The Global Composites Market was valued at USD 37.88 billion in 2020 without the COVID-19 impact and is projected to grow at a CAGR of 5.3% during the forecast period till 2028. With the COVID-19 impact, the global composites market was valued at USD 31.78 billion in 2020. In terms of volume, the global composites market is anticipated to reach XX.X KT by 2028, at a CAGR of XX.X% from 2020 to 2028.
Composites are advanced engineering materials that are produced by the combination of two or more materials having different chemical or physical properties. When these materials are combined, the final material has superior mechanical, chemical, and physical properties than that of the parent materials. The increasing demand for composite products and components from the transportation, aerospace, and oil & gas industry is anticipated to promote the growth of the global composites market.
The history of composites goes back to 3400 BC. The ancient Mesopotamians were believed to have used a composite, which was plywood created with glued wood strips. In 2181 BC, the Egyptians started making death masks using linen in plaster. Afterwards, both societies were found using various natural resins and fibers, such as straw and mud, to develop different components and structures. In modern times, the first composite material was produced in 1960s, and it was first commercialized in 1980 within the railway system in Japan.
FIGURE 1: GLOBAL COMPOSITES MARKET SNAPSHOT
FIGURE 2: GLOBAL COMPOSITES MARKET SEGMENTATION
Global Composites Market, By End User
Based on the end user, the composites market has been segmented into transportation, aerospace & defence, marine, pipe & tanks, power & energy, electrical & electronics, building & construction, and others. Among these segments, the transportation end user segment of the global composites market captured the largest market share in 2020 and is anticipated to remain the largest segment till the forecast period. The growing demand for lightweight automotive components to increase fuel efficiency to meet the norms and regulations related to the environment and low carbon emission will increase the demand for composites from the transportation end user segment.
Global Composites Market, by Manufacturing Process
Based on the manufacturing process, the market has been segmented into lay-up, filament winding, injection molding, compression molding, pultrusion, and others. Among these segments, the lay-up manufacturing segment of the global composites market captured a market share of 35.8% in 2020 and is anticipated to remain the largest segment till the forecast period. The largest market share held by the lay-up manufacturing process segment can be attributed to the capability of this process to create critical dimension products and components and low manufacturing cost.
Global Composites Market, by Fiber Type
Based on the fiber type, the market has been segmented into glass fiber, carbon fiber, natural fiber, and others. The glass fiber segment of the global composites market captured the largest market share in 2020 and is anticipated to remain the largest segment till the end of the forecast period. Glass fiber-based composites can be shaped to any structural form having superior mechanical and physical strength, with durability and color format as per the application requirement.
Global Composites Market, by Resin Type
Based on the resin type, the global composites market is segmented into thermoset and thermoplastics. The thermoset resin type segment of the global market has been further segmented into epoxy, polyester, vinyl, and others, while the thermoplastics segment has been segmented into polypropylene (PP), ethylene polymers, polycarbonate, nylon, and others. The thermoset segment led the global composite market in 2020. It is anticipated to remain the largest segment till the forecast period due to its high mechanical strength, easy processibility, low shrinkage, and high curing ratio, along with good adhesion properties.
FIGURE 3: GLOBAL COMPOSITES MARKET (USD BILLION), PRE-COVID AND POST-COVID MARKET ESTIMATION AND FORECAST, 2020-2028
Global Composites Market, by Region:
Based on regions, the global composite market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia pacific region was dominating the global composites market in 2020 both in terms of value and volume. The growth of the transportation industry and increasing oil & gas exploration, production and refining activities, followed by the growth of the electrical and electronics market, are increasing the demand for composites in the region. Growing aerospace & defense spending and growth of the aerospace industry are further contributing to market growth
Besides Asia pacific, Europe and North America have captured a prominent market share in the global composites market, which is mainly attributed to the well-articulated and favourable government policies regarding low emission transportation system in the U.S. and other European countries and progress in carbon neutralization transportation targets. Apart from this, the growth and demand for renewable energy power plants, mainly wind energy, is further anticipated to increase the demand for composites in these regions.
