The composites market is projected to register a CAGR of 8.8% during the forecast period. The global composites market size is projected to grow from USD 70.4 billion in 2020 to USD 112.8 billion by 2025, at a CAGR of 8.8% between 2020 and 2025. Composites offer exceptional properties, such as stiffness, strength, tenacity, density, thermal & electrical conductivity, fatigue, and corrosion resistance. Owing to these outstanding properties offered by the composites, they are preferred over conventional materials such as aluminum steel in high performance applications in several end-use industries. However, global pandemic disease COVID-19 has forced the automotive, wind blade, and aircraft manufacturers to shut down their operations, which is expected to decrease the demand for composites in 2020.
Carbon fiber composites are the fastest-growing fiber type of composites market in terms of value. Carbon fiber composites are projected to register the highest CAGR in terms of value between 2020 and 2025.Carbon fiber is twice as strong, and 30% lighter compared to glass and natural fiber and has been used in several end-use industries for some time.
However, due to COVID-19, carbon fiber composites production and demand have reduced.It is expected that advancement in carbon fiber manufacturing and a decrease in crude oil prices would result in a reduction of carbon fiber composites prices.
This, in turn, would bolster the growth and penetration of carbon fiber composites in various end-use industries.
Thermoplastic composites is the fastest-growing resin type of composites, in terms of value.
Thermoplastic composites are the fastest-growing resin type.The thermoplastic composites are easy to remold, and reform and hence can be reused.
Due to COVID-19, lockdown conditions and halt in the production of automobiles and aircraft have reduced the demand for thermoplastic composites.However.
R&D investments for the mass production of thermoplastic composites would reduce its cost, thereby driving the thermoplastic composites market during the forecast period.
Resin transfer molding is expected to witness widespread adoption in the composites market in terms of value.
The resin transfer molding manufacturing process is projected to register the highest CAGR in terms of value between 2020 and 2025.This process yields increased laminate compression, high glass-to-resin ratio, and outstanding strength-to-weight characteristics.
Thus, the process is expected to grow during the forecast period.Due to COVID-19, there is a decreased demand for composites in the resin transfer molding process in construction & infrastructure, automotive & transportation, and aerospace & defense industries.
The recovery in these industries post COVID-19 pandemic would restore the demand for composites in the resin transfer molding process.
Automotive & transportation is the fastest-growing end-use industry of composites, in terms of value.
The automotive & transportation industry is expected to grow at the highest CAGR during the forecast period in terms of value.The use of composites in luxury cars, sports cars, electric vehicles, and passenger cars is increasing due to lightweight, high strength, and increased fuel-efficiency.
However, due to COVID-19, travel restrictions, and lockdown scenario, the automobile sales have dropped. It is expected that the stringent environmental regulations, recovery in the electric vehicles, and sentiments of people to travel in private cars would drive the composites market at the highest pace than any other industry during the forecast period.
APAC is the fastest-growing composites market.
APAC is projected to register the highest CAGR in terms of value in the global composites market during the forecast period.APAC dominated the composites industry in 2019.
The growth of the composites industry in this region is supported by the low-cost labor, the advancement of composite technology solutions, and the penetration of composites in various end-use industries. Due to COVID-19, numerous wind blade manufacturers and automotive companies have halted their production sites across various countries that has led to reduced demand for composites in Asian countries. The recovery in the end-use industries with restoration in the supply chain would drive the composites demand during the forecast period.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following three categories: • By Company Type- Tier 1- 40%, Tier 2- 33%, and Tier 3- 27% • By Designation- C Level- 50%, Director Level- 20%, and Others- 30% • By Region- North America- 20%, Europe- 50%, APAC- 15%, Latin America-5%, MEA-10%,
The report provides a comprehensive analysis of company profiles listed below: • Owens Corning (US) • Toray Industries, Inc. (Japan) • Teijin Limited (Japan) • Mitsubishi Chemical Holdings Corporation (Japan) • Hexcel Corporation (US) • SGL Group (Germany) • Nippon Electrical Glass Co. Ltd. (Japan) • Huntsman International LLC. (US) • Solvay (Belgium) • Gurit (Switzerland)
Research Coverage This report covers the global composites market and forecasts the market size until 2024.The report includes the market segmentation – Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites and Other), Resin Type( Thermoset Composites and Thermoplastic Composites), Manufacturing Process (lay-up, Filament Winding, Injection Molding, Pultrusion, Compression Molding, RTM and Others), End-use Industry (Aerospace & Defense, Wind Energy, Transportation, Construction & Infrastructure, Marine, Pipes & Tanks, Electrical & Electronics, and Others) and Region (Europe, North America, APAC, Latin America, and MEA).
Porter’s Five Forces analysis, along with the drivers, restraints, opportunities, and challenges, are discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global composites market.
Key benefits of buying the report:
The report will help market leaders/new entrants in this market in the following ways: 1. This report segments the global composites market comprehensively and provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions. 2. The report helps stakeholders understand the pulse of the composites market and provides them with information on key market drivers, restraints, challenges, and opportunities. 3. This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreement, and acquisitions.
Reasons to buy the report: The report will help market leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall composites market and the sub-segments.This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.
The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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283 pages •
By Global Industry Analysts
• Sep 2020
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