Composites Market Share 2022 Growing CAGR of 7.94% Trends, Business Strategies, Opportunities, Key Players, Progression Status and Forecast 2029

Composites Market Overview:

A composite material is composed of at least two constituent materials. These constituent materials have significantly different chemical or physical properties, and when combined, they form a material with characteristics not found in the individual constituents. When two or more components with different physiochemical properties are mixed and delivered, a new material known as composites is formed with properties that differ from the attributes of the origin source.

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Construction composites are among the fastest growing construction materials owing to their rising demand. Due to rising high-performance and technologically advanced construction activities, there is a need for high-performance composites. These composites have extensive applications in residential, commercial, and industrial construction activities.

The global composites market size was estimated at USD 81.56 billion in 2020 and is expected to expand USD 161.68 billion by 2029, at a compound annual growth rate (CAGR) of 7.94% from 2022 to 2029.

Composites Market Segmentation:

Composites Market by Fiber Type, 2020-2029, (USD Million) (Kilotons)

Glass Fiber Composites
Carbon Fiber Composites
Natural Fiber Composites

Composites Market by Resin Type, 2020-2029, (USD Million) (Kilotons)

Thermoset Composites
Thermoplastic Composites

Composites Market by Manufacturing Process, 2020-2029, (USD Million) (Kilotons)

Lay-Up Process
Filament Winding Process
Injection Molding Process
Pultrusion Process
Compression Molding Process
Resin Transfer Molding (Rtm) Process
Other

Composites Market By End-Use Industry, 2020-2029, (USD Million) (Kilotons)

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

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Composites Market Key Players

The study of the growth of the top market player for in the target sector includes new projects with speculative returns, innovations and study of the accessibility of companies. some of the profiled players are Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, SGL Group and Others

Recent Developments

In February 2022, Teijin Automotive Technologies announced the commencement of commercial operation of its new manufacturing facility in Wujin National Hi-Tech Industrial Zone, China. The company also unveiled the construction of its third-plant in China, in Shenyang, to cater to the surging demand for electric vehicles.
In January 2021, Jaguar Land Rover announced the development of lightweight composites to improve the efficiency and power train structure of its vehicles. The company is developing light weight composites for high performance batteries and reduced carbon emission.
In September 2021, Hexcel Corporation announced an expansion at its existing engineered core facility in Casablanca, Morocco, at the Midparc Free Trade Zone Industrial Park that will double the size of the plant and will lead to an increase in overall employment.
In May 2021, Toray Industries, Inc. developed a high thermal conductivity technology that lifts the heat-dissipating properties of carbon-fiber-reinforced plastic (CFRP) to that of metals.

Growth Factors:

Increasing demand from the Composites industries
The growing use of Composites in Chemical and Material Sectors.
Rising demand for products
Technological advancements in production processes
Growing applications in Composites Market

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Market Dynamics

Drivers
The composites market is expanding due to increased demand for lightweight materials in the automotive industry to improve fuel efficiency. Furthermore, there is an increasing use of high-performance composites in kinetic buildings, such as advanced composite technologies such as the production of non-composite and biomimetic composite materials to replace traditional materials. As a result, rising demand for lightweight materials is propelling the composites market forward during the forecast period.
Restraints
Due to a lack of material and methodology standardisation, which impedes mass manufacturing and economic performance of automobiles and aircraft, manufacturers of aerospace and automobiles are forced to choose conservative designs. In addition, the scarcity of labour resources with composites training and experience limits the use of composites in new applications. As a result, the lack of standardisation in the manufacturing industry is impeding composites market growth.

Composites Market Regional Analysis

Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth Rate of Fiberglass Storage Tank (Fiberglass Tank) Professional in these regions, from, covering

North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

Key Composites Market Trends

- The report identifies, determines, and forecasts the Global Composites Market segments based on their type, sub-type, technology used, applications, end-users, and regions.

- Industry to Industry Holds Largest Share in the Composites Market

- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.

- Demand from Regional / geographical is expected to drive the Growth

- Rising Adoption of Market Segments in the Composites Growth

- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Composites Market.

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