As per SNS Insider’s research, as new technologies and sustainability initiatives emerge, the composites market is likely to evolve and expand further, offering unique opportunities for innovation and growth.
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The SNS Insider report states that the composites market, having been valued at USD 116.75 billion in 2022, is projected to attain a valuation of USD 216.09 billion by 2030, experiencing a compounded annual growth rate (CAGR) of 8% throughout the forecast period from 2023 to 2030.
The Major Key Company Profiles included in Composites market study are:
- Solvay
- Hexion
- Toray Industries Inc.
- Jushi Group Co., Ltd
- Hexcel Corporation
- Owens Corning
- Teijin Limited
- PPG Industries, Inc.
- SGL Carbon
- Mitsubishi Chemicals Corporation
- Huntsman International LLC
Market Report Scope
Composites are materials that are formed by combining two or more distinct components with different properties to create a new material with enhanced characteristics. These components can be of various types, such as fibers, particles, or matrices, and they are strategically combined to take advantage of their individual strengths while minimizing their weaknesses. Composites are widely used in various industries due to their ability to offer unique combinations of properties, making them an essential part of modern engineering and manufacturing.
Market Analysis
The global composites market continues to experience robust growth, driven by several key factors that have shaped its expansion and will continue to do so in the foreseeable future. The aerospace and defense industries have been early adopters of composite materials due to their lightweight and high-strength properties. Composites are used extensively in aircraft, missiles, and military vehicles. As these sectors continue to grow, so does the demand for advanced composites. The renewable energy sector, particularly wind energy, relies heavily on composites for the construction of lightweight, durable wind turbine blades. As the world transitions to cleaner energy sources, the demand for wind turbines and other renewable energy infrastructure is on the rise. Composites are widely used in the production of sporting goods such as tennis rackets, golf clubs, and bicycles, where their lightweight and high-strength properties enhance performance. As the sports and leisure market continues to grow, so does the demand for composites in these applications.
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The Composites Market Segments and Sub-Segments are Listed Below:
By Fiber Type
- Glass Fiber Composites
- Carbon Fiber Composites
- Natural Fiber Composites
- Other Fiber Composites
By Resin Type
- Thermoset Composites
- Thermoplastic Composites
By end-use industry
- Aerospace & defense
- Wind Energy
- Automotive & Transportation
- Construction & Infrastructure
- Marine
- Pipe & Tank
- Electrical & Electronics
- Others
By Manufacturing Process
- Lay-up
- Filament Winding
- Injection Molding
- Pultrusion
- Compression Molding
- RTM
- Others
Impact of Recession
The impact of a recession on the composites market can be significant, leading to reduced demand, supply chain disruptions, and cost pressures. However, it can also drive innovation and be partially offset by government stimulus efforts. Companies operating in the composites industry must adapt and be resilient to navigate the challenges presented by economic downturns.
Impact of Russia-Ukraine War
The Russia-Ukraine war has introduced uncertainties and challenges to the composites market, primarily due to disruptions in the supply chain and changes in the geopolitical landscape. Companies operating in this industry will need to adapt to these evolving circumstances, potentially leading to both short-term adjustments and long-term changes in the market. Monitoring geopolitical developments and diversifying supply chains are likely to be crucial strategies for businesses in this sector to navigate these challenges successfully.
Key Regional Development
North America boasts a mature composites market, primarily led by the United States and Canada. The region’s aerospace and automotive industries are significant consumers of composites, owing to their lightweight and high-strength properties. The demand for composites in the defense sector is also robust, driven by the need for advanced materials in military applications. Environmental sustainability is a growing concern, leading to increased interest in bio-based and recycled composites. Europe is a prominent player in the global market, with countries like Germany, France, and the UK at the forefront. The Asia-Pacific region is experiencing exponential growth in the market, driven by rapid industrialization and urbanization in countries like China and India.
Key Takeaway from Composites Market Study
- In the ever-evolving landscape of advanced materials, glass fiber composites have emerged as a dominant force, poised to revolutionize various industries. This versatile segment is set to play a pivotal role in the market, offering a myriad of benefits that range from exceptional strength-to-weight ratios to corrosion resistance.
- The automotive and transportation sector has witnessed remarkable transformations in recent years, driven by the relentless pursuit of efficiency, performance, and sustainability. Composite materials are strategically integrated into various vehicle components, from crash-absorbing structures to lightweight armor for military vehicles, offering protection without compromising on weight.
Recent Developments Related to Composites Market
- Büfa, a leading player in the European coatings industry, has made a significant move by acquiring the composites business from JKS, marking a strategic expansion of their portfolio. This acquisition has sent ripples through the industry, raising questions and anticipation about the potential impact on the European coatings sector.
- Velocity Composites, a leading supplier of advanced composite materials and engineering services, has made a significant stride in its global expansion efforts by entering the US market through a groundbreaking $100-million deal with GKN Aerospace, a renowned aerospace manufacturer.
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Table of Contents – Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
- Value Chain Analysis
- Porter’s 5 forces model
- PEST Analysis
8.Composites Market Segment, By Fiber Type
9.Composites Market Segment, By Resin Type
10.Composites Market Segment, By end-use industry
11.Composites Market Segment, By Manufacturing Process
- Regional Analysis
- Company Profile
14.Competitive Landscape
- Conclusion
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