Global Composites Market Size Will Hit USD 150.10 Billion By 2026

Findings from Facts and Factors report "Composites Market By Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites, and Others), By Resin Type (Thermoset Composites and Thermoplastic Composites), By Manufacturing Process (Lay-up, Filament Winding, Injection Molding, Pultrusion, Compression Molding, RTM, and Others), By End-Use Industry (Aerospace & Defense, Wind Energy, Transportation, Construction &Infrastructure, Marine, Pipe & Tank, Electrical & Electronics, and Others), and By Region: Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020-2026" states that the global Composites market in 2019 was approximately USD 90.8 Billion. The market is expected to grow at a CAGR of 7.10% and is anticipated to reach around USD 150.10 Billion by 2026.

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The demand for composites is rising due to the demand for lightweight materials in the automotive and aerospace industries. In addition, the advancements taking place in the aerospace and defense sector such as Boeing and Airbus in the U.S. and Europe are likely to propel the growth of the global Composites market. Furthermore, the surging backward and forward integration of the composites market is likely to profit from various raw material manufacturers. The low production cost of composites and the development of rare end products is predicted to enhance the profitability of the composites on a global level. The rising use of composites in Carbon Fiber Reinforced Plastic (CFRP) applications depending on grades and the quality of precursor will further boost the market growth.

Market Segment Dominance:

Glass fiber composites are expected to dominate the market during the forecast period

Glass fiber composites dominated the global composites industry owing to its low cost and superior physical & mechanical properties that surge its application in electrical & electronics, wind energy, pipes & tanks, and construction & infrastructure sector.

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Thermoset composites are projected to hold the largest market share during the forecast period

Thermoset composites' low maintenance cost, high performance, and durability are anticipated to boost its demand in the global Composites market. It is widely used in defense, military, marine, and aerospace, among others.

Lay-up manufacturing process is expected to dominate the Composites market

The composite manufacturing process solely depends on the shape and structural dimension of the product to be manufactured. The rising demand in the wind energy, marine, aerospace, and defense industries are likely to help surge the demand for the lay-up manufacturing process in the global composites industry.

The transportation end-use industry is expected to lead the composites market.

The composites are found to have a higher strength-to-weight ratio than that of steel and aluminum thus increasing its application in the transportation industry. Additionally, the stringent environmental regulations regarding emission standards are the major driving factors behind the introduction of composites in transportation.

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Regional Dominance:

The Asia Pacific is expected to dominate the Composites market during the forecast period

The Asia Pacific is expected to dominate the global Composites market during the forecast period owing to the rising demand for lightweight vehicles in the developing economies like China and India. In addition, the presence of key market players, advancements in mode of transportation, developments in wind energy, construction & infrastructure industries, and others help expand the Composites market in the region.

Market Players:

Some of the key players of the global Composites market include Toray Industries, Inc., Owens Corning, Teijin Limited, Hexcel Corporation, Huntsman International LLC., SGL Group, Solvay, Nippon Electrical Glass Co. Ltd., Koninklijke Ten Cate bv., and Mitsubishi Chemical Holdings Corporation.

This report segments the global Composites market as follows:

Global Composites Market: Fiber Type Segmentation Analysis

Glass Fiber Composites
Carbon Fiber Composites
Natural Fiber Composites
Others

Global Composites Market: Resin Type Segmentation Analysis

Thermoset Composites
Thermoplastic Composites

Global Composites Market: Manufacturing Process Segmentation Analysis

Lay-up
Filament Winding
Injection Molding
Pultrusion
Compression Molding
Resin Transfer Molding (RTM)
Others

Global Composites Market: End-Use Industry Segmentation Analysis

Aerospace & defense
Wind Energy
Transportation
Construction & Infrastructure
Marine
Pipe & Tank
Electrical & Electronics
Others

Global Composites Market: Regional Segmentation Analysis

North America
The U.S.
Canada
Europe
Germany
The UK
France
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa

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