As per the report by Grand View Research Inc., the global Composites Market is estimated at USD160.54 billion by 2027.It is expected to develop by a 7.6% CAGR from 2020 to 2027. The rising demand for light weight materials, in the diverse industries such as defense & aerospace, automobile & transport and wind energy can be credited to the enlargement of the market for the composites.
Rising demand for the wind energy and speedy industrial development in the developing nations of Asia Pacific are the factors, projected to encourage the development of the market. Furthermore, great demand from the automobile industry, is expected to force the growth of the market. Growing fuel prices have driven the need for fuel effective vehicles. This issue is expected to affect, optimistically, on the expansion of the market for the composites.
The governments of the various countries such as India Mexico, South Korea, Japan, Brazil, China, Canada and the U.S. have planned for the fuel cutback and the standards for the discharge of greenhouse gases, for the light trucks, light commercial vehicles, and passenger vehicles. These planned policies are additionally estimated to increase the demand for the composites from the automobile industries.
The demand for the product in the U.S. is mainly forced by the growing demand for the light weight materials in the automobile manufacturing. Increasing capability in electronics & electrical sector plus the stable development in the automobile and aerospace divisions are the features likely to increase the development of the market, during the period of the forecast.
Due to its great stability and lightweight, the utilization of the composites in the aerospace manufacturing is growing. Europe and the U.S. are the important markets for defense and aerospace manufacturing. The demand is powered by the aircraft manufacturing companies such as Airbus and Boeing. The lofty prices of the composites have restricted their usage to high performance cars, which are additionally costly.
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Effect of Covid-19:
There is a great demand for fiber glass composites from construction and wind energy industries. But, because of the eruption of the Covid-19 pandemic, the demand is estimated to drop. The ongoing pandemic has imposed lockdowns globally. This has effected in abridged installations of the wind power plus the momentary postponement of the operations in the construction, automobile and aerospace industries. The restoration in the end use industries would reinstate the demand for the glass fiber composites, during the period of forecast.
The lockdown situation has caused drop in the production of some resins for example, epoxy resins. Hence the demand for thermo set resins is estimated to fall off throughout the period of forecast. Due to the eruption of Covid-19 pandemic, the largest manufacturing companies of the commercial aircraft have to postpone their business operations for the time being. This has affected the complete supply chain comprising the manufacturing companies of the composites. The pandemic has resulted in the drop in the automobile and aircraft manufacturing, construction business and the installations of wind energy. Sequentially, this has caused the reduction in the demand for the composites.
Key Takeaways from the report:
- The companies for instance Teijin Ltd., Toray Industries and Owens Corning, are incorporated through the value chain of the composites in the activities of manufacturing along with the supply and give diversified offerings for their products.
- Due to the growing demand for the long lasting and light weight materials the demand for the composites in transport and automobile sector held 21.1% revenue share of the general market, in 2019.
- As a result of rising acceptance of carbon fiber composites in wind energy and marine applications, carbon fiber division is projected to progress by the best 9.2% CAGR, in terms of revenue, during the period of the forecast.
- In 2019, Asia Pacific was the biggest market for composites. It held 44.7% revenue share because of the substantial development of the end user sectors, which comprises electronics & electrical, construction, aerospace and automotive, within the region.
- On account of rising demand for the composite materials in defense & aerospace and transport applications the thermosetting division dominated the market and retained 72% share of the entire demand, in 2019.
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- Jushi Group Co., Ltd.
- Momentive Performance Materials, Inc.
- Compagnie de Saint-Gobain S.A
- Hexcel Corporation
- Huntsman Corporation LLC
- Owens Corning
- Teijin Ltd
- Cytec Industries (Solvay. S.A.)
- Weyerhaeuser Company
- SGL Group
- PPG Industries, Inc.
- Toray Industries, Inc.
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Grand View Research has segmented the global composites market on the basis of product, resin, manufacturing process, end-use, and region:
Composites Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Carbon Fiber
- Glass Fiber
Composites Resin Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Composites Manufacturing Process Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Layup Process
- Filament Winding Process
- Injection Molding Process
- Pultrusion Process
- Compression Molding Process
- Resin Transfer Molding Process
Composites End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Automotive & Transportation
- Aerospace & Defense
- Electrical & Electronics
- Wind Energy
- Construction & Infrastructure
- Pipes & Tanks
Composites Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- North America
- The U.S.
- Asia Pacific
- Latin America
- Middle East & Africa
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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