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Composites Market

Composites Market

Composites Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

155

Base Year:

2021

Date

Jan - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1194

Segments Covered
  • By Product Carbon Fiber, Glass Fiber, Others
  • By Manufacturing Process Layup Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding Process, Others
  • By End-Use Automotive & Transportation, Electrical & Electronics, Wind Energy, Construction & Infrastructure, Pipes & Tanks, Marine, Others
  • By Region North America, Europe, Latin America, Asia-Pacific, Middle East & Africa
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 88.4 Billion
Revenue 2028Revenue 2028: USD 160.45 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 6.5%
Fastest Growing Region Fastest Growing Region (2022 - 2028) North America
Largest Region Largest Region (2021): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Composites Market Share

Composites Market: By Product, By Manufacturing Process, By End-Use, and Region

Market Synopsis:

Global Composites market is valued at USD 88.4 Billion in 2021 and is estimated to reach a value of USD 160.45 Billion by 2028 at a CAGR of 6.5% during the forecast period. Over the projected period, the market is likely to be driven by rising demand for performance materials in different industries such as automotive and transportation, wind energy, and aerospace and military.

The global outburst of COVID-19 has had a huge impact on supply networks, with major economies suspending trade operations. Furthermore, demand for Composites has decreased across a variety of end-use industries, including aerospace, automotive, and construction. However, with the relaxation of trade barriers, the situation is likely to improve in 2022, restoring the market's growth trajectory.The market is competitive, with a few important firms controlling the lion's share of the industry. New entrants find it challenging to compete profitably in the market due to their R&D skills. However, the development of goods for specialized applications to improve Composites output is projected to boost the market's potential. As a result, industry competition is likely to be fierce throughout the projection period.

Composites Market Size, 2021 To 2028 (USD Billion)

Market Segmentation:

The global Composites market is segmented on the basis of Product(Carbon Fiber,Glass Fiber,Others),Manufacturing Process(Layup Process,Filament Winding Process,Injection Molding Process,Pultrusion Process,Compression Molding Process,Resin Transfer Molding Process,Others),End-Use(Automotive & Transportation,Electrical & Electronics,Wind Energy,Construction & Infrastructure,Pipes & Tanks,Marine,Others),Region(North America,Europe,Latin America,Asia-Pacific,Middle East & Africa). Based on Product: Carbon Fiber, Glass Fiber and Others. Based on manufacturing: Layup Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding Process and others. Based on End-Use: Automotive & Transportation, Electrical & Electronics, Wind Energy, Construction & Infrastructure, Pipes & Tanks, Marine and Others

Below tree is interactive. You can click the nodes to get more information.

Carbon fibre is made up of carbon atoms that are bound together in parallel crystals to form a fibre, which is then mixed with other materials to make a Composites. These fibres are used in industrial and manufacturing applications because of their advantageous qualities such as minimal thermal expansion, high stiffness, high temperature tolerance, strong chemical resistance, and low weight. Boosted penetration in pipe manufacturing applications has resulted from technological advancements that have increased the strength and endurance of these Composites. Furthermore, increased demand for high-strength materials in the automotive and aerospace industries is projected to support the market throughout the forecast period.

The injection moulding process is predicted to benefit from the increased need for lightweight components in automotive manufacturing. Furthermore, an increase in demand for high-strength components in the aerospace and marine industries is expected to support the market throughout the forecast period. The need for composites is predicted to rise as the demand for improved electronics in both domestic and industrial applications grow. Terminal boxes, lamp housings, electrical enclosures, plugs, sockets, and components for energy distribution are the most prevalent applications for composites in the electrical and electronics sector.

Increasing Construction and Infrastructure Spending Are Expected To Drive Growth Of The Composites Market

Composites are mostly used in the building and infrastructure industries. The Composites market is projected to reach its apex as construction continues at a quick pace. Buildings, swimming pools, storage tanks, countertops, bridges, skyscrapers, and commercial landscapes are all being built at a rapid pace in both developed and developing nations, boosting the Composites market. The desire to create the most durable and lightest structures has increased Composites involvement in the construction sector. Due to the fast speed of building in rising nations such as India and China, the APAC area is seeing massive demand for .

Increasing Demand From Automotive and Aerospace Industry To Drive Growth Of The Composites Market

Despite their high cost, fiber-reinforced Composites materials have gained popularity in high-performance items such as aircraft components such as wings, tails, propellers, fuselages, helicopter rotor blades, and spacecraft equipment. Composites are used extensively in the construction of the Airbus A350 and Boeing 787 aircraft. Boats, fishing equipment, kayaks, dinghies, and scull hulls are among the products made using them. Composites are also employed in the construction of land vehicles such as automobiles, bikes, and cycles. Durable and lightweight Composites materials such as carbon fibre are used to produce the supreme pleasure of speed in numerous sports automobiles. Composites are used to make the chassis of several two-wheelers and cycles. The use of composites in automobiles has risen dramatically as they become more electrified to replace conventional gasoline.