Some Recent Developments in the Global Composites Market:
- In February 2021, Solvay and Leonardo has announced composite research partnership by launching a new lab for the development of composite materials along with production process for the aerospace industry.
- In June 2020, Scott Bader’s Australia business unit acquired the complete assets of Summit Composites Pty Ltd. This acquisition will help the company to increase its market presence in the Pacific region
What does This Report Provide?
This report provides a detailed understanding of the global composites demand from a qualitative and quantitative perspective with a forecast for the next 10 years, both in terms of value and volume. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the global composites market. The major market drivers, challenges, restraints, and opportunities for the global composites market have also been covered in the report.
This report further includes the market shares of the leading companies operating in the composites market, along with their production capacities and the growth strategies adopted by them. An in-depth pricing analysis, patent analysis, and distribution channel analysis have also been covered in the report. Further, how COVID-19 pandemic has affected the global composites market is also covered in this study, both in terms of qualitative and quantitative analysis.
Market Segmentation:
By End User:
- Transportation
- Aerospace & Defence
- Marine
- Pipe & Tanks
- Power & Energy
- Electrical & Electronics
- Building & Construction
- Others
By Manufacturing Process:
- Lay-Up
- Filament Winding
- Injection Molding
- Compression Molding
- Pultrusion
- Others
By Fiber Type:
- Glass Fiber
- Carbon Fiber
- Natural Fiber
- Others
By Resin Type:
- Thermoset
- Epoxy
- Polyester
- Vinyl
- Others
- Thermoplastics
- Polypropylene (PP)
- Ethylene Polymers
- Polycarbonate
- Nylon
- Others
By Region:
North America Composites Market
- North America Composites Market, by Country
- U.S.
- Canada
- Mexico
- North America Composites Market, by Manufacturing Process
- North America Composites Market, by Resin Type
- North America Composites Market, by Fiber Type
- North America Composites Market, by End User
Europe Composites Market
- Europe Composites Market, by Country
-
- Germany
- Russia
- UK
- France
- Italy
- Spain
- The Netherlands
- Rest of Europe
- Europe Composites Market, by Manufacturing Process
- Europe Composites Market, by Resin Type
- Europe Composites Market, by Fiber Type
- Europe Composites Market, by End User
Asia Pacific Composites Market
- Asia Pacific Composites Market, by Country
-
- China
- India
- Japan
- South Korea
- Australia
- Indonesia
- Rest of Asia Pacific
- Asia Pacific Composites Market, by Manufacturing Process
- Asia Pacific Composites Market, by Resin Type
- Asia Pacific Composites Market, by Fiber Type
- Asia Pacific Composites Market, by End User
Middle East & Africa Composites Market
- Middle East & Africa Composites Market, by Country
-
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
- Middle East & Africa Composites Market, by Manufacturing Process
- Middle East & Africa Composites Market, by Resin Type
- Middle East & Africa Composites Market, by Fiber Type
- Middle East & Africa Composites Market, by End User
South America Composites Market
- South America Composites Market, by Country
-
- Brazil
- Argentina
- Colombia
- Rest of South America
- South America Composites Market, by Manufacturing Process
- South America Composites Market, by Resin Type
- South America Composites Market, by Fiber Type
- South America Composites Market, by End User
Major Companies: In this report, the following major companies are studied - Owens Corning, Gurit, Solvay, Toray Industries Inc., Teijin Limited, Hexcel Corporation, Mitsubishi Chemical Company, Kineco Limited, Ashai Fiberglass Company, China Fiberglass Company, Scott Bader, and Arkema, among others.
Objectives of This Report:
- To estimate the market size for the composites market on a regional and global basis.
- To identify major segments in the composites market and evaluate their market shares and demand.
- To provide a competitive scenario for the composites market with major developments observed by key companies in the historic years.
- To evaluate key factors governing the dynamics of composites market with their potential gravity during the forecast period.
- To evaluate the leading company-wise pricing analysis for the mentioned applications
Customization:
This study is customized to meet your specific requirements:
- By sub-segment
- By client specific country analysis with market share analysis
- Pricing analysis along with the potential and existing customer analysis
- Product specific competitive benchmarking and pricing analysis
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