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Composites Global Market Report 2022

Composites Global Market Report 2022

  • June 2022
  • 175 pages
  • ID: 6284102
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the composites market are DuPont, Gurit, Henkel Corporation, Hexcel Corporation, Huntsman International LLC., Kineco Limited, Koninklijke Ten Cate BV, Mitsubishi Chemical Holdings Corporation, Nippon Electrical Glass Co. Ltd. (Japan), Owens Corning, SGL Group, Teijin Limited, Toray Industries, Veplas Group, Weyerhaeuser Company, BASF SE, and BGF Industries Inc.

The global composites market is expected to grow from $80.21 billion in 2021 to $87.86 billion in 2022 at a compound annual growth rate (CAGR) of 9.53%. The growth is mainly due to the companies’ resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $131.66 billion in 2026 at a CAGR of 10.64%.

The composite market consists of the sales of composite materials by entities (organizations, partnerships, and sole proprietors) that refer to the material as a combination of two materials with different physical and chemical properties that have excellent strength-to-weight ratios and durability and are stronger than those individual materials by themselves.Some of the applications for these products include aerospace, automotive, and high-tech electronics.

They are corrosion resistant, durable, and have a lighter weight than most metals.

Asia-Pacific was the largest region in the composites market in 2021 and is also expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The components of the composites market are carbon fiber and glass fiber.Carbon fibre is a lightweight but very strong material.

Carbon fibre is more firm than steel and five times stronger than it.The manufacturing process for these composites includes the layup process; filament winding process; injection moulding process; pultrusion process; compression moulding process; resin transfer moulding process; and others.

They are divided based on resin type into thermoset composites and thermoplastic composites. Composites are used by various end users, such as aerospace and defense, wind energy, automotive and transportation, construction and infrastructure, marine, pipe and tank, electrical and electronics, and others.

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 for providing improved performance, corrosion resistance, and fuel savings.

According to the International Trade Administration, in 2020, aircraft manufacturing and repair services in Australia generated revenue in excess of US$2.0 billion. Also, according to IBEF, the Indian automobile exports stood at 1,419,430 units from April 2021 to June 2021 as compared to 436,500 units from April 2020 to June 2020. Therefore, the growth in automotive and aerospace sectors is driving the growth of the composites market.

The composite market consists of the sales of composite materials by entities (organizations, partnerships, and sole proprietors) that refer to the material as a combination of two materials with different physical and chemical properties that have excellent strength-to-weight ratios and durability and are stronger than those individual materials by themselves.Some of the applications for these products include aerospace, automotive, and high-tech electronics.

They are corrosion resistant, durable, and have a lighter weight than most metals. 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. According to the International Trade Administration, in 2020, aircraft manufacturing and repair services in Australia generated revenue in excess of $2.0 billion. 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 April 2020 to June 2020. Therefore, the growth in the automotive and aerospace sectors is driving the growth of the composites market.

Technological advancements are a key trend gaining popularity in the composites market. Technological advancements to reduce composite structural mass are a type of knowledge discovery that advances technology.For instance, in June 2021, Hexcel Corporation, a US-based manufacturer of reinforcement products, composite materials, and engineered products, successfully launched the first successful maiden flight of a lightweight camera drone, using Hexcel HexPly carbon fibre prepregs. The composite drone was created by a group of students from the University of Applied Sciences Upper Austria in Wels using composite materials provided by Hexcel. The material allowed the team to lower the composite structural mass by 42% when compared to similar drones.

In September 2019, Ineos Group Ltd., a UK-based manufacturer of petrochemicals, specialty chemicals, and oil products, acquired the entire composites business from Ashland Global Holdings Inc. for a deal amount of $1.1 billion. The acquisition is expected to provide new opportunities for INEOS to enter the composites market, and Ashland’s Composites Business will become INEOS Composites. Ashland Global Holdings, Inc. is a US-based manufacturer of adhesives, architectural coatings, automotive, construction, energy, food and beverage, personal care, and pharmaceuticals.

The countries covered in the composites market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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