Composites Market Growth and Trends
The global composites market size is expected to reach USD 163.97 billion by 2030, registering a CAGR of 7.2% over the forecast period,according to a new report by Grand View Research, Inc. The demand for composites is expected to witness significant growth owing to the rising fuel prices and stringent government regulations have shifted automobile manufacturers focus on light-weighted components which would further propel the market demand over the forecast period.
Composite products play an essential role in the manufacturing of automotive and aircraft parts. The growing concerns regarding fuel consumption and CO2 emission levels have prompted the manufacturers to use carbon fiber composite materials as substitutes for metal components. Technological innovations to minimize the manufacturing cycle time is expected to propel the usage of composites in the automotive sector.
Access the Composites Market Size, Share Trends Analysis Report By Product Type (Carbon Fiber, Glass Fiber), By Manufacturing Process (Layup, Filament, Injection Molding, Pultrusion), By End-use, By Region And Segment Forecasts, 2023 - 2030
The high cost of composites has limited their application scope to premium segment cars. However, key players are conducting extensive RD activities to develop low-cost composite grades with similar mechanical properties as that of the high-cost variants. This is expected to spur the demand for the product in the automotive industry over the forecast period.
Aerospace is one of the fastest-growing sectors in the global composites market. High-performance materials are required to be used in aircraft, rockets, satellites, and missiles in the aerospace industry. The consumption of composites in the aerospace industry is increasing owing to their lightweight and high rigidity. The U.S. and Europe are the key markets in the aerospace defense sector with the demand being driven by aircraft manufacturers such as Boeing and Airbus.
Major players have established a strong distribution network and product brands in the global composites market. Companies such as Teijin Limited, Toray Industries, Owens Corning, and PPG Industries Inc. acquired a large share of the market globally. The ongoing research development activities in the composites market present several growth and expansion opportunities to market players, which in turn are projected to positively influence the overall composites market.
Manufacturers are aiming to achieve optimum business growth and a strong market position through the implementation of various strategies such as integration, through acquisition, joint ventures, production capacity expansion, new product development, promotion of key product brands, and significant investments in research development.
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Composites Market Report Highlights
- The glass fiber segment accounted for the largest market share in 2022 and is further expected to grow at a CAGR of 6.4% on account of increased penetration in pipe manufacturing applications owing to the strength and durability of these composites. Additionally, glass fiber comprises several thin that find application in building construction, automotive, industrial, energy, and consumer goods
- The layup process segment is forecasted to grow at a CAGR of 9.0% by 2030. The market is again forecast to grow due to easier technology applications and the requirement of less expensive machinery. The process involves placing multiple layers of composite fiber in a sequence by using a matrix of resin and hardener
- The automotive transportation segment dominated the composites market with a revenue share of USD 19.70 billion in 2022. This is attributed to its advantages such as fuel saving to the transportation sector as the components are significantly lighter in weight that allows ascending fuel efficiency
- The demand for composites in Asia Pacific was the largest in the global market due to the increase in air passenger traffic, rise in automotive vehicle production, and ambitious electrical electronics production capacity addition targets set by various governments in the Asia Pacific including China, India, Japan, and South Korea
- Various initiatives such as technology innovations, research development, partnerships, and merger acquisitions to manufacture cost-effective and lightweight composite products have been undertaken by the key market players. Prominent players have patented technologies used for composites manufacturing
Key Companies Market Share Insights
The global composites market is characterized by the presence of a large number of players, with established players leading the market trends. The majority of these companies focus on forward integration by providing their products directly to end-users across different industry verticals. Some of these companies also use an established distribution and sales network to connect with their customers across regions easily.
The competitive rivalry among manufacturers of composites is high as the market is characterized by the presence of several global and regional players. High processing and manufacturing costs of composites are challenging the growth and profitability of composite manufacturers across the globe. Other than the high production cost, initial capital investment is anticipated to pose a challenge in the forecast period. Some prominent players in the composites market include:
- Teijin Ltd.
- Toray Industries, Inc.
- Owens Corning
- PPG Industries, Inc.
- Huntsman Corporation LLC
- SGL Group
- Hexcel Corporation
- DuPont
- Compagnie de Saint-Gobain S.A.
- Weyerhaeuser Company
- Momentive Performance Materials, Inc.
- Cytec Industries (Solvay, S.A.)
- China Jushi Co., Ltd.
- Kineco Limited
- Veplas Group
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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