DUBLIN, April 19, 2023 /PRNewswire/ — The “Global Composites Market: Analysis by Resin Type, Fiber Type, End-user, Region, Size and Trends with Impact of COVID-19 and Forecast up to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global composites market was valued at US$102.75 billion in 2022 and is expected to be worth US$148.08 billion in 2028. The market value is expected to grow at a CAGR of 6.28% during the forecast period of 2023-2028.
Composites market is expected to continue to grow as industries look for materials that offer high strength, durability, and lightweight properties.
Furthermore, the factors such as growing demand for carbon fiber composites, development of new resin systems and advancements in development technology are expected to drive the market growth in the coming years.
Market Dynamics
Growth Drivers:
One of the most important factors impacting the global composites market is the increasing demand for EVs. Composites are materials made from two or more constituent materials with different physical or chemical properties. They offer several advantages over traditional materials such as metals, including high strength-to-weight ratios, corrosion resistance, and design flexibility. These properties make composites ideal for use in the automotive industry, especially in the production of EVs.
One of the key advantages of composites is their ability to reduce the weight of vehicles without compromising on strength or safety. This is particularly important for EVs, as the batteries that power them are heavy and can add significant weight to the vehicle.
Furthermore, the market has been growing over the past few years, due to factors such as growing construction sector, increasing demand for renewable energy, use of 3D printing technology, increasing demand for consumer goods and focus on lightweighting.
Challenges:
However, the market has been confronted with some challenges specifically, issues related to recycling, high processing & manufacturing costs, etc. Composites are increasingly being used in aerospace, transportation, and other sectors such as construction and electronics. However, the high material and manufacturing expenses limit their use.
To reduce the cost of composite products, it is essential to use tools to correctly determine costs during the early design stages. Composites manufacturing is a capital-intensive procedure that necessitates significant investment. Because composites take a long curing period, the molding process is slow.
Furthermore, raw ingredients such as carbon fibers and thermoplastic resins are expensive. As a result, despite its numerous advantages over traditional materials such as steel and aluminum, the use of composites remains low. The high investment required for composite production limits market development.
Trends:
The market is projected to grow at a fast pace during the forecast period, due to increasing demand from the aerospace & aviation industry, growing demand for ceramic matrix composites, sustainable use of composites for bootbuilding and marine structures and growing concept of automation.
Aerospace has always been a technologically advanced business. Aerospace engineering has been a driving force behind the creation of advanced engineering materials. With the creation of space transport vehicles and the next wave of supersonic aircraft, the industry continues to push innovation to new heights. Composite materials have a wide range of proven uses in the aircraft and aerospace industries.
The use of advanced composite materials in the aerospace sector is steadily increasing due to several advantages of composites over metals, such as lightweight, high strength, corrosion resistance, superior fatigue and fracture properties, and multifunctional performances such as SHM and self-assembly.
Impact Analysis of COVID-19 and Way Forward
The COVID-19 pandemic has had a significant impact on the composites market. The impact has been seen in various areas of the composites market, including supply chain disruptions, demand fluctuations, production slowdowns, and changes in consumer behavior.
The pandemic has disrupted supply chains due to lockdowns, travel restrictions, and labor shortages, leading to delays in the delivery of raw materials and components, and increasing transportation costs. This has resulted in challenges for composites manufacturers in sourcing materials and components, leading to production delays and increased costs.
Moreover, several end-use sectors, such as aerospace, automotive, and construction, which are major consumers of composites, have experienced reduced demand due to economic downturns, travel restrictions, and decreased consumer spending.
The growing focus on lightweight, high-strength materials for various applications and the increasing need for sustainable solutions are expected to drive the demand for composites in the post-COVID-19 era. The composites manufacturing process, which involves complex fabrication techniques, could also witness increased automation and digitalization in the post-COVID-19 era. Technologies such as robotics, 3D printing, and virtual simulations could be utilized to streamline composites production, reduce labor costs, and improve product quality.
