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
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.
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Related Report
Publish Date: March 2023
Increasing use of composites in thriving construction and infrastructure, commercial aircraft, and automobile sectors are projected to propel the expansion of Global Composites Market during the forecast period between 2023 and 2029.
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