Composites
Market 2022 - Market Size & Forecast, Industry Trends, Manufacturers
Analysis, & Opportunities 2030
Page: 366 | Report Code: MC22100604 | Research Suite: Report (PDF) & Market Data (Excel)
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The global composites market size was valued at USD
87.2 billion in 2021, and is expected to further grow at a compounded annual
growth rate (CAGR) of 6.8% during the forecast period of 2022-2030.
Composites refer to advanced engineering materials formulated by combining two or more materials or components that have different physiochemical properties but without dissolving or blending them into each other. After combining the two parent materials, the final materials have better physical, mechanical, and chemical properties such as lightweight, high electrical and thermal insulation, anti-corrosiveness, high impact strength, and better resistance to chemicals than that of the parent materials. Due to these characteristics, these composites are preferred in various end-user industries, including constriction, automotive & transportation, aerospace, electrical & electronics, and others.
Growth Drivers:
Factors
primarily driving the growth of this market include: the proliferating demand
and application of composites in various end-user industries due to its
superior properties; the surging awareness regarding the benefits of composites;
the growing government initiatives on environment-related issues; the increasing
usage of lightweight and high-strength materials in the manufacturing of
structural components of aircrafts; and the burgeoning usage of
high-performance composites like shape memory polymer composites in kinetic
buildings.
Additionally,
the growing urbanization across matured and emerging nations around the globe,
especially in the Asia Pacific region, results in massive expansion of the
construction & infrastructure industry. The construction of storage tanks, buildings,
swimming pools, bridges, skyscrapers, and commercial landscapes is, thus,
snowballing. Alongside, with the help of composites, the leading players in the
major parts of the globe are able to use new techniques such as 3D printing and
prefabricated prefinished volumetric construction (PPVC). All these factors, in
tandem with the escalating development of green buildings and the inclination
towards durable and lightweight structures, is creating ample growth
opportunities for the global composites market for the near future.
Moreover,
the market players in this industry are allocating substantial amounts of
effort and funds to enhance their R&D activities. These activities focus on
improving the strength and durability of composites and developing products in
specific applications to enhance the output of composites. Also, the development
of low-cost carbon fibers, rapid cure resin system, and high-performance glass
fiber, and the production of biomimetic composite and noncomposite, which replace
traditional materials, is also increasing. All these factors are expected to
bring about tremendous growth in the market during the forecast period.
Furthermore,
other factors such as the rising disposable income of people and their
willingness to spend more on high-quality products; the high adoption of
electronics safety equipment; the growing usage of silicon-based composites in
the production process of printed circuit boards; the rising awareness to
tackle carbon emissions; the expansion of transportation business due to the
rapid penetration of e-commerce channels, and the increasing number of
favorable government regulations for the development of pipes & tanks are
expected to further augment the growth of the global composites market during
the forecast period.
However,
factors such as the high cost of raw materials for composites, the dearth of
skilled human force and standardization, and the concerns regarding recycling of
composites are expected to hinder the growth of the global composites market to
some extent during the forecast period.
Composites Market Segmentation:
By Fiber Type:
·
Glass Fiber Composites
·
Carbon Fiber Composites
·
Natural Fiber Composites
·
Other Fiber Composites
By Resin Type:
·
Thermoset Composites
·
Thermoplastic Composites
By End-Use Industry:
·
Aerospace & Defense
·
Wind Energy
·
Automotive & Transportation
·
Construction & Infrastructure
·
Marine
·
Pipe & Tank
·
Electrical & Electronics
·
Others
By Manufacturing Process:
·
Lay-up
·
Filament Winding
·
Injection Molding
·
Pultrusion
·
Compression Molding
·
RTM
·
Others
By Region:
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East and Africa
Based on end-use industry, the automotive &
transportation segment dominated the global composites market in 2021. The
segment is anticipated to retain its dominance further in the market during the
forecast period of 2022-2030. Factors attributable to the large share and high
growth of this segment include the rising focus of the automotive industry on
reducing the weight and enhancing the efficiency of vehicles and the growing
adoption of advanced materials, including composites, due to the advantage of fuel-saving
to the transportation industry.
Based on fiber type, the glass fiber composites segment captured the largest share of the global composites market in 2021. The segment is expected to continue with the trend through the forecast period. The high usage and popularity of glass fiber composites across various end-use industries due to their supreme characteristics is the major factor propelling the growth of this particular segment.
Based on resin type, the thermoset composites segment
held the largest share of the global composites market in 2021. The segment is
projected to maintain its lead further during the forecast period of 2022-2030.
The high durability and low maintenance attributes of these composites are
majorly driving the growth of this segment in the global composites market.
Based on manufacturing process, the lay-up segment
acquired the largest share of the global composites market in 2021. The segment
is positioned to remain dominant throughout the forecast period of 2022-2030. The
extensive demand for this type of manufacturing process from the construction
& infrastructure, wind energy, aerospace & defense, and marine end-use
industries due to its low cost and advantages, including ease of operation and rapid
deposition of fiber & resin is the primary factor contributing to the large
share of the lay-up segment.
Regional Outlook:
The Asia Pacific region commanded the global composites
market, accounting for a market share of 47.0% in 2021, followed by North
America and Europe. The region’s position is unlikely to change over the
forecast period of 2022-2030. Factors attributable to the large share of the
market in the region include the high usage and demand of composites; the
increasing popularity of autonomous vehicles; the presence of various end-user
industries of composites; the escalating advancements in technology; the
growing number of regulatory policies & government norms; and the rapidly
expanding construction industry along with surging government initiatives in
the emerging economies of the region. India, China, and Japan are the leading
contributors to the growth of the market in the region.
The North American region is expected to witness significant growth in the composites market during the forecast period on account of the presence of leading market players and OEMs (Original Equipment Manufacturer); the fast-paced expansion of the end-user industries; the high adoption of composites for the production of critical automobile components; and the increasing number of technological advancements & government investments in aerospace and defense industry in the region.
Key Companies in Composites Market:
·
SGL Group
·
Nippon Electric Glass Co. Ltd.
·
Huntsman International LLC
·
Solvay
·
PPG Industries Inc.
·
Owens Corning
·
Toray Industries Inc.
·
Teijin Limited
·
Mitsubishi Chemical Holdings Corporation
·
Hexcel Corporation
·
DuPont
·
Compagnie de Saint-Gobain S.A
·
Weyerhaeuser Company
·
Momentive Performance Materials, Inc.
·
China Jushi Co., Ltd.
·
Veplas Group
· Other Players