The global composites market size was estimated at USD 86.4 billion in 2020 and is expected to reach USD 144.5 billion by 2028 with CAGR of 6.6% during the forecast period.
Increasing demand for performance materials in various industries such as automotive & transportation, wind energy, and aerospace and defense is expected to drive the market over the forecast period. The ongoing COVID-19 outburst across the globe has significantly impacted the supply chains as major economies suspended the trade operations. Moreover, demand for composites across various end-use industries such as aerospace, automotive, and construction has been reduced. However, with the ease of trade restrictions, the situation is expected to recover in 2021, which will restore the growth trajectory of the market.
Gather more insights about the market drivers, restrains and growth of the Global Composites Market
High cost of raw materials for composites is likely to challenge procurement operations by the component manufacturers. However, increased disposable income and readiness to spend more on superior products are expected to influence the market growth positively over the forecast period.
In the U.S., the demand for composites is primarily driven by the increasing demand for lightweight materials in the automotive industry. Rising electrical & electronics capacity additions and steady growth in the automotive and aerospace sectors are the factors that are expected to augment the market growth over the forecast period.
The high weight-to-strength ratio has been the key factor behind the increased usage of composite materials in various end-use industries. Superior properties of composites such as design flexibility, corrosion resistance, high performance at elevated temperatures reduce the threat of substitutes.
The market is competitive with a few key players holding a majority of the market share. Their expertise in R&D makes it difficult for the new entrants to operate profitably in the market. However, with the development of products in specific applications to enhance the output of composites is expected to augment the potential market opportunity. As a result, the industry rivalry is expected to remain high over the forecast period.
Composites Market Segmentation
Based on the Product Insights the market is segmented into Carbon Fiber, Glass Fiber and other.
Carbon fiber consists of carbon atoms that are bonded together in crystals aligned parallel to the fiber and these fibers are combined with other materials to form a composite.
The glass fiber composites segment led the market and accounted for about 61.1% share of the revenue in 2020. The beneficial properties of these fibers such as low thermal expansion, high stiffness, high temperature tolerance, high chemical resistance, and low weight make them popular for use in industrial and manufacturing applications.
Silicon carbide fiber is a compound of carbon and silicon and Other products mainly include silicon carbide fiber, aromatic polyamide fiber, and hybrid fiber.
Based on the Manufacturing Process Insights the market is segmented into layup process, filament winding process, injection molding process, pultrusion process, compression molding process, resin transfer molding process, and others
The layup process for manufacturing composites led the market and accounted for about 33.7% share of the revenue in 2020. Increasing production of boats, wind turbine blades, and architectural moldings are expected to fuel the growth.
Advancements in the filament winding process have created a wide scope for products including golf club shafts, automobile drive shafts, small aircraft fuselages, spacecraft structures, pressure vessels like firefighter oxygen bottles, and others.
Based on the End-use Insights the market is segmented into Automotive & Transportation, Electrical & Electronics, Wind Energy, Construction & Infrastructure , Pipes & Tanks Marine and Others
The automotive and transportation segment led the market and accounted for about 21.2% share of the revenue in 2020. This segment is likely to maintain its dominance over the forecast period.
Growing demand for advanced electronics in the household as well as industrial applications is expected to ascend the demand for composites.
The use of composites in the construction and infrastructure sector is growing rapidly due to their increasing usage in refabrication and retrofit applications.
Sporting goods, consumer goods, and biomedical are other applications for composite materials. The aerospace and defense industry is one of the most important to the composite market.
Based on the Regional Insights the market is segmented into North America, Europe, and Asia Pacific, Middle East & Africa, Central & South America
Asia Pacific dominated the market and accounted for about 45.1% share of revenue in 2020. Robust automobile manufacturing industries in the region coupled with a high prevalence of electrical and electronic component manufacturers in the region are likely to upscale the demand.
Demand in North America is driven by the robust growth of aerospace and defense, and wind energy harnessing industries.
Growing demand from the automotive sector, rise in defense budgets of various countries, increase in demand from the electronics industry are the major factors influencing the market in Europe.
Central and South America is one of the most challenging markets for composites. Political and economic instability in the region has had a notable impact on the industry growth over last decade.
Market Share Insights
May 2021: DuPont announced the introduction of a new groundbreaking development—DuPont™ Kevlar® MicroCore™, a unique, high-temperature-resistant, super fine fiber material planned for use in battery separators to help address the growing demand for safer, higher-performing lithium ion batteries for electric vehicles (EVs).
Key Companies Profile:
The product launch with advanced features and customized product offerings is likely to strengthen the position of the industry players.
Some of the prominent players in the composites market include:
Toray Industries, Inc.
PPG Industries, Inc.
Huntsman Corporation LLC
Compagnie de Saint-Gobain S.A
Momentive Performance Materials, Inc.
Cytec Industries (Solvay. S.A.)
China Jushi Co., Ltd.
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