Press release
Composites Market Size, Growth, Key Trends, Business Challenges, Top Key Players and Forecast to 2027
Composites Market
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According to the report, the global market value stood at USD 99.91 billion in 2019. The other highlights of the report include:
• Deep insights into the trends, drivers, opportunities, and challenges shaping the market;
• Actionable analysis of the market segments;
• Tangible research into the regional developments impacting the market; and
• Thorough evaluation of the key market players and their strategies.
The unprecedented health and economic crisis created by the COVID-19 pandemic has severely impacted industrial activities. Businesses have either been forced to shut down or are experiencing massive revenue losses. To enable your business to survive these trying times, Fortune Business Insights™ offers comprehensive market research reports based on our experience and expertise. These reports contain a detailed impact analysis of coronavirus pandemic on the market of your concern.
List of Key Companies Profiled in the Composites Market Report:
• Composite Solutions
• Exel Group
• Huntsman International LLC
• Hexcel Corporation
• Teijin Limited
• Owens Corning
• Veplas d.d.
• Solvay
• SGL Carbon
• Mitsubishi Chemical Holdings Corporation
• Toray Industries, Inc.
Market Driver
Rising Demand for Electric Vehicles to Surge the Adoption of Composites
Electric vehicles (EVs) are witnessing skyrocketing demand as consumers are actively looking to reduce their spending on gasoline and lower emissions. According to the International Energy Agency (IEA), 2.1 million EVs were sold in 2019. The key to enhance the energy-efficiency of these vehicles is to bring down their weight. Composite materials are expected to play an instrumental role in facilitating these requirements and research has been conducted in this area for over a decade now. For example, in 2010, Imperial College London and its European partners engineered a carbon fiber composite to make lightweight and high-strength body panels and structural parts for hybrid EVs.
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Regional Insights
Prominent Presence of Industry Players to Favor Growth in the Asia Pacific Market
Asia Pacific dominated the composites market share with a size of USD 43.76 billion in 2019 on account of the strong presence and robust operations of some of the biggest players in the composites industry such as Toray and Mitsubishi. These companies have been injecting large amount of funds into research and development to create new composite solutions and meet the rapidly rising demand for these materials from diverse industries in the region.
The market in North America is benefiting from the extensive utilization of composite materials by the region’s well-established aerospace & defense industry. In Europe, the market dynamics will be primarily shaped by the region’s massive automotive industry, increasing uptake of EVs, and favorable governmental policies promoting the adoption of lightweight materials in vehicle manufacturing.
Competitive Landscape
Expansion & Acquisitions to be the Mainstay Strategies of Key Players
Chief among the strategies adopted by the key players in this market are the calculated territorial expansion and tactical acquisition activities. These strategies are aiding large companies in the market to widen their offerings, strengthen global market foothold, and penetrate emerging markets.
Industry Developments:
• January 2020: Teijin Limited announced the establishment of the Teijin Automotive Center Europe GmbH in Germany, which will serve as a new base for technical operations for the company’s automotive composites business.
• September 2019: INEOS Enterprises completed the acquisition of the entire composites division of Ashland Global Holdings, including a BDO facility in Germany. Ashland’s businesses in this domain boast combined annual sales revenue of USD 1.1 billion, with sites in the Middle East, Europe, the Americas, and Asia.
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