What Is The Size Of Global Composite Industry?
Global Composite market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F.
The Composite Market is largely driven by the desirable performance of composites as well as the high adoption of composites in various end-user industries.
There are significant differences between the materials, costs, and process technology used in the aerospace sector and the car industry. Due to their diversity, Composite materials can satisfy this wide range of demands. For instance, there are resins, a variety of fibers, equipment, process, and finishing options that can be used to fabricate almost any item for any application.
Composites recycling and disposal raise problems that need to be resolved. One such problem relates to carbon fiber composites used in hexavalent chromium primer-coated end-of-life aircraft structures. Due to the possibility of the hexavalent chromium in these composites seeping into the ground, they may be categorized as hazardous waste and cannot be disposed of on land.
Furthermore, The COVID-19 outbreak had a huge impact on supply chains since key economies had to halt commerce. Additionally, the demand for composites had decreased across a range of end-use industries, including aerospace, automotive, and construction. However, the situation improved in 2021 due to the removal of trade barriers, which restored the market’s growth trajectory.
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Global Composite Market By Fiber Type
The Global Composite market is segmented by Fiber Type into Glass Fiber Composites and Carbon Fiber Composites.
The carbon fiber composites segment held the largest market share in the Global Composites Market in 2022.
Carbon atoms are bonded in parallel crystals to create carbon fiber, which is then combined with other materials to create composites. Due to their beneficial characteristics, including high stiffness, low thermal expansion, good chemical resistance, high-temperature tolerance, and low weight, these fibers are used in industrial and manufacturing applications.
The strength and endurance of these Composites have been improved due to technical improvements, which have expanded their penetration in pipe production applications.
Global Composite Market By End-User
The Global Composite Market is segmented by End-User into Electrical & Electronics, Automotive & Transportation, Wind Energy, Aerospace & Defense, Construction & Infrastructure and Other. The automotive & transportation end-user segment held the largest share of the Global Composites Market in 2022.
Over the foreseeable term, this market segment is likely going to continue to lead. The transportation industry benefits from composites since the components are much lighter in weight, increasing fuel economy.
It is anticipated that rising consumer and industry demand for high-tech electronics would increase demand for composite materials.
Global Composite Market By Resin Type
The Global Composite market is segmented by Resin into Thermoset Composites and Thermoplastic Composites. The thermoset composites resin type segment held the largest share of the Global Composites Market in 2022.
The significant growth in demand for thermoset composites in sectors of aerospace, transportation, and defense is boosting the market growth. Glass, carbon, and aramid fibers are the usual building blocks of thermoset composite, which is frequently mixed with resins such as epoxies, phenolics, vinyl esters, polyesters, cyanate esters, and polyimides.
Key Topics Covered in the Report
- Snapshot of the Global Composites Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Composites Market
- Historic Growth of the Overall Global Composites Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Composites Market
- Overview, Product Offerings, and SWOT Analysis of Key Competitors
- COVID-19 Impact on the Overall Global Composites Market
- Future Market Forecast and Growth Rates of the Total Global Composites Market and by Segments
- Market Size of Fiber Type / End User Segments with Historical CAGR and Future Forecasts
- Analysis of the Composites Market in Major Regions
- Major Production / Consumption Hubs in the Major Regions
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Country
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Major Players Mentioned in the report
- Huntsman Corporation LLC
- SGL Group
- Teijin Ltd
- CooperVision
- DuPont
- Owens Corning
- Toray Industries, Inc.
- Mitsubishi Chemical Holdings Corporation
- Solvay
- Exel Group
- DOW
Notable Emerging Companies Mentioned in the Report
- Capricorn Composite GmbH
- Aircraft Composites Sachsen GmbH
- Fibrolux GmbH
- Hexcel Corporation
- INEOS Enterprises
- Bally Ribbon Mills
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Composites Manufacturers
- Glass Fiber Composites Manufacturers
- Insulation Manufacturers
- Raw Material Suppliers for Composites
- Composites Research and Development Institutes
- Market Research & Consulting Firms
- Banking and Financial Service Providers
- Hardware Electronics Suppliers
- Auto Component Manufacturers
- Government & Regulatory Authorities
- Chemical Research Institutes
- Specialty Chemicals Material Suppliers
- Investors in Chemicals Industry
- Start-ups & Incumbents in Chemical Industry
- Chemical Testing & Inspection Companies
- Government Ministries and Departments of Chemicals Industry
- PE and VC Firms focused on Chemicals Industry
- Potential Entrants into Composites Industry
Time Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022E-2028F
For more insights on the market intelligence, refer to the link below:-
Global Composite Material Market
