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Composites Market Insights | 2024 To 2033 Key Players General Electric Company, Rolls-Royce plc, SGL Carbon Graphite Technic Co. Ltd., Axiom Materials Inc.
Composites Market Share
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According to The Business Research Company's, The composites market size has grown rapidly in recent years. It will grow from $97.06 billion in 2023 to $107.19 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to growing awareness of the environmental benefits of using composites, increased demand for fuel-efficient vehicles, rise in demand for composites in the construction industry, wind energy growth, corrosion resistance in chemical industry.
The composites market size is expected to see strong growth in the next few years. It will grow to $154.82 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to electric vehicles expansion, infrastructure renewal, increasing use in marine industry, space exploration initiatives, increasing demand for composites in the defense industry. Major trends in the forecast period include bio-based composites, smart composites, recycling and circular economy, digital twin technology, hybrid composites.
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Market Drivers and Trends:
Growth in the automotive and aerospace sectors is expected to propel the growth of the composites market. In the automotive and aerospace industries, composites are used to provide improved performance, corrosion resistance, and fuel savings. For instance, in November 2022, according to the Aerospace Industries Association (AIA), a US-based trade association for makers and distributors of civil, military, and business aircraft, helicopters, unmanned aerial vehicles (UAVs), space systems, and aircraft, exports from the A&D business increased by 11.2 % to an overall value of $100.4 billion in 2022. Also, according to IBEF, Indian automobile exports stood at 1,419,430 units from April 2021 to June 2021 as compared to 436,500 units from previous year same period. Therefore, the growth in the automotive and aerospace sectors is driving the growth of the composites market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
General Electric Company, Rolls-Royce plc, SGL Carbon Graphite Technic Co. Ltd., Axiom Materials Inc., United Technologies Corporation, Minnesota Mining and Manufacturing Company, COI Ceramics Inc., Lancer Partnership Ltd., CoorsTek Inc., Applied Thin Films Inc., Ultramet Technologies Limited, CFC Carbon Co. Ltd., UBE Industries Ltd., Kyocera Corporation, Speciality Materials Inc., Safran SA, Mitsubishi Rayon Carbon Fiber & Composites Inc., Johns Manville International Inc., Asahi Fibreglass Company, Guardian Fibre Corp., Owens Corning Fiberglass Company, China Fibreglass Company, Teijin Limited, Taishan Fibreglass SA, Kurarey Co. Ltd., Formosa Plastic Corp., Toray Industries Inc., DuPont de Nemours Inc., Nippon Sheet Glass Co. Ltd., Korea Nylon Inc., KCC Corporation, SAERTEX Wagener GmbH & Co. KG, Pittsburgh Plate Glass Company, Taiwan Glass Industry Corporation, Solvay SA, BASF SE, Huntsman Corporation LLC, SGL Carbon SE, TPI Composites Inc., Gurit Holding AG
Composites Market 2024 Key Insights:
• The composites market size is expected to see strong growth in the next few years. It will grow to $154.82 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.
• Automotive And Aerospace Sectors Fuel Expansion Of Composites Market
• Technological Advancements In Composites Driving Lightweight Solutions In Aerospace Applications
• Asia-Pacific was the largest region in the composites market in 2023 and is also expected to be the fastest-growing region in the forecast period
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