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Composites Market Witnessing Huge Potential on Account of Continuous R&D Activities

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The Composites Market is witnessing huge potential on account of continuous R&D activities by the major companies. Composites are anticipated to gain popularity owing to their superior properties coupled with their diversified applications in industries such as aerospace, automotive, electronics, construction, and energy.

Increasing demand for lightweight materials in various industries such as automotive and transportation, along with the increasing government investment in green transportation is augmenting growth of the market.

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The growth of the market is adversely impacted by the economic crisis and lockdown caused by the Covid-19 pandemic. However, increasing product demand in the automotive and electronics industry is anticipated to benefit the market growth. Industries are gradually shifting towards a new normal to gain a similar growth trend as before the pandemic.

The market is characterized by the presence of established players with a strong financial base; as a result, the entry barriers are high. In addition, high initial investments are required to sustain in the market, hence, the threat of new entrants is expected to be low.

The global Composites market size is expected to be worth around US$ 150.5 billion by 2030, according to a new report by Vision Research Reports.

The global Composites market size was valued at US$ 87.4 billion in 2020 and is anticipated to grow at a CAGR of 7.6% during forecast period 2021 to 2030.

In this study, the years considered to estimate the market size of Composites are as follows:

  • History Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Check full report ToC@ https://www.visionresearchreports.com/composites-market/toc/38982

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.

Key Players

  • 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

Market Segmentation

  • By Product
    • Carbon Fiber
    • Glass Fiber
    • Others
  • By Manufacturing Process
    • Layup Process
    • Filament Winding Process
    • Injection Molding Process
    • Pultrusion Process
    • Compression Molding Process
    • Resin Transfer Molding Process
    • Others
  • By End-use
    • Automotive & Transportation
    • Electrical & Electronics
    • Wind Energy
    • Construction & Infrastructure
    • Pipes & Tanks
    • Marine
    • Others
  • Regional
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
    • Central & South America
      • Brazil
      • Argentina
    • Middle East & Africa

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Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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