Global Composites Market is expected to grow at a CAGR of 5.43% during the forecast period from 2019-2026

As per the report published by Fior Markets, the global composites market is expected to grow from USD 74.54 billion in 2018 to USD 181.49 billion by 2026 at a CAGR of 9.18% during the forecast period 2019-2026.Increasing consumption of composites in various applications, growth of the construction industry in China and Japan, and increased investments are some of the factors that led to the growth of composites market in Asia Pacific region.

Composites Market by Type (Glass Fiber, Carbon Fiber, Other), Resin Type (Thermoset Composites, Thermoplastic Composites), Manufacturing Process, Application, Region and Global Forecast 2019-2026.

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Prominent companies in the industry include Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, SGL Group, Nippon Electric Glass Co. Ltd., Koninklijke Ten Cate BV, Huntsman International LLC., Solvay, Hexcel Corporation, Hexion, DuPont, Weyerhaeuser Company, Chongqing Polycomp International Corporation, Jushi Group Co., Ltd., and others which are offering greater opportunities and major players are continuously focusing on new product developments and venture capital investments to obtain market share.

Type segment covers glass fiber, carbon fiber, and other. The glass fiber segment dominated the market with the market size of USD 36.23 billion in 2018 due to their increasing use in the aerospace & defense, transportation, wind energy, and construction & infrastructure applications. Resin type segment includes thermoset composites and thermoplastic composites. The thermoset composites segment is further divided into polyester resin, vinyl ester resin, epoxy resin, polyurethane resin, and others. The thermoplastic composites segment is further divided into polycarbonates (PC), polyphenylene sulfide (PPS), polyetherimide (PEI), polyether ether ketone (PEEK), and others. The thermoset composites segment holds the highest market share of 52.34% in 2018 owing to increased use of thermoset composites in the construction & infrastructure, marine, and wind energy applications. Also, thermoset composites are suitable for highly corrosive and high-temperature applications. Manufacturing process segment is divided into layup process, filament winding process, injection moulding process, pultrusion process, compression molding process, resin transfer molding process, and other. The layup process segment is expected to hold the largest share of 28.22% during the forecast period. This is attributable to low-cost involved in the layup process used for manufacturing composites that are mostly used in wind energy and marine applications. Application is segmented into civil engineering, transportation, aerospace & defense, wind energy, construction & infrastructure, electrical & electronics, pipes & tanks, marine, and others. The aerospace & defense segment is anticipated to grow with the highest CAGR 8.49% over the forecast period. Here, contributing factors are increased use of composites in the aerospace & defense as well as durable and lightweight materials.

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High demand in emerging economies for glass fiber reinforcing composite pipes, growing demand of lightweight materials from the transportation industry, and increasing use of composites in the construction & infrastructure applications are the key driving factors for the Composites market. In addition, rising use of glass fiber-reinforced composite pipes in the sewage & water management and oil & gas industries will lead to the growth of Composites market ina couple of years. The issues related to recycling, high processing and manufacturing cost, and lack of standardization in manufacturing technologies may limit the growth of the market. However, growing adoption of natural composites, increasing demand from emerging economies, reduction in cost of carbon fibers, high demand for glass fiber reinforced composite pipes in emerging economies is expected to boost the composites market over the forecast period.

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