Composites Market to Show Incredible Growth USD 161.68 billion and Forecast by 2029 | Owens Corning, Toray Industries, Inc., Teijin Limited

Exactitude Consultancy Market Research analyses that the Composites Market will witness a CAGR of 7.9% for the forecast period of 2023-2029 and is likely USD 81.56 billion in 2022 to reach at USD 161.68 billion by 2029.

Composites are used worldwide to construct and repair a wide range of infrastructure applications, from buildings and bridges to roads and railways. These applications last longer because they are high-strength, won't rust or corrode, and offer long-term resistance with little maintenance. The demand for lightweight materials in the defense, automotive, and aerospace industries is on the rise, as is the need for materials with increased chemical and corrosion resistance in the pipe, tank, and construction industries. The market of composites is also expanding due to increased demand for materials with high electrical resistivity and flame retardancy in the electronics and electrical industries.

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Market Dynamics

✦ Drivers

Increasing Demand for Lightweight Materials in Automotive Industry

The composites market is growing because to a surge in demand for lightweight materials in the automobile industry to improve fuel efficiency. Additionally, the growing use of high-performance composites in kinetic buildings, such as advanced composite technologies like the production of non-composite and biomimetic composite materials to replace traditional materials. As a result, the rising demand for lightweight materials is driving the growth of the composites market during the forecast period.

✦ Restraints

Lack of standardization in manufacturing industry

The manufacturers of aerospace and automobiles are forced to choose conservative designs due to lack of material and methodology standardization, which impedes mass manufacturing and economic performance of automobiles and aircraft. Furthermore, a scarcity of labor resources with composites training and experience limits the use of composites in new applications. As a result, the lack of standardization in manufacturing industry is hindering the growth of the composites market.

✦ Opportunities

Surge in demand from the aerospace industry

The use of composites in the aerospace sector has grown and broadened since a decade. Both for commercial and business aircrafts, the aircraft manufacturers are taking steps to increase key structures in thermoplastic. The aircraft manufacturers were among the first to embrace long fibers reinforced thermoplastics technology. Polyetherimide with carbon is the most common thermoplastic composition in the industry today. These materials have two key properties that make them appealing for aerospace applications. Thus, the surge in demand from the aerospace industry is creating lucrative opportunities for the growth of the composites market.

✦ Challenges

Stringent environmental policies

The strict environmental policies and legislation, as well as increased restrictions and costs for landfill disposal are some of the challenges faced by the composites market. Furthermore, the growing use of life cycle assessment as part of the material selection process in a variety of industries is putting composite end of life waste management under close scrutiny. In addition, rising plastic waste has compelled legislators around the world to enact strict environmental regulations. The introduction of single use plastic laws in a number of nations has drawn attention to the steps taken by governments to address the problems caused by plastic waste. Thus, the strict environmental policies are a huge challenge for the growth of the composites market during the forecast period.

Prominent Key players of the Composites Market survey report:

Historical data available in the report elaborates on the development of the Composites on national, regional and international levels. Market Research Report presents a detailed analysis based on the thorough research of the overall market, particularly on questions that border on the market size, growth scenario, potential opportunities, operation landscape, trend analysis, and competitive analysis. Some Key Competitors of the Market are - Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, SGL Group.

Composites Market Recent Development

January 2022- Toray Industries, Inc. announced that it had developed a new analysis technology for multi-material structures consisting of UD tape (unidirectional continuous fiber-reinforced tape) and injection molding materials. This breakthrough makes it possible to more precisely predict the properties of parts made up of multiple materials and more swiftly develop high-performance components.
February 2022- Teijin Group's automotive composites business announced that it had begun commercial operation of a new composites manufacturing.

