistant, and highly robust compared to most metals and woods (make premium sports equipment).
Additionally, it is projected that government initiatives to promote sustainability and reduce Carbon Dioxide (CO2) emissions will favorably influence market revenue growth. Governments and automakers are investing in lightweight commercial vehicles to boost fuel efficiency, reduce fuel costs, and reduce environmental pollution. Due to their outstanding lightweight properties, which improve vehicle fuel efficiency and encourage environmental friendliness, many car makers use composite materials.
One of the main disadvantages of composites is their high cost of production and assembly and their high cost of raw ingredients. They display weak strength in the out-of-plane direction, where the matrix carries the majority of the load.
Strong impacts have the potential to harm composite materials. In addition, they are more difficult for professionals to repair than metallic structures. Because plastics meltdown considerably more quickly than metals do, composites cannot withstand extremely high temperatures. As a result of its extremely low heat capacity, materials cannot be employed in heating applications since they have a lower strength-to-volume ratio than metals.
The Asia Pacific composites market is expected to witness a significant market share in revenue and is projected to expand at a high CAGR shortly. Due to important manufacturers from significant economies like China, India, and Japan, the region is among the most profitable locations for manufacturers of automobiles, buildings, aerospace, and electronics. Besides, the North American region had a substantial share of the market.
The growing demand for lightweight materials in the automobile industry in the United States is the main factor driving the demand for composites. Over the projection period, rising electrical & electronics capacity additions and consistent growth in the automotive and aerospace sectors are predicted to boost industry growth.
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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
- Thermoplastic Composites
- Polycarbonates (Pc)
- Polypropylene (Pp)
- Polyphenylene Sulfide (Pps)
- Polyetherimide (Pei)
- Polyetheretherketone (Peek)
- Polyamide (Pa)
Composites Market By Application
- Aerospace & Defense
- Wind Energy
- Automotive & Transportation
- Recreational Vehicles
- Bus, Trucks, And Other Heavy Vehicles
- Metros And Monorails
- Passenger Rails
- High-Speed And Bullet Trains
- Construction & Infrastructure
- Cruise Ship
- Pipe & Tank
- Electrical & Electronics
- Sporting Goods
Composites Market By Manufacturing Process
- Filament Winding
- Injection Molding
- Compression Molding
Composites Market By Region-
- The US
- The UK
- Rest of Europe
- South Korea
- South East Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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