The global composites market size is likely to reach USD 160 billion by the end of 2027 and is expected to grow at a compound annual growth rate (CAGR) of 7.8% during the forecast period 2020 to 2027. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, market share analysis, potential challenges, profitability graph and the overall market environment.
A composite material consists of minimum two materials that combine to offer superior properties to those of the single constituents. Several component materials and numerous processes make composites enormously efficient and versatile. They usually offer more durable lighter, stronger solutions than conventional materials. Foremost driver for the development of composites is the combination of matrix and the reinforcement that can be altered to address the desired properties of a component. Composite materials attain the maximum of their advantageous properties from a strong bond among the stiff, strong reinforcement generally filaments or reinforcements with another geometrical shapes. The high usage of these composites is mainly influenced by cost thresholds, performance requirements, customer demand and regulations.
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Global composites market is largely influenced by ascending lightweight materials demand in many sectors like automotive, wind energy, transportation, aerospace and defense. Growing demand for composites in the automotive sector of emerging economies is predicted to lift the growth of global composite market during forecast period. Escalating prices of fuel have prompted the requirement for fuel-efficient vehicles. Composites are largely employed as the replacement for wood, aluminum, and steel due to its greater strength to weight ratio.
At present, against the backdrop of unsettled China/U.S. trade disagreements, the U.S. composites sector stays optimistic and endures to demonstrate positive growth. This mainly backed by stable growth of aerospace wind energy, and construction areas.
- Asia Pacific is predicted to mirror its dominance by both value and volume throughout the forecast period. This high growth is attributed to rising demand from expanding transportation, electrical and electronics, construction segments in this region.
- Some of the driving factors for extensive growth of composites market are high growth in construction, cumulative automotive production, and infrastructure advancements.
- Glass fiber-based composites products dominated the global marketplace in 2019, followed by carbon fiber-based composites.
- The appearance of the Singapore, Philippines, Indonesia, Malaysia, and Vietnam as chief shipbuilding hubs in Asia Pacific is projected to stimulate composites demand in the region during years to come
- The global composites market has emerged as exciting workplace due to new materials, processes and increasing applications areas.
Key Market Players and Strategies
Some of the topmost suppliers of glass fiber in the U.S are Jushi, Nippon Electric Glass, Owens Corning, CPIC and Johns Manville. The glass fiber business is quite consolidated, with the uppermost 3 players occupying more than 50% of the total output by value. In order to accomplish the growing demand for glass fiber in numerous applications, enterprises are trying to develop both inorganically and organically. For example, in 2019, Jushi USA started operation of its alkali-free fiber production line along with capacity of 96,000 tons annually and an over-all investment of USD 350 million. On the other hand, in 2017-18, Nippon Electrical Glass acquired the outstanding PPG USA fiberglass operations with around USD 550 million.
High manufacturing and processing costs of composites are challenging the profitability of the composites market. Along with great production cost, high early capital investment is further posing challenge for the market players. Players such as Owens Corning, Toray Industries, and Teijin Ltd. are united across the value chain of composites in distribution and production undertakings. They are also striving hard to diversify their product portfolio.
Some of the significant players in the composites market include:
- Huntsman Corporation LLC
- SGL Group
- Teijin Ltd
- PPG Industries, Inc.
- Toray Industries, Inc.
- Owens Corning
- Hexcel Corporation
- Momentive Performance Materials, Inc.
- Jushi Group Co., Ltd.
- Compagnie de Saint-Gobain S.A
- Weyerhaeuser Company
- Cytec Industries
These corporations are accepting numerous organic and inorganic business strategies to surge their presence in the global composites market.
By Product Type
- Glass Fiber
- Carbon Fiber
By Resin Type
By Manufacturing Process Type
- Injection Molding Process
- Resin Transfer Molding Process
- Pultrusion Process
- Layup Process
- Filament Winding Process
- Compression Molding Process
By End Use Type
- Electrical & Electronics
- Automotive & Transportation
- Wind Energy
- Aerospace & Defense
- Pipes & Tanks
- Construction & Infrastructure
- North America (United States, Canada)
- Europe (Germany, France, UK, Italy, Russia and Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia, Korea and Rest of Asia Pacific)
- Latin America (Brazil and Rest of Latin America)
- The Middle East and Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
Asia Pacific dominated the global composite market in 2019, with around 45% revenue share of the overall market. Some of the major consumers of glass fiber composites in the U.S. are the transportation construction, and pipe and tank sectors. These segments collectively account for around 70% of the whole usage. Forthcoming trends show that these crucial segments provide noteworthy growth latent for the U.S. composites commerce. Growing commercial and residential construction, water and wastewater infrastructure, constant growth in gas and oil accomplishments and proliferating demand for lightweight vehicles are predicted to support the market growth.
Latin America is extremely challenging region for composites market. Economic and political uncertainty in this region had decelerated the growth of the market in the past few years. Nevertheless, in recent few years, the regional market showed comparatively solid growth, particularly in Brazil. Local and regional market companies are finding this market attractive due to vigorous growth in the end use sectors of this region.
Why should you invest in this report?
If you are aiming to enter the global composites market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for composites are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Data points covered under composites market research study:
- The historic and forecast market estimation from years 2016 to 2027
- Market estimation and research analysis for the global market by distribution channel
- Market estimation and research analysis for the global market by region
- Research analysis on market dynamics including drivers, restraints, opportunities, trends, and market challenges.
- Competitive scenery and business strategies by key players
- SWOT Analysis
- PORTER’s five force research analysis
- PEST Analysis
- DR impact analysis
- Heat map analysis
- Investment feasibility analysis
Key Questions Answered by the Report:
- What will be the size of the global composites market in 2027?
- What is the expected CAGR for the composites market between 2020 and 2027?
- Which are the top players active in this global market?
- What are the key drivers of this global market?
- How will the market situation change in the coming years?
- Which region held the highest market share in this global market?
- What are the common business tactics adopted by players?
- What is the growth outlook of the global composites market?
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Carolina is an author who specializes in covering healthcare, chemical, and the automotive industry. Before joining Market Stats News, Carolina covered some of the biggest companies in Silicon Valley for the San Jose Mercury News. She loves all things French and the written word. Articles by Carolina