NEW YORK, Nov. 21, 2023 /PRNewswire/ — The composite materials market is expected to grow by USD 17.15 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 6.45% during the forecast period. The market is segmented by type (glass fiber, carbon fiber, aramid fiber, and others), end-user (electricals and electronics, construction, aerospace and defense, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
Technavio has announced its latest market research report titled Global Composite Materials Market 2023-2027
The rising demand for composite materials in the transportation industry is a key factor driving market growth. Carbon fiber consumption has grown substantially over the past years and is becoming even more of an issue for the automobile sector. It is mainly due to the reduction of CO2 emissions, lightweight construction, and benefits from an e-mobility perspective. Currently, composite materials are used in more than the body panels such as car frames to wheels, springs, and bed liners.
The report analyses the market size and growth and provides accurate predictions of the market’s growth. View Free PDF Sample Report
Key Highlights:
The report recognizes the following as some of the key players in the composite materials market: 3M Co., Cabot Corp., China Jushi Co. Ltd., Compagnie de Saint Gobain SA, COMPOSITES UNIVERSAL GROUP, DuPont de Nemours Inc., Gurit Holding AG, Hexcel Corp., Huntsman Corp., Kineco Ltd., Mitsubishi Chemical Corp., Momentive Performance Materials Inc., Nippon Electric Glass Co. Ltd., Owens Corning, Scott Bader Co. Ltd., SGL Carbon SE, Solvay SA, Teijin Ltd., Veplas dd, and Toray Industries Inc.
Composite Materials Market is fragmented in nature.
Market to observe 7.34% YOY growth in 2023.
Market Dynamics:
Major Trend.
Strategic collaboration, partnerships, and mergers and acquisitions are major trends in the market.
Suppliers are joining forces to develop new materials that can be made cheaper and more advanced than their predecessors.
For example, in April 2021, Impossible Objects and Ricoh 3D collaborated to develop new carbon fiber composites for printing using compound-based additive manufacturing (CBAM).
Significant Challenge
The high cost of composites is a significant challenge restricting market growth.
The main concern associated with the increased use of composite materials in structural applications is their high costs.
Furthermore, carbon fiber composite components have a distinct advantage compared to steel, aluminum, wood, and high-performance plastics in terms of their specific strength and modulus.
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Keg Segments:
The market share growth by the glass fiber segment will be significant during the forecast period. The superior properties of glass fiber, such as strength, flexibility, durability, robustness, low weight, and the ability to withstand heat, temperature, or humidity, account for the growth. Moreover, glass fiber is used for a wide range of applications, including construction, wind energy, pipe, tank, maritime, or transport industries.
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Composite Materials Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.45% |
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Market growth 2023-2027 |
USD 17.15 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
7.34 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 34% |
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Key countries |
US, China, India, Germany, and the UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by End-user
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
