USD 91.92 billion
Report ID: SQSG15B2005 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 95 | Figures: 76
Global Composites Market size was valued at USD 91.92 billion in 2021 and is poised to grow from USD 131.47 billion in 2022 to USD 163.97 billion by 2030, growing at a CAGR of 7.2% in the forecast period (2023-2030).
Its exceptional qualities like exceptional tensile strength, fatigue resistance, and enhanced modulus, carbon fibre reinforced polymers (CFRPs) are among the most well-liked goods on the global composites market. Due to its enhanced performance in challenging conditions, the CFRP has numerous applications in the production of aircraft and component parts. These composite materials are being embraced by the industry to address the demand for lighter, more fuel-efficient aircraft. Due to their high demand in the aircraft manufacturing industry, CFRPs are the main source of income for the participants working in the worldwide composites market.
Due to several advantages like a favourable weight-to-strength ratio and reusability, composite materials are widely used in the automotive and transportation sectors. Automobiles, motorcycles, and bicycles are all made of composite materials. Numerous sports vehicles use durable and lightweight composite materials, such as carbon fibre, to achieve the thrilling sense of speed. Many two-wheelers and cycles' chassis are made of composite materials. Additionally, the use of composites in the automotive industry has significantly increased due to the increasing electrification of vehicles to replace conventional fuels.
The automotive category is anticipated to perform better than all other segments in the global composites market due to the widespread use of composite materials. The use of innovative composite materials, which can improve a vehicle's fuel efficiency, in the production of automobiles is another factor contributing to the segment's dominance.
US Composites Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 91.92 billion
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Global Composite Market is segmented based on Product, Process, End Use, and Region. Based on Product Type the market is further sub segmented into Glass Fiber, Carbon Fiber, and Others, Based on Process the market is further sub segmented into Layup Process, Injection Molding Process, Filament Winding Process, Pultrusion Process, Compression Molding Process, Based on End-Use the market is further sub segmented into Aerospace & Defense, Automotive & Transportation, Electrical & Electronics, Building & Construction, Wind Energy, Marine, and Others, and Based on Region the market is further sub segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Composites Market Analysis By Product Type
In 2021, the glass fibre composites market segment held the top spot and generated roughly 61.1% revenue. These fibres are frequently used in industrial and manufacturing applications due to their advantageous qualities, which include minimal thermal expansion, high stiffness, high temperature tolerance, high chemical resistance, and low weight. Carbon atoms are bound together in parallel-aligned crystals of carbon fibre, and these fibres are joined with other materials to create composites. These fibres are frequently used in industrial and manufacturing applications due to their advantageous qualities, which include minimal thermal expansion, high stiffness, high temperature tolerance, high chemical resistance, and low weight. The penetration of these composites in pipe manufacturing applications has expanded as a result of technological advancements for improving their strength and durability. In addition, the market is expected to be supported in the expected time frame by an increase in demand for high-strength materials in the automotive and aerospace industries. Other goods largely consist of hybrid fibre, silicon carbide fibre, and aromatic polyamide fibre. Carbon and silicon are combined to form silicon carbide fibre. It is a very uncommon mineral called moissanite that occurs in nature and has qualities like high tensile strength, high modulus, and great resilience to high temperatures.
Composites Market Analysis By Manufacturing Process
The layup method dominated the market and generated around 33.7% of the revenue in the composites manufacturing industry in 2020. Over the course of the forecast period, rising production of boats, wind turbine blades, and architectural mouldings is expected to propel the growth of the layup process sector in the worldwide composites market. A variety of items, such as drive shafts for cars, tiny aircraft fuselages, spacecraft constructions, pressure vessels like firefighter oxygen bottles, and others, are now possible thanks to developments in the filament winding process. Over the projected period, the filament winding process is expected to experience expansion due to rising output in the automotive and marine industries.
It is expected that the demand for the injection moulding technique will be aided by the rising demand for lightweight components in the vehicle manufacturing industry. Additionally, the market is likely to be supported in the expected time frame by an increase in demand for high-strength components in the aerospace and marine industries.Pultrusion is a productive process for creating fiber-reinforced composite materials. The method can be applied to thermoplastic matrices made of polybutylene terephthalate (PBT) and polyethylene terephthalate (PET), either by enclosing the glass fibre with thermoplastic matrix sheet material or by impregnating it with thermoplastic matrix powder. An open, heated mould cavity is used in the moulding process known as compression moulding to preheat the material. The method is frequently used in the automotive, aerospace, and marine industries to create larger flat or curved composite parts. Furthermore, the compression moulding method is probably going to gain impetus from applications in the wind energy sector.
Composites Market Analysis By End Use
In 2021, the automotive and transportation category dominated the market and brought in roughly 21.2% revenue. Over the foreseeable term, this market segment is probably going to continue to rule. The transportation industry benefits from composites since the components are much lighter in weight, increasing fuel economy.It is expected that rising consumer and industry demand for high-tech electronics would increase demand for composite materials. Terminal boxes, lamp housings, electrical enclosures, plugs, sockets, and parts for the distribution of energy are some of the electrical and electronics applications for composites that are most frequently used.
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The results based on our research approach show that over the forecast period, Asia Pacific will hold the greatest revenue share in the global market. Players in this market can expect to benefit greatly from the rising demand in key sectors including electrical & electronics, aerospace & defence, building & construction, and automotive & transportation. Additionally, the regional market is expected to benefit from the cities' fast urbanisation and the presence of numerous manufacturers like Toray Industries Inc. and Mitsubishi Chemical Holdings Corporation.
Due to the expanding demand from the defence & aerospace industry, North America is expected to hold the second-largest market share. More than 50% of the most recent Airbus aircraft in the A350XWB series are composed of these materials, compared to the earlier fleet, which only utilised 2–5% aerospace composites. The use of these materials in aerospace has increased over the past few decades.
Throughout the predicted period, significant growth are expected for Europe. The region's automobile production business is increasingly using lightweight materials due to rising investment on electric vehicles and environmental regulations. After 2020, the regional automotive sector is expected to recover because of expanding partnerships and legislative initiatives promoting intelligent and energy-efficient automobiles.
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Top Players in the Global Composites Market
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According to our analysis, the glass fibre composites market segment dominated the global Composites Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, the Asia Pacific dominated the global Composites Market owing to the region's highly aware and economically stable population.
|Market size value in 2021||USD 91.92 billion|
|Market size value in 2030||USD 131.47 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Composites Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Composites Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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