High Production Cost to Limit Composites Market Growth

The manufacturing resources become prohibitively expensive owing to the long cycle time necessary to create composite materials. Due to this, the price of carbon and glass fibers that are essential in the manufacturing of Composites materials also increase. The high cost of manufacturing materials is likely to stymie the expansion of the global Composites market from 2016 to 2028. However, in collaboration with composite material manufacturers, numerous automotive OEMs are working on creating new methods and technologies that can produce composite materials faster. This is expected to reduce the costs associated with the manufacture of composite materials and further support the composites market growth during the forecast period.

Asia Pacific Composites Market to Grow at the Fastest CAGR

In 2020, Asia Pacific dominated the market, owing to the region's robust vehicle manufacturing industries, combined with a high prevalence of electrical and electronic component makers, which are expected to drive rising demand.

Competitive Landscape:

Some of the major vendors in the Composites market is The Quadrant Group of Companies, Hexcel Corporation, Owens Corning, TPI Composites, Inc, Fokker Aerostructures, Faurecia, Performance Composites Inc., Toray Industries, APPLIED POLERAMIC INC., KINECO, HITCO Carbon Composites, Inc., VELLO NORDIC AS, Hexagon Composites, Enduro Composites, Inc., Teijin Limited, Creative Composites Ltd., BGF Industries, Inc., Kangde Xin Composite Material Group Co., Ltd., PLASAN CARBON COMPOSITES, FACC AG, Premium Aerotec, COTESA GmbH, Wethje Carbon Composites, Akiet B.V., Fiberdur GmbH & Co. KG, and FILL GESELLSCHAFT M.B.H.

The Composites is Segmented as Follows:

Parameter Details
Segments Covered
  • Product (Carbon Fiber, Glass Fiber, Others)
  • Manufacturing Process (Layup Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding Process, Others)
  • End-Use (Automotive & Transportation, Electrical & Electronics, Wind Energy, Construction & Infrastructure, Pipes & Tanks, Marine, Others)
  • Region (North America, Europe, Latin America, Asia-Pacific, Middle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, 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 & Africa)
Companies Covered
  • The Quadrant Group of Companies
  • Hexcel Corporation
  • Owens Corning
  • TPI Composites Inc. Fokker Aerostructures
  • Faurecia
  • Performance Composites Inc.
  • Toray Industries
  • APPLIED POLERAMIC INC.
  • KINECO
  • HITCO Carbon Composites Inc.
  • VELLO NORDIC AS
  • Hexagon Composites
  • Enduro Composites Inc.
  • Teijin Limited
  • Creative Composites Ltd.
  • BGF Industries Inc.
  • Kangde Xin Composite Material Group Co. Ltd.
  • PLASAN CARBON COMPOSITES
  • FACC AG
  • Premium Aerotec
  • COTESA GmbH
  • Wethje Carbon Composites
  • Akiet B.V.
  • Fiberdur GmbH & Co. KG
  • and FILL GESELLSCHAFT M.B.H.
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Composites Market to Reach Valuation of USD 160.45 Billion by 2028 - Surging Demand for Composites across Various End-Use Industries to Bloom Market
In terms of revenue, the Global Composites Market is expected to reach USD 160.45 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.5% from 2022 to 2028. The Global Composites Market growth is attributed to the factors such as increasing demand for composites across various end-u...
FAQ
Frequently Asked Question
  • The global Composites valued at USD 88.4 Billion in 2020 and is expected to reach USD 160.45 Billion in 2028 growing at a CAGR of 6.5%.

  • The prominent players in the market are The Quadrant Group of Companies, Hexcel Corporation, Owens Corning, TPI Composites, Inc, Fokker Aerostructures, Faurecia, Performance Composites Inc., Toray Industries, APPLIED POLERAMIC INC., KINECO, HITCO Carbon Composites, Inc., VELLO NORDIC AS, Hexagon Composites, Enduro Composites, Inc., Teijin Limited, Creative Composites Ltd., BGF Industries, Inc., Kangde Xin Composite Material Group Co., Ltd., PLASAN CARBON COMPOSITES, FACC AG, Premium Aerotec, COTESA GmbH, Wethje Carbon Composites, Akiet B.V., Fiberdur GmbH & Co. KG, and FILL GESELLSCHAFT M.B.H..

  • The market is project to grow at a CAGR of 6.5% between 2021 and 2028.

  • The driving factors of the Composites include

    • Increasing Construction and Infrastructure Spending

  • Asia Pacific was the leading regional segment of the Composites in 2020.