Composites Market Is Estimated To Grow, Due To Increasing Demand For Performance Materials In Various Industries Till 2028
Composites Industry Overview
The global composites market size was estimated at USD 86.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.6% from 2021 to 2028.
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.
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- Carbon Fiber Market - The global carbon fiber market size was valued at USD 2.25 billion in 2015 and is projected to grow at a CAGR of 10.9% from 2017 to 2025. Increasing demand for this product from the automotive and aerospace industries is likely to drive the product demand.
- Silicon Carbide Fibers Market - The global silicon carbide fibers market size was estimated at USD 412.8 million in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 33.2% from 2019 to 2025. Increasing use of lightweight silicon carbide (SIC) fibers for component manufacturing in aerospace industry is projected to drive the market over the forecast period.
Composites Market Segmentation
Grand View Research has segmented the global composites market on the basis of product, manufacturing process, end use, and region:
Composites Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Carbon Fiber
- Glass Fiber
- Others
Composites Manufacturing Process Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Layup Process
- Filament Winding Process
- Injection Molding Process
- Pultrusion Process
- Compression Molding Process
- Resin Transfer Molding Process
- Others
Composites End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Automotive & Transportation
- Electrical & Electronics
- Wind Energy
- Construction & Infrastructure
- Pipes & Tanks
- Marine
- Others
Composites Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global composites market include
- Teijin Ltd.
- Toray Industries, Inc.
- Owens Corning
- PPG Industries, Inc.
- Huntsman Corporation LLC
- SGL Group
- Hexcel Corporation
- DuPont
- Compagnie de Saint-Gobain S.A
- Weyerhaeuser Company
- Momentive Performance Materials, Inc.
- Cytec Industries (Solvay. S.A.)
- China Jushi Co., Ltd.
- Veplas Group
- Kineco Limited
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.