The composites market size will reach around US$163.14 billion by


Tokyo, April 08, 2022 (GLOBE NEWSWIRE) — The world composites market size was estimated to be worth US$94.34 billion in 2021. When two or more components with different physicochemical properties are mixed and delivered, a new material called composites is created with properties different from the attributes of the original source. These composites can be created naturally or artificially. The few natural composites include wood, collagen, and wood, while other materials are made by hand. Composites are popular in industries such as aerospace, transportation, electronics, and automotive due to their properties.

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Component companies’ procurement procedures will most likely be hampered by the high cost of raw materials for composites. On the other hand, increasing disposable income and willingness to spend more on higher quality products are expected to have a positive impact on the growth of the composites market over the forecast period.

Growth factors

The global composites market is largely influenced by the growing demand for lightweight materials in many sectors such as automotive, wind power, transportation, aerospace and defense. Rising demand for composites in the automotive sector from emerging economies is expected to drive the growth of the global composites market during the forecast period. Escalating fuel prices have prompted the requirement for fuel efficient vehicles. Composites are widely used to replace wood, aluminum and steel due to their greater strength to weight ratio.

At present, amid unresolved Sino-US trade disagreements, the US composites sector remains optimistic and continues to show positive growth. This is mainly supported by steady growth in aerospace wind power and construction areas.

Report scope Details
Market size in 2021 $94.34 billion
CAGR 7.8% from 2022 to 2030
Market share in Asia-Pacific in 2021 45.5%
Fiberglass market share in 2021 61.5%
Market share of thermosetting resins in 2021 70%

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Regional overview

North America is the largest segment of the composites market in terms of region. The composites market in North America is driven by growing demand from the automotive industry, increasing defense budgets in several countries, and increasing demand from the electronics industry. Furthermore, increased awareness among market players about the benefits of the product is expected to boost the market growth of the region.

The Asia-Pacific region is the fastest growing region in the composites market. The robust vehicle manufacturing industries in the Asia-Pacific region, combined with a high prevalence of electrical and electronic component companies, are expected to drive the demand for composites in the region.

Report Highlights

  • Based on product, the fiberglass segment led the global composites market in 2020 with the highest market share of 61.5%. These fibers are used in industrial and manufacturing applications due to their advantageous qualities such as high stiffness, low weight, minimal thermal expansion and strong chemical resistance.
  • Based on the manufacturing process, the draping process segment dominated the global composites market in 2020 with the highest market share. Rising production of wind turbine and boat blades is expected to propel the draping process segment of the global composites market growth.
  • Based on end use, automotive and transportation segment dominated the global composites market in 2020 with the highest market share. Composites offer benefits to the transportation industry, such as fuel savings, as the components are considerably lighter, allowing for increased fuel efficiency.

Market dynamics

Drivers

Growing demand for lightweight materials

The composites market is growing due to a strong demand for lightweight materials in the automotive industry to improve fuel efficiency. Additionally, the increasing use of high performance composites in kinetic buildings, such as advanced composite technologies such as the production of non-composite and biomimetic composite materials to replace traditional materials. Accordingly, the growing demand for lightweight materials is driving the growth of the composites market over the forecast period.

Constraints

Lack of standardization in the manufacturing industry

Aerospace and automotive manufacturers are forced to choose conservative designs due to the lack of standardization of materials and methodologies, which hampers mass manufacturing and economic performance of automobiles and aircraft. Additionally, the scarcity of labor resources with composites training and experience limits the use of composites in new applications. As a result, the lack of standardization in the manufacturing industry is hampering the growth of the composites market.

Opportunities

Increasing demand from the aerospace industry

The use of composites in the aerospace sector has grown and expanded over the past decade. For both commercial and business aircraft, aircraft manufacturers are taking steps to augment key thermoplastic structures. Aircraft manufacturers were among the first to adopt the technology of long fiber reinforced thermoplastics. Polyetherimide with carbon is the most common thermoplastic composition in industry today. These materials have two key properties that make them attractive for aerospace applications. Thus, the increase in demand from the aerospace industry creates lucrative opportunities for the growth of the composites market.

Challenges

Strict environmental policies

Strict environmental policies and legislations, along with restrictions and increased costs for landfilling are some of the challenges facing the composites market. Additionally, the increasing use of life cycle assessment as part of the materials selection process in a variety of industries is putting end-of-life composite waste management under scrutiny. Additionally, the increase in plastic waste has forced lawmakers around the world to enact strict environmental regulations. The introduction of single-use plastic laws in a number of countries has drawn attention to the steps governments are taking to tackle the problems caused by plastic waste. Thus, stringent environmental policies pose a huge challenge for the growth of the composites market over the forecast period.

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Main actors and strategies

Some of the major fiberglass suppliers in the United States are Jushi, Nippon Electric Glass, Owens Corning, CPIC, and Johns Manville. The fiberglass sector is quite consolidated, with the 3 main players occupying more than 50% of the total production by value. In order to meet the growing demand for fiberglass in many applications, companies are trying to grow both inorganically and organically. For example, in 2019, Jushi USA commissioned its alkali-free fiber production line with a capacity of 96,000 tons per year and an overall investment of 350 million USD. On the other hand, in 2017-2018, Nippon Electrical Glass acquired the outstanding fiberglass operations of PPG USA with approximately $550 million.

Market segmentation

By product type

  • Glass fibers
  • Carbon fiber
  • Others

By type of resin

  • Thermoplastic
  • Thermosetting
  • Others

By type of manufacturing process

  • Injection molding process
  • Resin transfer molding process
  • Pultrusion process
  • Overlay process
  • Filament winding process
  • Compression molding process
  • Others

By type of end use

  • Electrical and Electronic
  • Automotive and Transportation
  • Wind energy
  • Aerospace and Defense
  • Pipes and tanks
  • Construction & Infrastructure
  • Marine
  • Others

By geography

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America

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