Composites Market Segmentation:

Global Composites Market by Fiber Type, 2023-2029, (USD Million) (Kilotons)

» Glass Fiber Composites

» Carbon Fiber Composites

» Natural Fiber Composites

Global Composites Market by Resin Type, 2023-2029, (USD Million) (Kilotons)

» Thermoset Composites

» Thermoplastic Composites

Global Composites Market by Manufacturing Process, 2023-2029, (USD Million) (Kilotons)

» Lay-Up Process

» Filament Winding Process

» Injection Molding Process

» Pultrusion Process

» Compression Molding Process

» Resin Transfer Molding (Rtm) Process

» Other

Global Composites Market By End-Use Industry, 2023-2029, (USD Million) (Kilotons)

» Transportation

» Aerospace & Defense

» Wind Energy

» Construction & Infrastructure

» Pipe & Tank

» Marine

» Electrical & Electronics

» Others

The regional outlook by revenue covers the countries namely:

✦ North America (United States, Canada and Mexico)

✦ Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)

✦ Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)

✦ South America (Brazil, Argentina, Colombia, and Rest of South America)

✦ Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

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Key Features of the Composites Market Report: -

⇨  Analyse competitive developments such as expansions, deployments, new product launches, and market acquisitions.

⇨  Examine the market opportunities for stakeholders by identifying higher growth sections.

⇨  To study and analyse the global Composites industry status and forecast including key regions.

⇨  An in-depth analysis of key product segments and application spectrum, providing strategic recommendations to incumbents and new entrants to give them a competitive advantage over others.

⇨  It provides a comprehensive analysis of key regions of the industry as well as a SWOT analysis and Porter's Five Forces analysis to provide a deeper understanding of the market.

⇨  It helps you make strategic business decisions and investment plans.

Competitive Landscape

Competition has been growing for the Composites industry as the supply and demand has been on an increasing trend sine past decade. This report gives a detailed analysis of the presence of various small, medium and micro enterprises in the industry of numerous scales, their relative sizes, product offerings, and market positions in the pre and post pandemic situations. Additionally, the report provides an overview of the competitor strategy with regards to business and corporate office and functions have been provided. The report also mentions about the operations, technology infrastructure, marketing strategies and financial capabilities. Thus, the report gives a very good understanding of the market to the shareholders and stakeholders from an overall perspective.

Highlight the Following Key Factors:

► Business Description: a particular description of agency operations and enterprise departments.

► Company Strategy: The analyst's precis of the company's commercial enterprise strategy.

► SWOT Analysis: Detailed evaluation of the company's strengths, weaknesses, opportunities, and threats.

► Company History: The development of predominant occasions associated to the company.

► Main merchandise and services: A listing of the company's fundamental products, services, and brands.

► Main Competitors: A listing of the company's fundamental competitors.

► Important places and subsidiaries: The company's major places and subsidiaries' listing and contact information.

► Detailed economic ratios of the previous 5 years: The trendy monetary ratios come from the annual economic statements issued by means of agencies with a record of 5 years.

Table of Contents

Global Composites Market Research Report 2023-2029

1 Composites Market Overview

1.1 Product Overview and Scope of Composites

1.2 Composites Segment by Type (Product Category)

1.3 Global Composites market Segment by Application

1.4 Global Composites Market by Region (2023-2029)

1.4.1 Global Composites Market Size (Value) and CAGR (%) Comparison by Region (2023-2029)

1.4.2 North America Status and Prospect (2023-2029

1.4.3 Europe Status and Prospect (2023-2029)

1.4.4 China Status and Prospect (2023-2029)

1.4.5 Japan Status and Prospect (2023-2029)

1.4.6 Southeast Asia Status and Prospect (2023-2029)

1.4.7 India Status and Prospect (2023-2029)

1.5 Global Market Size (Value) of Composites (2023-2029)

1.5.1 Global Composites Revenue Status and Outlook (2023-2029)

1.5.2 Global Composites Capacity, Production Status and Outlook (2023-2029)

…

Why Choose Composites Market Report?

✔ Unbiased conclusions and market insights

✔ 24×7 customer service available to address client queries

✔ Highly efficient and experienced team of analysts striving to create top-quality reports

✔ Our reports have facilitated the growth of over 500 companies

✔ The systematic and methodical market research process

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