Composites Market 2022 - Market Size & Forecast, Industry Trends, Manufacturers Analysis, & Opportunities 2030

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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

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