Composite Market Revenue & Gross Margin, Opportunities, Challenges and Risks Analysis Report 2024-2031 Companies de, Saint-Gobain S.A., Momentive Performance Materials

The Composite Market is estimated for 2024 for the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Composites are materials made from two or more constituent materials with significantly different physical or chemical properties that, when combined, produce a material with characteristics different from the individual components. Composites find applications in various end-use industries such as aviation, aerospace & defense, wind energy, transportation, construction, and pipe & tank.

Market Dynamics:

Composite materials are increasingly being used in the aviation industry owing to advantages such as high strength-to-weight ratio, corrosion resistance, and durability. Aircraft components made using composites help reduce weight and thus increase fuel efficiency. Growing aircraft deliveries especially for single-aisle aircraft is anticipated to drive the demand for advanced composites in years to come. Growing consumption of composites in wind energy applications is another factor augmenting market growth. Composites offer high strength and stiffness, eliminating the need for frequent maintenance or replacements. This helps reduce the overall cost of wind energy production.

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Top Key Players are Covered in this Report:

★ Companies de
★ Saint-Gobain S.A.
★ Momentive Performance Materials Inc.
★ Kineco Limited
★ Veplas Group
★ China Jushi Group Co., Ltd.,
★ Braj Binani Group
★ Guardian Fibre Glass.

Market Segmentation:

By Product Type:

★ Carbon Fiber
★ Glass Fiber
★ Others

By Manufacturing Process:

★ Layup Process
★ Filament Winding Process
★ Injection Molding Process
★ Pultrusion Process
★ Compression Molding Process
★ Resin Transfer Molding Process
★ Others

By End-Use:

★ Automotive & Transportation
★ Electrical & Electronics
★ Wind Energy
★ Construction & Infrastructure
★ Pipes & Tanks
★ Marine
★ Others

Key Region/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Composite Market Drivers: Growing Application in Automotive and Aerospace Industries

The composite market has seen increased growth driven by the rising application of composite materials in the automotive and aerospace industries. Composite materials allow for lighter and more durable components compared to traditional materials like metal. In the automotive sector, composite materials are being increasingly used to manufacture vehicle bodies, bumpers, closures and other exterior and interior parts to reduce the overall weight of vehicles. This improves fuel efficiency and performance. Many high-end and luxury automakers are incorporating advanced composites into new vehicle designs. The aerospace industry is also a major driver by using composites to build aircraft components that are stronger yet lighter. Composite jets and passenger planes have better performance and fuel savings due to reductions in aircraft weight. With growing environmental regulations and demand for fuel-efficient vehicles, automakers are under pressure to drive down vehicle weight through the use of advanced lightweight composites. Similarly, aerospace companies need high strength, corrosion-resistant materials to build larger, more fuel-efficient commercial aircraft. Both these industries are expected to further drive growth of the composite materials market in the coming years.

Composite Market Restrain: High Production Costs

One of the key market constraints for composite materials is their relatively high production costs compared to traditional materials. While composites allow for weight savings and performance improvements, their manufacturing process tends to be more complex, labor intensive and requires specialized equipment. This translates to higher costs per unit during production. Resin and fiber costs that make up composite materials are also expensive. Additional expenditures are needed on equipment, tooling and operator training when shifting production lines to composites. Composite parts also have longer curing times than metal components. This increases manufacturing cycle times and production overheads. The costs are generally passed on to customers in the form of higher product prices. More advanced composite formulations that use carbon or specialty fibers are even costlier to produce. While there is ongoing R&D to reduce costs, composites are still not affordable for mass market applications that require large production volumes. High costs act as a major deterrent for wider composite material adoption, especially in more price-sensitive industries.

Composite Market Opportunity: Increasing Demand in Renewable Energy Sector

Wind turbine rotor blades and other large renewable energy components offer a big opportunity for the composite materials industry. With the push for cleaner energy sources worldwide, wind and solar power capacities are rapidly scaling up. Composite materials are incredibly well-suited for building large wind turbine blades that are strong, durable and lightweight for optimal performance. Carbon fiber-reinforced composites in particular allow for blades over 100 meters in length. Composites improve efficiency, reduce maintenance requirements and extend service life of wind turbines operating under heavy loads and harsh environmental conditions. As the renewable energy sector invests heavily in setting up utility-scale wind and solar farms, demand for robust composite components is projected to increase substantially. The combined market for wind turbine blades alone could offer massive volumes over the coming decade. Governments and renewable energy companies are also exploring composites for other applications like solar panels, offshore wind infrastructure and wave energy devices. By catering advanced material solutions, composite manufacturers stand to gain sizable opportunities in this thriving renewable energy industry.

Composite Market Trends: Growing Adoption of Carbon Fiber Composites

A key trend gaining momentum in the composite materials industry is the rising use of carbon fiber reinforced plastics (CFRP) over traditional glass-fiber composites. Carbon fiber composites possess higher specific strength and stiffness compared to glass or aramid fiber variants. This allows for lighter, yet very durable end products that are highly desirable across industries. Carbon fiber also offers design flexibility as it can be incorporated as thin, complex 3D prepreg sheets during manufacturing. More automakers and aerospace OEMs are hence switching to CFRP for primary and secondary structural parts to gain maximum weight savings. Even consumer electronics, sporting goods and infrastructure are tapping into the benefits of carbon fiber. Advancements in carbon fiber production technologies have led to cost reductions, driving wider industrial and commercial applications. Continuous carbon fiber capacity expansions by major suppliers reflects growing demand prospects. Carbon fiber prepreg and resin system development to aid automated high-volume production further boosts its appeal. With the projected rise in lightweighting needs, carbon fiber composites will gain even stronger precedence over the next decade across diversifying markets.

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The report answers a number of crucial questions, including:

➥ Which companies dominate the global Composite market?
➥ What current trends will influence the market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the Composite market economy globally?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Industry Insights

3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Composite Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

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This release was published on openPR.