Global Composites Market 2023: Sector is Expected to Reach $148.08 Billion by 2028 at a CAGR of 6.28% - ResearchAndMarkets.com

The report provides the bifurcation of the market into two segments based on the resin type: Thermoset Composites, and Thermoplastic Composites.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Thursday, April 20, 2023
Information
Tags: 
Chemicals, Plastics, Manufacturing, Carbon, Urbanization, Carbon-fiber-reinforced polymers, Metal, Electronics, Construction, Polymer, Electrical engineering, Transport, Nature, Marine, Thermoplastic, Car, ROW, Rigidity, Growth, Heat, Weather, Glass, Electricity, Motorcycle, Adhesive, Renewable energy, Others
Geotags: 
NORTH AMERICA, INDIA, ASIA, CHINA, EUROPE, JAPAN
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Summary
Key Points: 
  • The report provides the bifurcation of the market into two segments based on the resin type: Thermoset Composites, and Thermoplastic Composites.
  • The thermoset composites can be remolded without degradation on heating and on cooling they solidify into a finished shape.
  • The report further provides the segmentation based on the fiber type: Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites and Other Fiber Composites.
  • The growing use of composites in the construction sector, as a result of rapid urbanization and rising living standards, is driving the composites market in Europe.


The "Global Composites Market: Analysis by Resin Type, Fiber Type, End-user, Region, Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.

The global composites market was valued at US$102.75 billion in 2022 and is expected to be worth US$148.08 billion in 2028. The market value is expected to grow at a CAGR of 6.28% during the forecast period of 2023-2028.

Composites market is expected to continue to grow as industries look for materials that offer high strength, durability, and lightweight properties.

Furthermore, the factors such as growing demand for carbon fiber composites, development of new resin systems and advancements in development technology are expected to drive the market growth in the coming years.

Market Dynamics

Drivers

  • Increasing Demand for EVs
  • Growing Construction Sector
  • Increasing Demand for Renewable Energy
  • Use of 3D Printing Technology
  • Increasing Demand for Consumer Goods
  • Focus on Lightweighting

Challenges

  • Issues Related to Recycling
  • High Processing & Manufacturing Costs

Market Trends

  • Increasing Demand From the Aerospace & Aviation Industry
  • Growing Demand for Ceramic Matrix Composites
  • Sustainable Use of Composites for Bootbuilding and Marine Structures
  • Growing Concept of Automation
  • Increasing Focus on Green Composites

Competitive Landscape

Global composites market is a rapidly evolving and highly fragmented market. The global composites market is characterized by the presence of several companies, with established players driving industry trends. The majority of these companies focus on forward integration, selling their products directly to end-users in various business verticals.

Some of these businesses also rely on an established distribution and sales network to readily interact with customers across geographies. The competitive battle among composites makers is fierce, as the industry is characterized by the existence of a significant number of global and regional companies.

The key players in the global composites market are:

  • Celanese Corporation
  • DuPont de Nemours, Inc.
  • Owens Corning
  • Teijin Ltd.
  • Toray Industries, Inc.
  • Huntsman Corporation
  • Hexcel Corporation
  • Mitsubishi Chemical Holdings Corporation
  • Solvay S.A.
  • China Jushi Co., Ltd.
  • Kineco Limited
  • Shanghai Huayuan New Composite Materials Co. Ltd.
  • Strongwell Corporation

Market Segmentation Analysis

By Resin Type:

The report provides the bifurcation of the market into two segments based on the resin type: Thermoset Composites, and Thermoplastic Composites. In 2022, the thermoset composites segment held the major share in the market.

Thermoset composites are the polymers that are made with thermoset matrices having great strength and low impact-toughness making. These are based on glass, carbon and aramid fibers. The thermoset composites can be remolded without degradation on heating and on cooling they solidify into a finished shape.

There is a substantial rise in the demand for thermoset composites by the various end user industries owing to it beneficial properties such as strength, rigidity and high temperature resistance. Due to the rapid growth and expansion of aerospace industry, the demand for thermoset composites has multiplied over the years.

By Fiber Type:

The report further provides the segmentation based on the fiber type: Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites and Other Fiber Composites. Glass fiber emerged as a prominent segment, accounting for a major share in the global market.

This phenomenal rise can be due to its high demand in the building, electronics and electrical, wind energy, and transportation sectors. It has enhanced qualities such as lightweight, high durability, high strength, and weather resistance. Such exceptional attributes are driving the segment's demand in a wide range of applications.

By End User:

The outlook of the global composites market seems eye-catching with alluring prospects in numerous end-use sectors. The composites market is further bifurcated based on the end user: Automotive & Transportation, Electrical & Electronics, Construction & Infrastructure, Wind Energy, Pipes & Tanks, Marine, and Others. In 2022, the automotive and transportation segment dominated the market.

Composites are used in automobiles, trucks, trailers, buses, railways, subways, and motorcycles. These industries use composites to replace metal in the manufacture of strong and lightweight components. The material possesses the stiffness and strength of metals but is lighter, allowing for the production of lightweight pieces.

By Region:

The report provides insight into the composites market based on the geographical operations, namely Asia Pacific, Europe, North America and ROW. The Asia Pacific region dominated the composites market and is expected to expand rapidly during the forecast period.

Due to the presence of important manufacturers in significant economies such as China, India, and Japan, the area is one of the most lucrative destinations for automotive, construction, aerospace, and electronics manufacturers. Considerable investment in the construction sector is expected to augment the demand for composites in the region which will drive the regional market growth. The presence of key market players in the region is again contributing to the growth of the composites market in Asia-Pacific.

Europe is a significant market for composites due to the increasing demand for electric vehicles and the presence of stringent emission regulations. The growing use of composites in the construction sector, as a result of rapid urbanization and rising living standards, is driving the composites market in Europe.

For more information about this report visit https://www.researchandmarkets.com/r/wvycja

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