Composites Market Industry Leaders: Solvay (Belgium), Hexcel Corporation (U.S.), Huntsman Corporation (U.S.), Owens Corning (U.S.), Toray Industries, Inc. (Japan), Teijin Limited (Japan), SGL Group (Germany), Koninklijke Ten Cate bv (Netherlands)

The major players operating in the composites market have adopted the strategies of investments & expansions to increase their shares in the market.

Composites are made from a polymer matrix, which is reinforced with an engineered, man-made, or natural fiber such as glass, carbon, aramid, etc. The demand for composites is growing significantly across the globe, owing to increased use of composites in aerospace, wind energy, marine, transportation, construction & infrastructure applications. As composites are lightweight and possess high strength, they are used in different applications in various end-use industries. In terms of value, the composites market is projected to reach USD 115.43 billion by 2022, at a CAGR of 8.13% from 2017 to 2022.

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The key players operating in the composites market are Solvay (Belgium), Hexcel Corporation (U.S.), Huntsman Corporation (U.S.), Owens Corning (U.S.), Toray Industries, Inc. (Japan), Teijin Limited (Japan), SGL Group (Germany), Koninklijke Ten Cate bv (Netherlands), etc. These players have adopted various strategies to expand their global presence and increase their market shares. New product launches, investments & expansions, and agreements & partnerships, mergers & acquisitions are the major strategies adopted by these leading players to achieve growth in the composites market.

Investments & expansions have been the principal strategies adopted by the key players to strengthen their positions in the composites market. Key players such as Hexcel Corporation (U.S.), Toray Industries, Inc. (Japan), Teijin Limited (Japan), etc. have undertaken a number of capacity expansions. For instance, Toray Composites, Inc. (Japan) expanded its production facility in Pierce County in Washington (U.S.) in September 2015 to add significant prepreg capacity to its existing facility so as to meet the increased demand for composites from Boeing for various aircraft applications. In January 2016, Hexcel Corporation (U.S.) established a new manufacturing facility in Casablanca (Morocco) to cater to the increasing demand for composites for core structures, which involve the production of honeycomb materials for the aerospace structures.

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Owens Corning (U.S.) announced the maximum number of new product launches between January 2013 and July 2017. The products launched by Owens Corning include PulStrand 4100, multi-end roving under the brand name Paneluxe, HydroStrand 258 glass-fiber chopped strands for polyamide (PA) resins, and glass fiber products under the brand names Advantex ME1975 and Advantex ME1510, etc.

Solvay (Belgium) is engaged in the manufacturing of composites for aerospace and automotive applications. It is one of the major players that have established a strong foothold in the composites market by adopting the strategy of acquisitions and signing distribution agreements with various manufacturers of aircraft and automotive. The company acquired Cytec (U.S.) in 2015, which allowed Solvay to set its footprint in the composites market. In addition, the company is also signing various distribution agreements with different aircraft and automotive manufacturers to broaden its market presence and explore new opportunities in the emerging economies. For instance, Solvay (Belgium) signed a distribution agreement with Bang & Bonsomer Group (Finland) in January 2016 to distribute process material products used for manufacturing components made of composites in Lithuania, Estonia, Latvia, and Finland.

Increasing demand for composites from the wind energy, aerospace, and transportation industries is driving the composites market, globally.

The Asia-Pacific region is the largest consumer of composites in the world. The Asia-Pacific composites market is projected to grow at the highest CAGR in terms of volume between 2017 and 2022. The growth of the Asia-Pacific composites market can be attributed to the increasing use of composites in various industries such as wind energy, construction & infrastructure, aerospace, electrical & electronics, and automotive. In terms of volume, China has become the single-largest consumer of composites in the electrical & electronics, construction & infrastructure, and wind energy industries, globally. The composites market in China is further expected to grow during the forecast period. The growth of the composites market in China is due to the establishment of a number of new carbon fiber plants in the country and increased investments in China by various Europe-based companies dealing in the aerospace, automotive, and wind energy industries.

Among fiber types, the carbon fiber composites segment of the composites market is projected to grow at the highest CAGR in terms of volume between 2017 and 2022. This growth of the carbon fiber composites segment of the market can be attributed to the increasing use of carbon fiber composites in the aerospace & defense applications and the automotive industry of the North American and European regions, respectively. As such, several renowned companies have increased their production of carbon fiber composites to meet the growing demand for carbon fiber composites across the globe. For instance, Toray Industries, Inc. (Japan) expanded its carbon fiber prepreg business unit in the European region in October 2015 to cater to the increased demand for composites from the premium automotive sector. In the same year, SGL Group (Germany) tripled its manufacturing capacity of carbon fibers. Presently, the company has the capacity to produce 3,000 tons of carbon fibers, annually.

Among resin types, the thermoplastic composites segment of the composites market is projected to grow at the highest CAGR in terms of value and volume between 2017 and 2022. The growth of this segment of the market can be attributed to the ability of thermoplastic composites to get recycled. Moreover, the increased use of thermoplastic composites in transportation and aerospace & defense applications is also contributing to the growth of the thermoplastic composites segment of the composites market. In addition, several major automotive companies are signing distribution agreements with the manufacturers of thermoplastic composites, who provide composites for automotive applications, to adhere to the stringent recycling eco-friendly regulations. For instance, Koninklijke Ten Cate bv (Netherlands) signed a distribution agreement with Kyokuto Boeki Kaisha Ltd. (Japan) in January 2014 for distributing thermoplastic composite materials of TenCate in the Japanese market.

Among applications, the transportation segment of the composites market is projected to grow at the highest CAGR in terms of volume between 2017 and 2022. The growth of the transportation segment of the composites market can be attributed to increased use of fiber reinforced plastics (FRP) in the automotive, heavy carriers, and rail sectors for making body panels, floor panels, and other components as they not only reduce weight of the above-mentioned structural components but also increase their strength and efficiency. Moreover, stringent implementation of various environmental regulations regarding carbon dioxide emission standards, specifically in the North American and European regions, are the major driving factors contributing to the increased use of composites in the transportation applications.

Among manufacturing processes, the layup process segment of the composites market is projected to grow at the highest CAGR in terms of volume between 2017 and 2022. The layup process is widely used for manufacturing composites parts for use in the wind energy, construction & infrastructure, transportation, consumer goods, and marine industries as this process is economical in comparison to other composite manufacturing processes.

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