Market Overview In 2021, the global composites market reached a size of USD 101.05 billion, with an anticipated revenue compound annual growth rate (CAGR) of 6.7% during the forecast period. The surge in demand for lightweight materials in defense, aerospace, and automotive sectors, coupled with the increasing trend toward lightweight and fuel-efficient vehicles, is propelling the substitution of steel with composites in the automotive industry and fostering revenue growth.
Definition of Composites Composites are materials formed by combining two or more distinct substances, resulting in enhanced strength compared to individual components. Industries such as architecture, infrastructure, and automotive are increasingly adopting composites as they offer characteristics ideal for replacing materials like granite, steel, aluminum, wood, and others. Polymeric matrix composites, created synergistically from multiple components, exhibit high mechanical resistance relative to their density, providing advantages such as precise shaping, excellent corrosion resistance, and resistance to deterioration.
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Applications and Advantages Over the past five decades, advanced composite materials have found applications in military vehicles, luxury boats, wind turbine blades, aircraft, and sports equipment like skis, snowboards, and surfboards. Their use is expanding in architecture, providing weight savings and the ability to create intricate shapes, offering architects greater creative flexibility. In the construction industry, the design of composite materials opens up diverse possibilities.
Market Dynamics Drivers: Benefits of Composites Increasing consumer awareness of the advantages of composites, such as lightweight properties, anti-corrosiveness, and strength, is driving market growth. Government initiatives promoting sustainability and reducing carbon dioxide emissions are encouraging investments in lightweight commercial vehicles. Major automotive brands prefer composite materials for their lightweight characteristics, enhancing fuel efficiency and environmental friendliness. Composites’ nonconductive and nonmagnetic properties make them suitable for electronic applications.
Restraint: High Purchase Cost of Raw Materials The high cost of raw materials and production, coupled with weak strength in the out-of-plane direction and susceptibility to damage from strong impacts, presents challenges for composites. Additionally, composites have limitations in resisting extremely high temperatures and have a lower strength-to-volume ratio compared to metals.
COVID-19 Impact The global demand for composites has been significantly affected by the COVID-19 pandemic, particularly in sectors like aerospace and defense, witnessing a decline in demand due to international and domestic lockdowns.
Key Takeaways Resin Type Outlook The global market is segmented into thermoset composites, thermoplastic composites, and others. The thermoset composites segment is expected to exhibit steady growth, offering robust characteristics and a variety of options like epoxies, silicones, polyesters, polyurethanes, and phenolics.
Product Outlook Segments include polymer matrix composites, metal matrix composites, and ceramic matrix composites. Polymer matrix composites are anticipated to grow steadily due to their lightness, strength, corrosion resistance, and suitability for various applications, especially in the transportation industry.
End-Use Outlook End-use categories comprise automotive & transportation, construction & infrastructure, aerospace & defense, and others. The automotive & transportation segment is expected to witness steady growth, driven by the use of composite materials in chassis construction and other applications.
Regional Outlook North America leads in revenue share, attributed to government investments and technological developments in aerospace and defense. The Asia Pacific region is expected to register steady growth, driven by increasing acceptance of autonomous vehicles and infrastructure development programs.
Competitive Landscape The global composites market is consolidated, with key players such as Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, SGL Group, Nippon Electric Glass Co. Ltd., Koninklijke Ten Cate BV, Huntsman International LLC., Solvay, and Hexcel Corporation. These companies engage in strategic alliances to expand their portfolios and enhance their global market presence. For instance, Hexcel Corporation introduced a lightweight camera drone constructed using its HexPly carbon fiber prepreg.
Market Report Scope
- Market Size (2021): USD 101.05 Billion
- CAGR (2021 – 2030): 6.7%
- Revenue Forecast (2030): USD 181.14 Billion
- Historical Data: 2019-2020
- Forecast Period: 2022-2030
- Segmentation: Resin Type, Product, End-Use, Region
- Segments Covered: Thermoset Composites, Thermoplastic Composites, Others, Polymer Matrix Composites, Metal Matrix Composites, Ceramic Matrix Composites, Automotive & Transportation, Construction & Infrastructure, Aerospace & Defense, Others
- Regional Scope: North America, Europe, Asia Pacific, Latin America, Middle East & Africa
- Key Companies: Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, SGL Group, Nippon Electric Glass Co. Ltd., Koninklijke Ten Cate BV, Huntsman International LLC., Solvay, Hexcel Corporation.
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