USD 1.51 Billion
Report ID:
SQMIG25F2003 |
Region:
Global |
Published Date: August, 2024
Pages:
223
|Tables:
63
|Figures:
75
Global Structural Composite Market size was valued at USD 43.92 Billion in 2022 and is poised to grow from USD 47.04 Billion in 2023 to USD 83.86 Billion by 2031, at a CAGR of 7.54% during the forecast period (2024-2031).
The global structural composites market has witnessed substantial growth in recent years. Structural composites are advanced materials that combine different substances to create materials with enhanced mechanical properties, making them ideal for various industries. Key drivers of market growth include the increasing demand for lightweight and high-strength materials in sectors like aerospace, automotive, construction, and wind energy. Aerospace applications have played a significant role in boosting the market due to the need for fuel-efficient aircraft and improved performance. Additionally, the automotive industry's shift towards electric and hybrid vehicles has created opportunities for structural composites to reduce vehicle weight and improve energy efficiency. Environmental concerns and regulations regarding emissions have also fueled the adoption of composites in wind turbines and other renewable energy applications. However, challenges such as high production costs and recycling issues remain. In summary, the global structural composites market is poised for continued growth, driven by the demand for lightweight, high-strength materials across multiple industries and the pursuit of sustainable solutions.
Global Market Size
USD 1.51 Billion
Largest Segment
Aerospace & Defense Segment
Fastest Growth
Aerospace & Defense Segment
Growth Rate
9.2% CAGR
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The structural composites market can be segmented into reinforcement materials, matrix, end-user, and region. Based on reinforcement materials, the market is segmented into carbon fiber composites, glass fiber composites, aramid fiber composites, and others. Based on matrix, the market is segmented into wood, metal, and polymer. Based on end user, the market is segmented into Construction & infrastructure, Energy, Transportation (Automotive, Aerospace & defense, other transportation), Others. Geographically, the market can be divided into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
Analysis By Type
The largest segment in the global structural composites market is glass fiber composites. Glass fiber composites are the most widely used type of composites due to their high strength-to-weight ratio, low cost, and ease of processing. They are used in a wide variety of applications, including aerospace, automotive, wind energy, and construction.
The fastest growing segment in the global structural composites market is carbon fiber composites. Carbon fiber composites are stronger and lighter than glass fiber composites, making them ideal for high-performance applications. They are used in the aerospace, automotive, and sporting goods industries.
Analysis By End-user
The aerospace & defense segment is the largest segment of the global structural composites market, accounting for a share of over 30% in 2022. The segment is expected to continue to dominate the market during the forecast period, driven by the increasing demand for lightweight and high-performance materials in aircraft and spacecraft. Composites are used in a variety of applications in the aerospace & defense sector, including aircraft structures, helicopter blades, spacecraft, and missiles. The increasing demand for fuel-efficient aircraft is driving the demand for composites in this segment.
The automotive & transportation segment is the fastest growing segment of the global structural composites market, with a CAGR of over 8% during the forecast period. The segment is expected to be driven by the increasing demand for lightweight and fuel-efficient vehicles. Composites are used in a variety of applications in the automotive & transportation sector, including car bodies, truck beds, and wind turbine blades. The increasing focus on reducing emissions from vehicles is driving the demand for composites in this segment.
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Asia Pacific was the largest market for structural composites, accounting for 40% of the global market share. This is due to the rapid development of the end-use sectors such as construction & infrastructure, energy, defense & transportation, etc. in the region. China is the largest structural composite consumer in the world and is expected to maintain its leading position through the study timeframe. The fastest growing region in the global structural composites market is Latin America. This is due to the increasing demand for composites in the automotive and wind energy sectors in the region. The automotive sector is the largest end-use market for structural composites in Latin America, followed by the wind energy sector.
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Structural Composites Market Drivers
Lightweighting and Fuel Efficiency Demands:
Growing Demand in Aerospace:
Structural Composites Market Restraints
High Production Costs:
Recycling and Disposal Challenges:
Limited Standardization and Certification:
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The global structural composites market boasts a highly competitive landscape characterized by the presence of several key players striving to capture market share. Prominent companies such as Hexcel Corporation, Toray Industries Inc., Owens Corning, Teijin Limited, and Solvay SA dominate the industry with their extensive product portfolios and global reach. These industry leaders continuously invest in research and development to innovate new composite materials, enhancing their mechanical properties and sustainability. Moreover, partnerships, mergers, and acquisitions are prevalent strategies among companies to expand their market presence and diversify their offerings. Additionally, the market is witnessing a surge in smaller, niche players specializing in unique applications, fostering innovation and customization within the industry. Rising demand from aerospace, automotive, construction, and wind energy sectors fuels competition as companies vie for contracts and market leadership. The competitive landscape is also influenced by environmental regulations, driving companies to develop eco-friendly composites to align with sustainability goals and secure competitive advantages in this dynamic market.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global structural composites market holds promising prospects as industries increasingly seek lightweight, durable, and sustainable materials. The growing demand for fuel-efficient transportation, renewable energy solutions, and infrastructure development is driving the adoption of structural composites. Advancements in composite manufacturing technologies and a focus on reducing carbon emissions further bolster market growth. Additionally, the aerospace, automotive, and construction sectors are poised for substantial expansion. However, challenges like material cost and recycling remain, but ongoing research and innovation are expected to address these issues, ensuring a bright future for the global structural composites market.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 43.92 Billion |
Market size value in 2031 | USD 83.86 Billion |
Growth Rate | 7.54% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Structural 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 Structural 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Structural Composites Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Structural Composites Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG25F2003
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