Rising Utilization of Glass-Fiber Composites in End-Use Industries to Escalate Composites Market Growth
According to our latest market study on “Composites Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Fiber Type, Resin Type, and End-Use Industry,” the composites market size is expected to grow from US$ 88,710.42 million in 2022 to US$ 124,185.35 million by 2028; it is estimated to grow at a CAGR of 5.8% from 2022 to 2028. The report highlights key factors driving the composites market growth and prominent players along with their developments in the market.
There are various advantages of using composites, including high strength, lightweight, flexibility, resistance, and durable nature. In composites, a wide range of material combinations can be used, which allows for design flexibility. The materials can be custom tailored to fit the unique specifications of each application sector. Further, composites can be easily molded into complicated shapes.
Global Composites Market Breakdown – by Region
Composites Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Fiber Type (Carbon Fiber Composites, Glass Fiber Composites, and Others), Resin Type [Thermoset (Polyester, Vinyl Ester, Epoxy, Polyurethane, and Others) and Thermoplastic (Polypropylene, Polyethylene, Polyvinylchloride, Polystyrene, Polyethylene Terephthalate, Polycarbonate, and Others)], and End-Use Industry (Automotive, Aerospace & Defense, Wind, Construction, Marine, Sporting Goods, and Others)
Composites Market 2022-Industry Size, Share & Growth till 2028
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Glass fibers are thin strands of silica-based glass that are extruded into small-diameter fibers. Glass fibers are available in different compositions, namely A-glass, C-glass, D-glass, AR-glass, S-glass, and E-glass, with different properties and uses. These fibers are enclosed into a resin matrix to produce glass fiber-reinforced composites. Glass fiber-reinforced composites are polymerized monomer matrix that is filled by fine thin glass fibers, chemically bonded to that matrix using silane coupling agents. The higher utilization rate of glass fibers in end-use industries such as wind energy, construction, sporting goods, and marine has broadened the scope of glass fiber composites. The unique properties of glass fiber composites, including lightweight, high strength, a large degree of freedom of design, easy molding, low friction coefficient, and fatigue resistance, make it suitable for sports facilities, sports goods, and sports equipment, such as tennis rackets, golf clubs, bicycles, skis, and fitness equipment. Thus, the rising utilization of glass fiber composites in end-use industries is driving the composites market.
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.
Impact of COVID-19 Pandemic on Composites Market
The unprecedented rise in the number of COVID-19 cases across the globe and the subsequent shutdown of numerous manufacturing facilities hampered the composites market growth. The construction sector was severely affected due to delays in projects, laborer shortages, increased material costs, and delays in the supply chain that reduced the demand for composites in the global market. According to the US International Trade Commission (USITC), the automotive industry was highly vulnerable, and vehicle sales in the US decreased by 15% from 2019 to 2020. The adverse impact of the COVID-19 pandemic on the automotive industry has reduced the demand for composites. However, the composites market began reviving in late 2020 due to significant measures taken by governments of various countries, e.g., well-coordinated vaccination drives. The resumption of business activities in the automotive, construction, and wind energy sectors is creating the demand for composites.
The report includes the segmentation of the global composites market as follows:
The global composites market is segmented on the basis of fiber type, resin type, and end-use industry. 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. By geography, the global composites market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America composites market is further segmented into the US, Canada, and Mexico. The Europe composites market is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific composites market is further categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America composites market is further categorized into Brazil, Argentina, and the Rest of South & Central America.
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