Summary
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 grew from $88.9 billion in 2022 to $98.91 billion in 2023 at a compound annual growth rate (CAGR) of 11.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The composites market is expected to grow to $154.39 billion in 2027 at a CAGR of 11.8%.
The composites market consists of sales of natural fiber, aramid fiber, ceramic fiber, and metal fiber.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Composites 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, are stronger than those individual materials by themselves, are corrosion resistant, durable, and have a lighter weight than most metals.
Asia-Pacific was the largest region in the composites market in 2022 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the composites market 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 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.
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.This sector 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 January 2022, JGC Holdings Corporation, a Japan-based engineering company, acquired ceramic composite products from Showa Denko Materials Co., Ltd. for an undisclosed amount. Through this acquisition, this current business is complemented by the one acquired from SDMC to strengthen its position in automotive, semiconductor, and industrial equipment applications. It consists of high-density silicon carbide ceramics, alumina ceramics, and zirconia-toughened alumina ceramics, as these goods are employed in coolant pump seals for automobile engines and require precise positioning. Showa Denko Materials Co., Ltd. is a Japan-based material technology company pioneering in the manufacturing and commercialization of chemical products for various industries.
The countries covered in the composites market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The composites market research report is one of a series of new reports that provides composites market statistics, including composites market industry global market size, regional shares, competitors with composites market share, detailed composites market segments, market trends and opportunities, and any further data you may need to thrive in the composites market industry. This composites market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
