Composites Market Size, CAGR of 5.3% | Increasing Demand, Growth Analysis and Strategic Outlook – 2028 | Prominent Players: Gurit, Owens Corning, Solvay, Teijin Limited, Toray Industries Inc., Hexcel Corporation, Kineco Limited, Mitsubishi Chemical Comp

The Global Composites Market was valued USD 37.88 Billion in 2020 and the market will grow at a CAGR of 5.3% over the forecast period until 2028. Increased demand for lightweight materials in various industries, such as automotive and transportation, wind energy, and aerospace and defense, is driving the market growth. Over the forecast period, rising demand for composites in the automotive industry is expected to drive market growth. The demand for fuel-efficient vehicles has grown as gas prices have risen. Because of their superior strength-to-weight ratio, composites are often used to replace aluminum, wood, and steel.

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COVID-19 Impact

COVID-19 has had a devastating effect on the overall planet. The deadly virus has wreaked havoc on a number of major markets. It compelled the government to shut down the, causing a slowdown in a variety of sectors such as Aerospace & Defense, Transportation, Marine, Power & Energy, Pipe & Tanks, Building & Construction, Electrical & Electronics, and Others.

Market Segmentation Overview:

• The transportation end user segment of the global composites industry accounted for the largest market share in 2020 and is expected to continue to do so during the forecast period. The increased demand for composites from the transportation end user segment will be driven by the increasing demand for lightweight automotive components to improve fuel efficiency and meet environmental norms and regulations.

• The glass fiber segment of the global composites industry captured the largest market share based on fiber type. Glass fiber-based composites can be formed into any structural structure while maintaining superior mechanical and physical strength, as well as toughness and color format.

• The thermoset segment led the global composite market in 2020 based on resin type. Due to its high mechanical properties, easy processibility, light weight, and high curing ratio, as well as strong adhesion properties, it is expected to remain the largest segment during the forecast era.

• Due to high demand from various end-use industries in Asia Pacific's major economies, such as China, Japan, and India, Asia Pacific was the largest regional market for composites in 2019. Over the forecast era, the emergence of the Indonesia, Philippines, Malaysia, Singapore, and Vietnam as major shipbuilding centers in Asia Pacific is expected to drive composites demand in the region.

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Recent Developments in the Global Composites Market:

• Solvay and Leonardo announced composite research collaboration in February 2021, announcing the opening of a new lab for the development of composite materials and manufacturing processes for the aerospace industry.

• Scott Bader's Australia business unit purchased Summit Composites Pty Ltd's entire assets in June 2020. This purchase will assist the company in expanding its market presence in the Pacific region.

Major companies functioning in the global Composites market are Gurit, Owens Corning, Solvay, Teijin Limited, Toray Industries Inc., Hexcel Corporation, Kineco Limited, Mitsubishi Chemical Company, Ashai Fiberglass Company, Scott Bader, and Arkema, China Fiberglass Company, among others.

The Market Highlights

For the projected years 2021-2030, the study forecasts short- and long-term demand. The major drivers of this market's expansion have been extensively examined. Industry experts scrutinize the studies, interpretation, and points of view provided in this article.

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The study answers the following main questions:
• What are market's market opportunities, market threats, and market overviews?
• Who are the vendors, dealers, and suppliers in the market?
• What are the industry vendors' prospects and challenges?
• What will market's market size be in 2028?
• What are the market's main drivers?
• What is the breakdown by type, as well as it’s the largest segment?

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
o Epoxy
o Polyester
o Vinyl
o Others
• Thermoplastics
o Polypropylene (PP)
o Ethylene Polymers
o Polycarbonate
o Nylon
o Others

By Region:

North America Composites Market
• North America Composites Market, by Country
o U.S.
o Canada
o 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
o Germany
o Russia
o UK
o France
o Italy
o Spain
o The Netherlands
o 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
o China
o India
o Japan
o South Korea
o Australia
o Indonesia
o 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
o UAE
o Saudi Arabia
o Qatar
o South Africa
o 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
o Brazil
o Argentina
o Colombia
o 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

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