Composites Market by Product (Carbon Fiber, Glass Fiber, Others), by Manufacturing Process (Layup Process, Filament Winding Process, Injection Molding Process, Pultrusion Process), by End-Use (Automotive & Transportation, Electrical & Electronics, Wind Energy, Construction & Infrastructure), by Region (North America, Europe, Latin America, Asia-Pacific) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)
|Forecast Years for Composites Market:||2022 - 2028|
|Historical Years for Composites Market:||2016 - 2021|
|Revenue 2021 for Composites Market:||USD 88.4 Billion|
|Revenue 2028 for Composites:||USD 160.45 Billion|
|Revenue CAGR (2022 - 2028) for Composites Market :||6.5%|
|Fastest Growing Region (2022 - 2028) for Composites Market:||North America|
|Largest Region (2021) for Composites Market:||Asia Pacific|
Composites Market: By Product, By Manufacturing Process, By End-Use, and Region
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.
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
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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.
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:
Regions & Countries Covered
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
Frequently Asked Questions
the global demand for Composites
in terms of revenue?
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%
are the prominent players
in the market?
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..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 6.5% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Composites include
- Increasing Construction and Infrastructure Spending
region accounted for the
largest share in the market?
Asia Pacific was the leading regional segment of the Composites in 2020.