Composites Market Growing Trends and Demands Analysis Forecast 2021-2030

The Global Composites Market size is estimated to be USD 87.66 billion in 2019 and is predicted to reach USD 182.62 billion by 2030 with a CAGR of 6.9% from 2020-2030.

Composites material is made from two different materials with different physical and chemical properties and is produced as per the desired application. By combining two different materials the newly produced composite material is way lighter, less expensive and stronger as compared to the traditional composite material. The typical examples of composite material is carbon or polymer which possess several unique properties such as low thermal expansion, weight, high rigidity, temperature lenience, and chemical resistance. Owing to these properties they are preferred in array of industrial application such as transportation, aerospace & defense, electrical & electronics, wind energy, construction & infrastructure, marine, other.

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Top Companies: 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 and others.

Market Dynamics and Trends:

Growth of global composite market was very extensive due to its wide application scope in industrial application segment. The market itself represents huge numbers in terms of overall global consumption and market value. One of the Primary factors driving the growth of this market is replacement of steel by composite material specifically by polymers due to their high strength. In automotive industry there is trend for light weight vehicles. Polymers are widely used in the vehicles to reduce weight significantly which have led to massive consumption of composite material in transportation industry.

As per OICA, the global production of vehicle including passenger and commercial vehicles was 96.2 million units in 2017. Rising vehicle production set to enhanced consumption of polymers and contributes in overall market growth. Thermoplastic composite material has considerable application in aerospace and defense industry due to superior advantageous over metal such as high strength, light weight, and low manufacturing cost. Hence, growing demand for commercial and fighter jets projected to encourage demand for composite material.

Thermoplastic composite material is also increasingly used in wind and energy application to produce turbine blade due to its light weight nature along with heat and weather resistant material. Consequently, growing trend for renewable energy further expected t propel the demand for composite material. Driven by these factors, the growth of this market is restrained by cost intensive nature thermoplastic composites.

Industry participants are investing heavily on the production of composite material in order to meet and cater the massive demand for composites from various end use industries. As per key opinion leaders the growth opportunities are anticipated de to risng concerns such as vehicle and aircraft weight.

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Market Segmentations and Scope of the Study:

The global Composites market share is analyzed on the basis of fiber type, resin type, manufacturing process, and application. On the basis of fiber type market has been segmented into Carbon Fiber, Glass Fiber, Others. Based on resin type market is segmented into thermoset composites and thermoplastic composites. On the basis of production process global market has been segmented into layup process, filament winding process, injection molding process, pultrusion process, compression molding process, resin transfer molding process, other processes. Whereas, application scope of composite material includes transportation, aerospace & defense, electrical & electronics, wind energy, construction & infrastructure, pipes & tanks, marine, other applications. The regional analysis of the market comprises of North America, Europe, Asia Pacific, and Rest of the World.

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