Global Composites Market is projected to reach USD 143.6 million by 2026

Published | 29 February 2020

According to BlueWeave Consulting, the Global Composites Market is expected to grow at a significant rate during the forecast period. The Global Composites Market is projected to reach the valuation of USD 143.6 million by the year 2026 by growing at a CAGR of 8.1 % during the forecast period 2019- 2026. The market is growing owing to various factors.

The surge in demand from the end-user industries propels the composites market. The increased demand for the composites is due to the enhanced properties such as high strength and modulus, lower weight, high fatigue life, acoustic insulation, and resistance to corrosion. The main drivers for the growth of the composites market are the surging demand for lightweight materials in the aerospace & defense and automotive industries. The other factors influencing the composites market are the rise in demand for corrosion and chemical resistance materials from the construction and pipe & tank industry, and the demand of electrical resistivity and flammable materials in the electrical and electronics industry. The low-cost carbon fiber development, rapid resin cure system, and the development of high-performance glass fiber are directly influencing the dynamics of industries due to emerging trends.

The supply of primary raw materials and carbon fiber processing and its use remotely allows the manufacturers to reduce the cost of logistics. It permits manufacturers to augment productivity for the different end-use products straight. The carbon fibers find numerous applications due to their properties such as weight, high stiffness, low thermal expansion, temperature tolerance, and chemical resistance. Irregularity in the prices of raw materials and non-recyclable composites presents a significant threat to the market growth of composites.

The glass fiber segment in Fiber Type is expected to grow at the highest rate during Forecast horizon

Based on Fiber Type, the glass fiber composites segment is account for a significant market share of composites during the forecast years since they are less costly and possess superior physical and mechanical properties such as strength, flexibility, durability, stability, and lightweight. Glass fiber composites are mainly used in the segments of wind power, pipes & tanks, electrical & electronics, and construction & infrastructure.

Growing of Construction and Infrastructure Industry at Rapid pace

The composites market is expected to augment at a very high rate, with the development taking place at a rapid pace. One of the top consumers of the composites market is the building and infrastructure industry. The continual constructions of homes, swimming pools, storage tanks, countertops, bridges, skyscrapers, and commercial layouts across developed and developing economies are augmenting the growth of the composite market. The accomplishment of creating the most robust and lightweight structures in the construction industry has raised the level of engagement of composites. Due to the rapid development in developing economies like India and China, humungous demands for composites are seen from the APAC zone.

Increasing applications of Composites in Commercial Aircraft and Automobiles

The fiber-reinforced composite materials have driven mainly due to the requirements of high-performance items such as wings, tails, propellers, fuselages, helicopter rotor blades, spacecraft equipment, despite their high costs. The parts of the Airbus A350 and Boeing 787 aircraft are mainly made from composites. Moreover, composites are used in sailing, fishing gear, kayaks, dinghies, and scull hulls manufacturing. In order to render the chassis of multiple two-wheelers and bikes, composites are utilized. The acceptance of electrification amongst vehicles to substitute conventional fuel has dramatically increased the use of composites in the automotive market.

Asia Pacific is projected to account for the largest market share in the Composites during the forecast period.

By geography, the global Composites Market segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific dominated the global composite application market and is expected to continue to dominate over the forecast period, owing to China and India's growing economies, the participation of leading players, and the expansion of transportation, wind, and construction & infrastructure industries. The nation's economic growth is the main factor in high composite consumption. In the region, the transport and construction and infrastructure industries are expanding rapidly, driving demand for composites.

Composites Market: Competitive Landscape

The major market players in the Global Composites are Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, SGL Group, Nippon Electrical Glass Co. Ltd., Koninklijke Ten Cate bv, Huntsman International LLC., Solvay, MRC, PPG Industries, Inc., E. I. DuPont Nemours & Co., Weyerhaeuser Company, Chongqing Polycomp International Corporation, Jushi Group Co., Ltd., Honeywell International Inc., Renegade Materials Corporation, Kineco Kaman Composites – India Private Limited, Henkel AG & Co. KGaA, UPM Biocomposites, Trex Company, Inc., Gaffco Ballistics, Binani Industries Ltd., and other Prominent Players are expanding their presence in the market by implementing various innovations and technologies.

Explore full report with detailed Table of Contents (TOC), “Global Composites Market Size, By Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites, and Other Fiber Composites), By Resin Type (Thermoset Composites, and Thermoplastic Composites), By Manufacturing Process (Lay-up, Filament Winding, Injection Molding, Pultrusion, Compression Molding, RTM, and Others), By End-use Industry (Aerospace & defense, Wind Energy, Transportation, Construction & Infrastructure, Marine, Pipe & Tank, Electrical & Electronics, and Others), and by Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2016-26”

At https://www.blueweaveconsulting.com/composites-market-bwc19399

The in-depth analysis of the report provides the growth potential, upcoming trends, and statistics of Composites market size & forecast. The report promises to provide state-of-the-art innovations of Composites production and industry insights, which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the market drivers, challenges, and competitive analysis of the market.