CHICAGO, March 1, 2024 /PRNewswire/ — The report ‘Composites Market by Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites), Resin Type (Thermoset Composites, Thermoplastic Composites), Manufacturing Process, End-use Industry, and Region – Global Forecast to 2028′, size is expected to witness a CAGR of 10.8% and is USD 108.8 billion in 2023 and is estimated to reach USD 181.7 billion by 2028.
Demand for composites is expected to to grow due to the increase in the demand for high performance materials with properties such as high strength to weight ratio, good tensile strength, and electrical conductivity among others.
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487 – Tables97 – Figures499 – Pages
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Glass fiber composites segment has the largest market share in composites market, in terms of value and volume.
In the composites market, glass fiber composites account for a significant share of volume and value. Glass-based composites have many benefits, including strength, flexibility, stability, durability, lightweight design, and resistance to heat, moisture, and temperature changes. Numerous industries, including building, wind energy, pipelines and tanks, maritime, and transportation, use these glass fiber composites. Glass fibers are used in many parts of the transportation industry, including underbody structures, deck lids, front-end components, bumper beams, engine covers, instrument panels, and ventilation systems. Furthermore, thermoset composites are anticipated to have the most market share in the global composites market during the next five years.
Thermoset resin segment to be the largest segment in composites market in 2022.
Thermoset resins are used as a matrix to join fibers, including glass, carbon, and other types of fibers, therefore binding all the fibers together to form strong composite materials. Thermoset resins provide a clear benefit for wider use in composite manufacturing since they stay liquid at room temperature prior to curing. Reinforcing fibers can be conveniently impregnated thanks to this special characteristic. Furthermore, thermoset composites are extremely durable due to their inert chemical composition, stiff interlinking molecular structure, and resistance to chemical and UV deterioration. The upkeep required for structures made of thermoset composites is very modest.
Filament Winding process is the fastest growing manufacturing process for composites.
The filament winding process in composites manufacturing is experiencing a significant surge in demand, marked by high Compound Annual Growth Rate (CAGR). This technique involves applying continuous fibers like carbon or glass onto a rotating mandrel in a predetermined pattern. The composite structures that are produced have exceptional strength-to-weight ratios, resistance to corrosion, and longevity, which makes them appropriate for use in a variety of industries. Its significant compound annual growth rate is attributed to its broad acceptance in the aerospace, automotive, marine, and energy sectors. Filament-wound parts are lightweight and strong, making them ideal for rocket motor casings, wings, and airplane fuselages in the aerospace industry. Similar to this, filament-wound tanks and pressure vessels are preferred in automobiles for hydrogen fuel cells and fuel storage, enhancing sustainability and fuel economy. Filament-wound pipes and tanks also make sustainable energy generation and storage easier in the context of renewable energy. With the growing need for lightweight, high-performance materials, filament winding technology is a popular solution because to its continuous advances that improve efficiency, accuracy, and scalability.
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Wind Energy is the second fastest growing end use industry for composites
The wind energy sector is witnessing a significant upsurge in the adoption of composites, propelling a high growth within the industry. Composites are essential to the construction of wind turbines, especially when it comes to the fabrication of turbine blades. For these blades to perform at their best in adverse climatic circumstances, materials with outstanding strength-to-weight ratios, corrosion resistance, and longevity are required. These requirements are successfully met by composites such as glass fiber reinforced plastics and carbon fiber. By improving efficiency, longevity, and dependability, their integration into wind turbine blades advances wind energy technology as a whole. Furthermore, the wind energy industry is seeing significant investment and growth due to the growing demand for renewable energy sources worldwide, which is propelling the use of composites in this field even more. It is expected that ongoing technological developments in composite materials and manufacturing techniques will continue innovation and growth in the wind energy industry, confirming composites’ critical role in the landscape of sustainable energy.
Asia Pacific to be the fastest growing regional composites market.
During the forecast period, the Asia Pacific region is anticipated to be the fastest growing market within the global composites industry. The favorable low labor costs in the area and significant demand from a variety of end-use industries, including wind energy, construction, infrastructure, pipelines, pressure vessels, and tanks, are some of the reasons for this expansion. Interest and investment in the Asia Pacific region are being further stimulated by the growing recognition of the region’s potential by major multinational industries. Increased demand for composites is seen in the Asia Pacific market in a number of industries, such as wind energy, building and infrastructure, aerospace and military, electrical and electronics, and transportation. Growing emphasis in the area on renewable energy sources has resulted in an increase in wind turbine installations, which has in turn encouraged growth in the composites industry. Furthermore, one of the main factors driving the need for composites in the transportation sector is the growing electric car industry.
Key Players
The key players in the market are Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electric Glass Co. Ltd. (Japan), Huntsman International LLC. (US), and Solvay (Belgium), among many others.
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