Composites Market worth 134.93 billion USD by 2023
Bharat Book Bureau Provides the Trending Market Research Report on“Global Composites Market, Forecast to 2025” underIndustry & Mfg category. The report provides information on industry overview, market size, latest developments, industry trends,Key Manufacturers, global presence, and their future prospects.
Global Composites Market witnessed significant growth and is estimated to reachUSD 134.93 billion by 2023 at aCAGR of 8.59% during the review period 2017-2023. Rising expenditure on the construction projects such smart city and architectural buildings along with escalating defense budgets are anticipated to drive the market growth. Moreover, the subsequent shift of automotive industry towards lightweight components to increase fuel efficiency is propelling the global composites market growth. Aforementioned factors are likely to exhibit an exponential CAGR of 8.59% during the assessment period.
Aerospace and defense sectors are likely to exhibit a considerable growth over the years due to growing use of composites to reduce the weight along with low maintenance costs compared to traditional materials. For instance, consumption of composites for Airbus aircraft is more than 50% as compared to 2%-3% usage of composites previously. However, increasing demand for glass fiber composites in the aerospace industry is likely to provide a positive impact on this market. Over the years, the market is expected to witness a high development in downstream derivative and innovation to meet regulations and broaden application spectrum in different regions.
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Composites are extensively used in roofs, infill panels, tank liners, and load-bearing structures. Increasing penetration of fiber reinforced polymer composites (FRP) in rail and road building projects owing to durability, aesthetic appeal, and low maintenance are anticipated to influence market demand positively. Carbon and fiberglass composites are used in wind turbine blades for material strength and stiffness, which, in turn, raised the level of energy. Thus, growing awareness to reduce fossil fuel dependence and increasing renewable energy production are likely to provide a lucrative opportunity to market players.
Global Composites Market Share, by Application 2016, (%)
Source: MRFR Report
Regional Analysis
The global composites market is segregated into five different regions namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among the regions, North America emerges as leading region with 35% of market share in 2016. North American region witnessed the high growth in the aviation industry due to increasing use of commercial aircraft to link small cities, and regional capacity expansion of key market players in the aerospace industry are some of the factors leading the growth of the composites market in this region. Asia Pacific region is projected to experience a substantial growth owing to growing production of the automobile industry, especially in China and India and rising government initiatives such as 100% FDI in the automobile industry are likely to boost the market growth. Moreover, Thailand, Malaysia, and Indonesia have emerged as manufacturing hubs for different industry players, which, in turn, is anticipated to drive the market growth. Moreover, the presence of market players such as Toray Industries and Owen Corning are likely to foster the market growth. Major players are entering a strategic alliance with small regional players to capture the market share. For instance, Owens Corning signed an agreement with China-based composite player namely, Taishan Fiberglass and Xingtai Jinniu to meet the regional demand for composite material across end-user industries.
Segmentation
The global composite market is classified based on types, resin, technology, application, and region. Based on the type, the composites market is segmented as polymer matrix composites, metal matrix composites, ceramic matrix composites. On the basis of the resin type, thermoset composites & thermoplastic composites are major resin available on the market. On the basis of the technology, the composite is produced by layup process, an extrusion process, filament winding, injection molding, automated fiber replacement, compression molding, automated tape lying, and resin transfer molding. Lastly, based on application, the market is segmented as automotive & transportation, aerospace & defense, electrical & electronics, wind energy, construction & infrastructure, marine & oil & gas, and others. According to the region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Key Players
Some of the key players operating in the global specialty amine market are BASF SE, Owens Corning, Toray Industries Inc., TEIJIN Limited, SGL Carbon Company, Solvay, Mitsubishi Chemical Holding, Koninklijke Ten Cate bv, Hexcel Corporation, DuPont, Honeywell International Inc., Nippon Electric Glass Co. Ltd., Dowaska, Chongqing Polycomp, and Huntsman International LLC among others.
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