Composites Market is Predicted to Grow at a promising CAGR of 5.3% During the Forecast Period | Key Players: Owens Corning, Gurit, Solvay, Toray Industries Inc., Teijin Limited
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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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 report offers segment by type and application, with market share and growth rate by type, application, from 2022 to 2030. The report also offers market forecast, by regions, type, and application, with sales and revenue, from 2022 to 2030. On the basis of Manufacturing Process the market is segmented as Lay-Up, Filament Winding, Injection Molding, Compression Molding, Pultrusion, and others. On the basis of Fiber Type the market is classified as Glass Fiber, Carbon Fiber, Natural Fiber, And Others. The Resin Type segment is sub segmented as Thermoset and Thermoplastics. The End User segment is classified as Transportation, Aerospace & Defence, Marine, Pipe & Tanks, Power & Energy, Electrical & Electronics, Building & Construction, and Others. The transportation end user segment of the global composites market captured the largest market share in 2020 and is anticipated to remain the largest segment till the forecast period.
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.
The Market Highlights
For the projected years 2022-2030, 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 2030?
• What are the market's main drivers?
• What is the breakdown by type, as well as it's the largest segment?
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