Competitive Landscape
Global composites market is a rapidly evolving and highly fragmented market. The global composites market is characterized by the presence of several companies, with established players driving industry trends. The majority of these companies focus on forward integration, selling their products directly to end-users in various business verticals.
Some of these businesses also rely on an established distribution and sales network to readily interact with customers across geographies. The competitive battle among composites makers is fierce, as the industry is characterized by the existence of a significant number of global and regional companies.
The key players in the global composites market are:
Celanese Corporation
DuPont de Nemours, Inc.
Owens Corning
Teijin Ltd.
Toray Industries, Inc.
Huntsman Corporation
Hexcel Corporation
Mitsubishi Chemical Holdings Corporation
Solvay S.A.
China Jushi Co., Ltd.
Kineco Limited
Shanghai Huayuan New Composite Materials Co. Ltd.
Strongwell Corporation
Key Topics Covered:
1. Executive Summary
2. Introduction
2.1 Composites: An Overview
2.1.1 Definition of Composites
2.2 Composites Segmentation: An Overview
2.2.1 Composites Segmentation
2.2.2 Composites Segmentation by End User
3. Global Market Analysis
3.1 Global Composites Market: An Analysis
3.1.1 Global Composites Market: An Overview
3.1.2 Global Composites Market by Value
3.1.3 Global Composites Market by Fiber Type (Glass Fiber, Carbon Fiber, Natural Fiber & Others)
3.1.4 Global Composites Market by Resin Type (Thermoset & Thermoplastic)
3.1.5 Global Composites Market by End User (Automotive & Transportation, Electrical & Electronics, Construction & Infrastructure, Wind Energy, Pipes & Tanks, Marine, & Other)
3.1.6 Global Composites Market by Region (Asia Pacific, Europe, North America, ROW)
3.2 Global Composites Market: Fiber Type Analysis
3.2.1 Global Composites Market by Fiber Type: An Overview
3.2.2 Global Glass Fiber Composites Market by Value
3.2.3 Global Carbon Fiber Composites Market by Value
3.2.4 Global Natural Fiber Composites Market by Value
3.2.5 Global Other Fiber Composites Market by Value
3.3 Global Composites Market: Resin Type Analysis
3.3.1 Global Composites Market by Resin Type: An Overview
3.3.2 Global Thermoset Composites Market by Value
3.3.3 Global Thermoplastic Composites Market by Value
3.4 Global Composites Market: End User Analysis
3.4.1 Global Composites Market by End User: An Overview
3.4.2 Global Automotive & Transportation Composites Market by Value
3.4.3 Global Electrical & Electronics Composites Market by Value
3.4.4 Global Construction & Infrastructure Composites Market by Value
3.4.5 Global Wind Energy Composites Market by Value
3.4.6 Global Pipes & Tanks Composites Market by Value
3.4.7 Global Marine Composites Market by Value
3.4.8 Global Other Composite End Users Market by Value
4. Regional Market Analysis
5. Impact of COVID-19
5.1 Impact of COVID-19
5.1.1 Impact of COVID-19 on Composites Market
5.1.2 Post COVID Scenario
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Increasing Demand for EVs
6.1.2 Growing Construction Sector
6.1.3 Increasing Demand for Renewable Energy
6.1.4 Use of 3D Printing Technology
6.1.5 Increasing Demand for Consumer Goods
6.1.6 Focus on Lightweighting
6.2 Challenges
6.2.1 Issues Related to Recycling
6.2.2 High Processing & Manufacturing Costs
6.3 Market Trends
6.3.1 Increasing Demand From the Aerospace & Aviation Industry
6.3.2 Growing Demand for Ceramic Matrix Composites
6.3.3 Sustainable Use of Composites for Bootbuilding and Marine Structures
6.3.4 Growing Concept of Automation
6.3.5 Increasing Focus on Green Composites
7. Competitive Landscape
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/yhaqfh
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