Composites Market – Size, Scope, Forecast to – 2030

According to precedence research, the global composites market size was USD 94.34 Billion in 2021 and is expected to reach USD 163.14 Billion by 2030 and register a revenue CAGR of 6.3% during the forecast period, 2022-2030.

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Increasing demand for performance materials in various industries such as automotive & transportation, wind energy, and aerospace and defense is expected to drive the market over the forecast period. The ongoing COVID-19 outburst across the globe has significantly impacted the supply chains as major economies suspended the trade operations. Moreover, demand for composites across various end-use industries such as aerospace, automotive, and construction has been reduced. However, with the ease of trade restrictions, the situation is expected to recover in 2021, which will restore the growth trajectory of the market.

High cost of raw materials for composites is likely to challenge procurement operations by the component manufacturers. However, increased disposable income and readiness to spend more on superior products are expected to influence the market growth positively over the forecast period.

In the U.S, the demand for composites is primarily driven by the increasing demand for lightweight materials in the automotive industry. Rising electrical & electronics capacity additions and steady growth in the automotive and aerospace sectors are the factors that are expected to augment the market growth over the forecast period.

The high weight-to-strength ratio has been the key factor behind the increased usage of composite materials in various end-use industries. Superior properties of composites such as design flexibility, corrosion resistance, high performance at elevated temperatures reduce the threat of substitutes.

Report Highlights

• Asia Pacific is predicted to mirror its dominance by both value and volume throughout the forecast period. This high growth is attributed to rising demand from expanding transportation, electrical and electronics, construction segments in this region.
• Some of the driving factors for extensive growth of composites market are high growth in construction, cumulative automotive production, and infrastructure advancements.
• Glass fiber-based composites products dominated the global marketplace in 2019, followed by carbon fiber-based composites.
• The appearance of the Singapore, Philippines, Indonesia, Malaysia, and Vietnam as chief shipbuilding hubs in Asia Pacific is projected to stimulate composites demand in the region during years to come
• The global composites market has emerged as exciting workplace due to new materials, processes and increasing applications areas.

Market Dynamics:

Drivers:

Government stimulus packages to drive the composites market post COVID-19

It is important to contain the infection to minimize the negative impact on the economy. Countries have announced various steps to contain the virus spread, support consumer spending, and spur economic activities. China, the first county affected by COVID-19, has announced a USD 180 Billion financial stimulus package for epidemic prevention, production of medical equipment, insurance disbursement, and tax relief, among others. The government has also announced USD 430 billion liquidity infusions into the banking system to support micro and small industries. Reduction in repo and report rates are other measures taken to support the business activity in the country.

Restraints:

Lack of standardization in manufacturing technologies

Manufacturing and non-recurring development costs continue to limit the penetration of composites in several applications such as sporting goods, marine, and consumer goods. Design consistency, process standardization, and maintenance technology are the major issues of concern. The lack of standardization of material and methodologies compels the manufacturers to consider conservative designs, which hampers the mass production and economic performance of automobiles and aircraft. In addition, limited human resources with training and experience in composites restrain broader applications of composites

Opportunities:

Increasing demand in emerging economies

Traditionally, the glass fiber and carbon fiber composites industry was concentrated in Japan, North America, and Europe. However, in recent years, there has been a significant shift toward the emerging economies in APAC and Rest of the World. For instance, the demand for glass fiber and carbon fiber composites in aerospace, wind energy, and transportation sectors has increased in the emerging economies, such as India, Brazil, and China, due to the strong demand for low-cost carriers. Countries, including China, have launched a number of research projects involving glass fiber and carbon fiber composites, and its rapid industrialization is likely to accommodate the increase in demand. Moreover, with the rapid economic growth and industrialization in the emerging nations, cyclic industries such as automotive, pipe and tanks, and construction and infrastructure are expected to grow rapidly, driving the demand for GFRP and CFRP. Further, for the upgradation, maintenance of existing infrastructure and the creation of new cities with water treatment facilities, the demand for composites in the construction & infrastructure industry as well as in pipes & tanks is expected to grow during the forecast period.

Challenges:

Developing low-cost technologies

The high cost of composites has been an important point of concern associated with its increasing use in structural applications. The real potential of composites has not yet been realized owing to R&D costs, high manufacturing costs, and increased cycle times. Many applications of aerospace composites have been discovered, but due to high-cost constraints, commercialization of these applications is yet to get started. Owing to the high R&D costs, developing low-cost technologies is a major challenge for all the researchers and key manufacturers.

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

Regional Segmentation

• Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
• Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
• North America [United States, Canada, Mexico]
• South America [Brazil, Argentina, Columbia, Chile, Peru]
• Middle East & Africa [GCC, North Africa, South Africa]

Why should you invest in this report?

If you are aiming to enter the global Composites market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Composites market are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2022-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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