Composites Market (By Resin: Thermoplastic, Thermosetting; By Product: Carbon Fiber, Glass Fiber; By Manufacturing Process: Injection Molding Process, Resin Transfer Molding Process, Pultrusion Process, Layup Process, Filament Winding Process, Compression Molding Process; End use: Electrical & Electronics, Automotive & Transportation, Wind Energy, Aerospace & Defense, Pipes & Tanks, Construction & Infrastructure, Other) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027

The global composites market size was valued at US$ 88.34 billion in 2019 and projected to hit US$ 160 billion by 2027, growing at a compound annual growth rate (CAGR) of 7.8% during the forecast period 2020 to 2027.

Growth Factors

Some of the main influencing factors of composites market include proliferating requirement for lightweight materials in the defense, automotive and aerospace sector, rising demand for chemical and corrosion resistance materials in pipe & tank and construction field. Furthermore, augmented need for high flame retardant and electrical resistivity materials in electronics and electrical sector fuels the growth of composites market. Escalated development of cost effective carbon fibers, rapid cure resin system and improved performance glass fiber are some of the evolving trends that are positively affecting composites market dynamics.

Product Insights

Among different product type segmentation, in 2019, glass fiber appeared as prominent segment and amounted for around 62% revenue share of the total market. This tremendous growth is attributed to its large requirement demand in construction, electronics and electrical, wind energy and transportation sector. Glass fiber also names as fiberglass, is prepared from fine fibers of glass. It provides improved properties like lightweight, high durability, high strength and weather-resistant among others. Such superior qualities propel their demand in countless application sectors.

End use Insights

The outlook of theglobal composites market seemseye-catching with alluring prospects in numerous end-use sectors such as wind energy, electrical and electronics, construction, pipe & tank, marine, transportation, consumer goods, and aerospace among others. Transportation sector that includes commercial vehicles, coaches, buses and automobiles, is projected emerge as one of the major U.S. markets in during coming few years. At present several prominent vehicle manufacturers are spending in composite materials technology in order to decrease weight and address the targets of authorized carbon emission reduction.

Composites also find great demand in construction industry. It finds application in GFRP include paneling, shower stalls, bathrooms, windows and doors. Growth of construction sector is mainly compelled by low mortgage rates, continuous surge in employment, and reducing house price inflation.

Resin Insights

In 2019, among various resins type segment of global composites market, thermosetting resin segment lead the market with over 70% revenue share. This considerable growth is attributed to climbing demand in aerospace, transportation and defense sector. Thermoset composite is typically based on glass, carbon, aramid fibers, and commonly combined with resins such as vinyl esters, epoxies, phenolics, cyanate esters, polyesters, and polyimides. Thermoplastics are non-toxic in nature, weldable, recyclable for other processes, and have augmented toughness and are less expensive. A comprehensive range of thermoplastic resins are employed in composites including PET, PVC and polypropylene. Thermoplastics resins are preferably utilized on account of their improved impact resistance and capacity to reform than thermosetting resins.

Manufacturing process Insights

Out of various manufacturing process involved in the global composites market, layup manufacturing process emerge as leading process with around 34% share of the total revenue generated in 2019. This method is very frequently employed for manufacturing of composite. This process includes insertion of layers of composite fiber in an order with the help of matrix of resin and hardener. Then layup is permitted to cool at room temperature. At present, rising production of boats, wind turbine blades and architectural moldings is expected to spur substantially the demand of layup process segment.

Regional Insights

The composites sector is an economic force that energies the American economy. This industry contributes around USD 22 billion to the U.S. economy annually. Further, as per 2016 UK Composites Strategy, the UK composites product market with nearby 1500 British companies engaged was assessed at around Euro 2.3 billion in 2015, and is projected to reach around Euro 12 billion by 2030.

Asia Pacific dominated the global composite market in 2019, with around 45% revenue share of the overall market. This dominance is due to proliferating demand from different end-use sectors of major countries such as Japan, India and China. Governments of various nations such as Canada, Japan, the U.S., South Korea, China, India Mexico, and Brazil have suggested greenhouse gas emission and fuel economy standards for light commercial vehicles/light trucks and passenger vehicles. These suggested regulations in these nations are likely to support the requirement for composites from the automotive segment.

 Key Companies & Market Share Insights

Multiple initiatives including research and development, technology innovations, partnerships, acquisitions, and merger in order to produce economical and lightweight composite products have been commenced by many prominent players. Some of the significant players in the composites market include:

  • Huntsman Corporation LLC
  • SGL Group
  • Teijin Ltd
  • PPG Industries, Inc.
  • Toray Industries, Inc.
  • Owens Corning
  • Hexcel Corporation
  • DuPont
  • Momentive Performance Materials, Inc.
  • Jushi Group Co., Ltd.
  • Compagnie de Saint-Gobain S.A
  • Weyerhaeuser Company
  • Cytec Industries

Segments Covered in the Report

This research report includes complete assessment of the market with the help of extensive qualitative and quantitative insights, and projections regarding the market. This report offers breakdown of market into prospective and niche sectors. Further, this research study calculates market revenue and its growth trend at global, regional, and country from 2016 to 2027. This report includes market segmentation and its revenue estimation by classifying it on the basis of product, resin, end use, manufacturing process and region as follows:

By Product Type

  • Glass Fiber
  • Carbon Fiber
  • Others

By Resin Type

  • Thermoplastic
  • Thermosetting
  • Others

By Manufacturing Process Type

  • Injection Molding Process
  • Resin Transfer Molding Process
  • Pultrusion Process
  • Layup Process
  • Filament Winding Process
  • Compression Molding Process
  • Others

By End Use Type

  • Electrical & Electronics
  • Automotive & Transportation
  • Wind Energy
  • Aerospace & Defense
  • Pipes & Tanks
  • Construction & Infrastructure
  • Marine
  • Others

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Middle East & Africa
  • Latin America
Request for Customize Report
Precedence offers custom market research services that help clients to get information on their business scenario required.

FAQ's

What are the main influencing factors of composites market?
Some of the main influencing factors of composites market include proliferating requirement for lightweight materials in the defense, automotive and aerospace sector, rising demand for chemical and corrosion resistance materials in pipe & tank and construction field.
According to Precedence Research, in 2019 the global composites Market size was valued at US$ 88.34 billion.
The composites market is growing at a compound annual growth rate (CAGR) of 7.8% during the forecast period 2020 to 2027.
In 2019, glass fiber appeared as prominent segment and amounted for around 62% revenue share of the total market.
In 2019, among various resins type segment of global composites market, thermosetting resin segment lead the market with over 70% revenue share.
Asia Pacific dominated the global composite market in 2019.
The top key companies contributing in composite market are Huntsman Corporation LLC, SGL Group, Teijin Ltd, PPG Industries, Inc., Toray Industries, Inc., Owens Corning and more

PROCEED TO BUY

   USD 4999
   USD 7999

ASK FOR SAMPLE

No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence client

Get a Sample
Address: Apt 1408 1785 Riverside Drive Ottawa, ON, K1G 3T7, Canada
Call: +1 774 402 6168
Email: sales@precedenceresearch.com