The global Composites Market size is expected to reach over US$ 150.5 billion by 2030 from at US$ 87.4 billion in 2020, growing at a CAGR of 7.6% during the forecast period 2021 to 2030.
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Increasing demand for performance materials in various industries such as automotive & transportation, wind energy, and aerospace and defense is expected to drive the market over the forecast period. The ongoing COVID-19 outburst across the globe has significantly impacted the supply chains as major economies suspended the trade operations. Moreover, demand for composites across various end-use industries such as aerospace, automotive, and construction has been reduced. However, with the ease of trade restrictions, the situation is expected to recover in 2021, which will restore the growth trajectory of the market.
|Market Size||US$ 150.5 Billion by 2030|
|Growth Rate||CAGR of 7.6% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Manufacturing process, End use|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Teijin Ltd; Toray Industries, Inc.; Owens Corning; PPG Industries, Inc.; Huntsman Corporation LLC; SGL Group; Hexcel Corporation; DuPont; Compagnie de Saint-Gobain S.A; Weyerhaeuser Company; Momentive Performance Materials, Inc.; Cytec Industries (Solvay. S.A.); China Jushi Co., Ltd;Veplas Group; Kineco Limited|
By Product Analysis
The glass fiber composites segment led the market and accounted for about 62.1% share of the revenue in 2020. The beneficial properties of these fibers such as low thermal expansion, high stiffness, high temperature tolerance, high chemical resistance, and low weight make them popular for use in industrial and manufacturing applications.
Carbon fiber consists of carbon atoms that are bonded together in crystals aligned parallel to the fiber and these fibers are combined with other materials to form a composite. The beneficial properties of these fibers such as low thermal expansion.
Technological developments for enhancements in the strength and durability of these composites have increased penetration in pipe manufacturing applications.
Other products mainly include silicon carbide fiber, aromatic polyamide fiber, and hybrid fiber. Silicon carbide fiber is a compound of carbon and silicon. It occurs in nature as exceptionally rare mineral moissanite and possesses properties such as high-temperature resistance, high modulus, high tensile strength, and good heat resistance.
By Manufacturing Process Analysis
The layup process for manufacturing composites led the market and accounted for about 34.7% share of the revenue in 2020. Increasing production of boats, wind turbine blades, and architectural moldings are expected to fuel the growth of the layup process segment in the global composites market over the forecast period.
Advancements in the filament winding process have created a wide scope for products including golf club shafts, automobile drive shafts, small aircraft fuselages, spacecraft structures, pressure vessels like firefighter oxygen bottles, and others.
The growing demand for lightweight components in automobile manufacturing is expected to aid the demand for the injection molding process. Moreover, a rise in demand for high-strength components in aerospace and marine industries is likely to support the market in the estimated time.
The pultrusion process is an efficient method for manufacturing fiber reinforced composite products. The process can be used with thermoplastic matrices like Polyethylene Terephthalate (PET), and Polybutylene Terephthalate (PBT).
Compression molding is a technique of molding, wherein the material is preheated and placed in an open and heated mold cavity. The process is widely used for making larger flat or curved composite parts in the automotive, aerospace, and marine industries.
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By End-use Analysis
The automotive and transportation segment led the market and accounted for about 21.2% share of the revenue in 2020. This segment is likely to maintain its dominance over the forecast period.
Growing demand for advanced electronics in the household as well as industrial applications is expected to ascend the demand for composites. The most common applications for composites in the electrical and electronics category are terminal boxes, lamp housings, electrical enclosures.
The use of composites in the construction and infrastructure sector is growing rapidly due to their increasing usage in refabrication and retrofit applications. These are used in the construction of windows, doors, non-structural gratings, bridge components, long-span roof structures, paneling, complete bridge systems, and furniture, and other interiors.
By Regional Analysis
Asia Pacific dominated the market and accounted for about 46.1% share of revenue in 2020. Robust automobile manufacturing industries in the region coupled with a high prevalence of electrical and electronic component manufacturers in the region are likely to upscale the demand.
Demand in North America is driven by the robust growth of aerospace and defense, and wind energy harnessing industries. In addition, the automobile manufacturing industries in the U.S. have exhibited a high penetration of composites for the production of critical automobile components and are likely to drive the demand over the estimated time.
Central and South America is one of the most challenging markets for composites. Political and economic instability in the region has had a notable impact on the industry growth over last decade.
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- Teijin Ltd.
- Toray Industries, Inc.
- Owens Corning
- PPG Industries, Inc.
- Huntsman Corporation LLC
- SGL Group
- Hexcel Corporation
- Compagnie de Saint-Gobain S.A
- Weyerhaeuser Company
- Momentive Performance Materials, Inc.
- Cytec Industries (Solvay. S.A.)
- China Jushi Co., Ltd.
- Veplas Group
- Kineco Limited
- By Product
- Carbon Fiber
- Glass Fiber
- By Manufacturing Process
- Layup Process
- Filament Winding Process
- Injection Molding Process
- Pultrusion Process
- Compression Molding Process
- Resin Transfer Molding Process
- By End-use
- Automotive & Transportation
- Electrical & Electronics
- Wind Energy
- Construction & Infrastructure
- Pipes & Tanks
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- North America
The Composites market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Composites market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Composites market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Composites market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Composites market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Composites capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Composites by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Composites market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Composites market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Composites market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Composites industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Composites market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Composites market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Composites market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Composites market. These factors have benefited the growth of the global market for Composites. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Composites. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
Reasons to Purchase this Report:
– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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