Composites Market is Growing Immensely and Reach USD 216.04 Billion to 2031 | Exclusive InsightAce Study
Companies Covered in this Report are Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electrical Glass Co. Ltd. (Japan), Huntsman International LLC.
Jersey City, NJ, March 29, 2023 (GLOBE NEWSWIRE) -- The Global Composites Market is estimated to reach over USD 216.04 billion by 2031, exhibiting a CAGR of 7.29% during the forecast period.
Composites are created by microscopic interactions between two or more chemically different phases of materials. Composites are divided into polymer, metal, ceramic, carbon, and graphite categories depending on the matrix. Due to its improved desired characteristics, it can be used in various industries, including aerospace & military and construction. This rise results from the rising demand for lightweight components in the automotive and transportation industries.
Additionally, it is anticipated that during the forecasted years, novel lightweight components will be used more frequently across all industrial sectors, supporting market expansion. Since composites greatly reduce the body weight of military aircraft and helicopters, they are used in the aerospace and defense industries. In order to increase overall performance and fuel economy, weight reduction is thought to be important, and it is projected that this will be the primary driver driving the industry's growth.
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Recent Developments:
In February 2022, Multiaxial glass fiber noncrimp fabrics were the first product Saertex produced in its new Mexico facility to forward its product line's growth into the wind power industry.
In June 2021, the lightweight camera drone was built using Hexcel HexPly carbon fiber pre-preg, according to Hexcel Corporation, a world leader in advanced composites technology. A set of students from the University of Applied Sciences Upper Austria in Wels constructed a composite drone using parts supplied by the Austrian company Hexcel Neumarkt.
List of Prominent Players in the Composites Market:
BASF SE
Binani Industries Ltd.
China Jushi Co., Ltd.
Compagnie De Saint-Gobain S.A
Cytec Industries (Solvay, S.A.)
Dowaksa
Dupont
Gaffco Ballistics
Gurit Holding Ag
Henkel Ag & Co. Kgaa
Hexcel Corporation
Hexion
Honeywell International Inc.
Huntsman Corporation Llc
Jushi Group Co., Ltd.
Kineco Limited
Mitsubishi Chemical Holdings Corporation (Japan)
Momentive Performance Materials, Inc.
Nippon Electrical Glass Co. Ltd. (Japan)
Owens Corning
Ppg Industries, Inc.
Renegade Materials Corporation
Sgl Group
Teijin Ltd
Toray Industries, Inc.
Trex Company, Inc.
Upm Biocomposites
Veplas Group
Weyerhaeuser Company
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Composites Market Report Scope:
Report Attribute | Specifications |
Market size value in 2022 | USD 117.47Bn |
Revenue forecast in 2031 | USD 216.04 Bn |
Growth rate CAGR | CAGR of 7.29% from 2023 to 2031 |
Quantitative units | Representation of revenue in US$ Billion, Volume (KT) and CAGR from 2023 to 2031 |
Historic Year | 2019 to 2022 |
Forecast Year | 2023-2031 |
Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
Segments covered | Fiber Type, Resin Type, End-Use Industry And Manufacturing Process |
Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers:
Growing consumer knowledge of the benefits of composites is also anticipated to fuel market revenue development. Composite materials have numerous advantages for the sports, manufacturing, and automotive industries since they are lightweight, corrosion-resistant, and highly robust compared to most metals and woods (make premium sports equipment).
Additionally, it is projected that government initiatives to promote sustainability and reduce Carbon Dioxide (CO2) emissions will favorably influence market revenue growth. Governments and automakers are investing in lightweight commercial vehicles to boost fuel efficiency, reduce fuel costs, and reduce environmental pollution. Due to their outstanding lightweight properties, which improve vehicle fuel efficiency and encourage environmental friendliness, many car makers use composite materials.
Challenges:
One of the main disadvantages of composites is their high cost of production and assembly and their high cost of raw ingredients. They display weak strength in the out-of-plane direction, where the matrix carries the majority of the load.
Strong impacts have the potential to harm composite materials. In addition, they are more difficult for professionals to repair than metallic structures. Because plastics meltdown considerably more quickly than metals do, composites cannot withstand extremely high temperatures. As a result of its extremely low heat capacity, materials cannot be employed in heating applications since they have a lower strength-to-volume ratio than metals.
Regional Trends:
The Asia Pacific composites market is expected to witness a significant market share in revenue and is projected to expand at a high CAGR shortly. Due to important manufacturers from significant economies like China, India, and Japan, the region is among the most profitable locations for manufacturers of automobiles, buildings, aerospace, and electronics. Besides, the North American region had a substantial share of the market.
The growing demand for lightweight materials in the automobile industry in the United States is the main factor driving the demand for composites. Over the projection period, rising electrical & electronics capacity additions and consistent growth in the automotive and aerospace sectors are predicted to boost industry growth.
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Segmentation of Composites Market-
Composites Market By Fiber Type
Glass Fiber Composites
Carbon Fiber Composites
Natural Fiber Composites
Other Fiber Composites
Basalt Fiber Composites
Aramid Fiber Composites
Boron Fiber Composites
Hybrid Fiber Composites
Ultra-High-Molecular-Weight Polyethylene (Uhmwpe) Fiber Composites
Composites Market By Resin Type
Thermoset Composites
Epoxy Resin
Polyester Resin
Vinyl Ester Resin
Polyurethane Resin
Others
Thermoplastic Composites
Polycarbonates (Pc)
Polypropylene (Pp)
Polyphenylene Sulfide (Pps)
Polyetherimide (Pei)
Polyetheretherketone (Peek)
Polyamide (Pa)
Others
Composites Market By Application
Aerospace & Defense
Civil
Defense
Wind Energy
Automotive & Transportation
Automotive
Recreational Vehicles
Bus, Trucks, And Other Heavy Vehicles
Metros And Monorails
Passenger Rails
High-Speed And Bullet Trains
Construction & Infrastructure
Marine
Powerboat
Sailboat
Cruise Ship
Others
Pipe & Tank
Electrical & Electronics
Others
Industrial
Healthcare
Sporting Goods
Composites Market By Manufacturing Process
Lay-up
Filament Winding
Injection Molding
Pultrusion
Compression Molding
RTM
Others
Composites Market By Region-
North America-
The US
Canada
Mexico
Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific-
China
Japan
India
South Korea
South East Asia
Rest of Asia Pacific
Latin America-
Brazil
Argentina
Rest of Latin America
Middle East & Africa-
GCC Countries
South Africa
Rest of Middle East and Africa
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