Composites are light in weight as compared to most woods and metals. The lightweight property of composites makes their usage important in automobiles and aircraft, where less weight offers better fuel efficiency. Nowadays, designers of airplanes are greatly concerned with weight, as reducing a craft’s weight reduces the amount of fuel it needs and increases the speed it can reach. Moreover, composites resist damage from the weather and harsh chemicals. They can be molded into complicated shapes more easily than most other materials.
In 2022, Asia Pacific held the largest revenue share of the global composites market. The demand for composites in Asia Pacific is increasing due to the growing use of composites in various end-use industries such as automotive, wind energy, construction, sporting goods, and many others. The growing building & construction industry is a strong contributor to the composites market growth in the region. Asia Pacific is witnessing urbanization, along with the rising construction of residential and commercial projects. Moreover, the per capita income in the region has increased, coupled with the development of affordable residential buildings. This has resulted in rapid urbanization in Asia Pacific. The beneficial government policies related to residential property developments in several countries of the region propelled urbanization. Moreover, countries such as China and India are amongst the world’s top five countries with installed wind power. All these factors positively contribute to the composites market growth in the region.
Industries such as automotive, aerospace, construction, marine, and energy have been the major contributors to the demand for composites. In 2020, these industries had to slow down their operations due to disruptions in the value chain caused by the shutdown of national and international boundaries. The shortage of manpower resulted in the deceleration of composite production and distribution operations. Disruptions in the global supply chain and shutdown of resin production facilities led to a severe spike in the prices of composites. Lockdowns imposed by different countries in 2020 hampered the ability of industries to maintain inventory levels. Moreover, sanitary measures and other COVID-19 precautions significantly reduced production capacity, creating a shortage of composite inventory. However, in 2021, the global marketplace began recovering from the losses incurred in 2020 as governments of different countries announced relaxation in social restrictions. Moreover, rising vaccination rates contributed to improvements in the overall conditions in different countries, which led to conducive environments for industrial and commercial progress. According to the World Economic Forum, the COVID-19 pandemic has the potential to bring innovations in home designs and is expected to provide new opportunities in the field of house renovation. This factor is projected to provide lucrative opportunities for the composites market growth during the forecast period.
Automotive manufacturers prefer lightweight materials for manufacturing automobiles while ensuring safety and performance. Lightweight materials have excellent potential for increasing fuel efficiency. A 10% decrease in vehicle weight can result in a 6–8% enhancement in fuel economy. Advanced materials such as carbon fiber composites have the potential to reduce the weight of automotive components by 50-75%. The application of composites in the automotive sector continues to grow. Plastic composites have excellent acoustic and thermal properties compared to composites of nonrenewable origin, making them ideal for vehicle’s interior parts. Further, they are suitable for the manufacturing of non-structural interior components, including seat fillers, seat backs, headliners, interior panels, and dashboards. In addition, aircraft manufacturers are making efforts to enlarge primary thermoplastic structures in business jets and commercial aircraft. They have been the early adopters of long fiber-reinforced thermoplastics.
Based on fiber type, the global composites market is segmented into carbon fiber composites, glass fiber composites, and others. The global composites market share for the glass fiber composites segment was the largest in 2022. Glass fiber composites are produced by various manufacturing technologies and are used for a wide range of applications. Glass fibers showcase several properties, namely, high strength, flexibility, durability, and resistance to chemical damage. It can be in the form of roving, chopped strands, yarns, fabrics, and mats. Each type of glass fiber has distinct properties and is used for various applications in the form of polymer composites. Glass fiber composite materials are highly preferred for industrial applications due to their favorable characteristics such as high strength-to-weight ratio, good dimensional stability, good resistance to heat & corrosion, good electrical insulation properties, ease of fabrication, and relatively low cost.
The key players operating in the global composites market include DuPont de Nemours Inc, Gurit Holding AG, Hexion Inc, Mitsubishi Chemical Holdings Corp, Nippon Electric Glass Co Ltd, Owens Corning, SGL Carbon SE, Teijin Ltd, Solvay SA, and Toray Industries Inc. Players operating in the global composites market focus on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities and new product launches.
The regional trends and factors influencing the Composites Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Composites Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 88.71 Billion |
| Market Size by 2028 | US$ 24.19 Billion |
| Global CAGR (2022 - 2028) | 5.8% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Fiber Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Composites Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Composites Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Based on fiber type, the global composites market is segmented into carbon fiber composites, glass fiber composites, and others. Based on resin type, the global composites market is bifurcated into thermoset and thermoplastic. The thermoset segment is further segmented into polyester, vinyl ester, epoxy, polyurethane, and others. The thermoplastic segment is subsegmented into polypropylene, polyethylene, polyvinylchloride, polystyrene, polyethylene terephthalate, polycarbonate, and others. Based on end-use industry, the global composites market is segmented into automotive, aerospace & defense, wind, construction, marine, sporting goods, and others.
The increasing demand for lightweight materials from automotive & aerospace industry, and rising utilization of glass-fiber composites in end-use industries, are some of the key driving factors for the composites market.
Based on end-use industry, wind energy is the fastest-growing segment. The rising adoption of composites in renewable energy due to properties such as lightweight, and lower maintenance costs, is driving the segment’s growth. At present, research and development is highly focused towards innovative materials aimed to satisfy turbine requirements such as increased size turbine and rotor blades for land-based and off-shore systems.
The applications of composites in wind energy sector, is expected to provide lucrative growth opportunities to the global composites market during the forecast period.
Asia Pacific composites market is driven by growth in end-use industries such as wind power, electronics, and automotive industries, which is expected to create favorable business opportunities for the composites market during the forecast period. Therefore, Asia Pacific accounts for the largest share of the global composites market.
The major players operating in the global composites market are Mitsubishi Chemical Holdings Corp; Nippon Electric Glass Co Ltd; Solvay SA; Toray Industries Inc; DuPont de Nemours Inc; amongst others.
Glass fiber composite materials are highly preferred for industrial applications due to their favorable characteristics such as high strength-to-weight ratio, good dimensional stability, good resistance to heat and corrosion, good electrical insulation properties, ease of fabrication, and relatively low cost. Therefore, this factor is expected to boost the glass fiber composites segment’s share.