Composites Market worth $131.6 billion by 2024 | Key Players include Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation

According to recent market research "Composites Market by Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites), Resin Type (Thermoset Composites, Thermoplastic Composites), Manufacturing Process, End-use Industry and Region - Global Forecast to 2024", The global composites market size is expected to grow from USD 90.6 billion in 2019 to USD 131.6 billion by 2024, at a CAGR of 7.7% during the forecast period. The composites industry is growing due to the increase in the demand for high performance materials with properties such as high strength to weight ratio, good tensile strength, electrical conductivity among others.

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The global composites market size is estimated to be USD 90.6 billion in 2019 to USD 131.6 billion by 2024, at a CAGR of 7.7% during the forecast period. Composites are increasingly used in the aerospace & defense end-use industry as they decrease weight and increase fuel efficiency. In addition, the capability of aerospace composites to maintain a greater strength-to-weight ratio allows for more efficient structural and aerodynamic designs. This has led to a high demand for composites in the aerospace & defense end-use industry. The 737 and 787 airplanes, together, constitute more than 80% of all Boeing commercial airplane deliveries, which is expected to drive the composites industry in the next five years significantly. Also, Boeing’s new aircraft 797 has used composites in its production to reduce its weight and achieve cost efficiency. All these factors are expected to drive the composites market during the forecast period.

Composites are used mainly in end-use industries such as aerospace & defense, wind energy, transportation, marine, pipe & tanks, electrical & electronics, construction & infrastructure, among others. The aerospace & defense end-use industry represents the largest consumption group for composites. The composites are corrosion-resistant and are not subject to fatigue damage. The benefits of using composites in aerospace & defense include cost-effectiveness, part consolidation, dimensional stability, and corrosion resistance. More fatigue capability is achieved over traditional jetliners with advanced carbon fiber composite design, enabling bigger passenger windows and lower cabin altitude.

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Composites are used in a variety of end-use industries, including aerospace & defense, transportation, wind energy, marine, pipe & tanks, construction & infrastructure, and electrical & electronics, among others. Led by strong end-user demand, the composites industry is growing at a rapid pace. The global composites market size is expected to grow from USD 90.6 billion in 2019 to USD 131.6 billion by 2024, at a CAGR of 7.7% during the forecast period.

Over the past years, companies have strengthened their position in the global composites market by adopting strategies such as expansions, partnership, agreement, new product/technology launch, joint venture, contract, and merger & acquisition. From 2014 to 2019, expansion and merger & acquisition were the key strategies adopted by the market players to maintain growth in the global composites market. For instance, in February 2019, Teijin Limited (Japan) acquired Renegade Materials Corporation, a supplier of highly heat-resistant thermoset prepreg for the aerospace industry in North America. This helped the company to solidify its position as a leading provider of solutions for aerospace applications.

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For instance, in July 2019, Owens Corning (US) announced the signing of a definitive agreement where it will acquire Saint-Gobain’s Reinforcement and Composites business for USD 640 million. This would build Owen’s Corning’s position as market leader in glass reinforcements and composites market.

Similarly, Toray Industries, Inc. (Japan) specializes in manufacturing composites including prepregs for composites industry globally. These companies have vast global presence. These companies are among the key players present in the global composites market.

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