Growing Demand for Composites in Automotive Industry To Drive the Global Compoistes Market :

MRFR recognizes the following companies as the key players in the global composites market— PPG Industries, Inc. (US), Hexion (US), Jushi Group Co., Ltd (China), Toray Industries Inc. (Japan), Owens Corning (US), Teijin Limited (Japan), Hexcel Corporation (US), SGL Carbon (Germany), Mitsubishi Chemicals Corporation (Japan), Solvay (Belgium), and Huntsman International LLC (US).


Market Highlights


The global composites market is projected to be valued at USD 192,474.19 million by the end of 2028, registering a CAGR of more than 8.92% during the forecast period.


When two or more components with different physiochemical properties are combined, a composite is created; the resulting material has characteristics that are unique from the original component materials. These materials can either be found in nature or made artificially. Manually fabricating wood, collagen, cellulose, and other naturally occurring composites is possible; but, concrete, cermet, and other composites may be manufactured artificially. Due to the aforementioned properties, composites are employed in a variety of end-use industries, including automotive and transportation, aircraft, electrical and electronics manufacturing, and others.


The usage of composites in automotive industry is the main driver of the global composites market. Properties of composites such as lightweight, high-temperature resistance, high endurance to corrosion, and oxidation also fuel the demand for composites in automobile applications. The increasing focus on reducing the vehicle weight to improve the performance and efficiency of the vehicles has resulted in the replacement of heavy metals and other materials with suitable lightweight materials. The demand for lightweight materials is also supported by the stringent regulations for environmental protection by regulatory bodies such as the US Environmental Protection Agency, European Legislation, and Bharat Stage Emission Standards.


Another driving factor for composites in the automotive industry is the global push to achieve zero emissions by 2050, resulting in increased development and production of electric vehicles (EVs). California announced in September 2020 that by 2035, all new passenger cars and trucks sold in the state must be emissions-free. Simultaneously, the EU proposed tightening its 2030 target for new car CO2 emissions to 50% below 2021 levels, up from 37.5 percent. Automobile manufacturers impose various requirements such as resistance to temperature changes, vibration resistance, operational reliability at different temperatures, and durability on the power electronics systems based on an electric vehicle's application scenario.


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COVID Impact Analysis


Due to the emergence of COVID-19, the majority of raw materials providers in this market had to shut down their operations. In order to combat the virus, the major suppliers turned their priority to providing pandemic relief. The raw resources needed to make composites are petroleum-based, and their pricing are still unpredictable. During the epidemic, however, prices fell to a negative bottom, resulting in abundant supply and putting a strain on providers. Nonetheless, as a response to the spread, the firms gave COVID 19 relief.


Segment Analysis


The global composites market has been segmented on the basis of type, resin type, process, end-use, and region.


Based on type, the market has been segmented into glass fiber, carbon fiber, and others. Glass fibers segment accounted for 60.35% share of the global composites market in 2020 owing to low cost compared to carbon fibers, high strength to weight ratio, and widespread usage in diverse end-use industries. The segment was valued at USD 60,445.74 million in 2020; it is expected to register a CAGR of 8.90% to reach USD 116,010.92 million by the end of 2028.


Based on resin type, the market has been segmented into thermoplastic composites and thermosetting composites. The thermosetting composites segment accounted for a 73.29% share of the global composites market in 2020, owing to the extensive range of properties and increasing applicability across various end-use industries, such as wind energy, automotive, and construction & infrastructure, among others. The segment was valued at USD 73,398.50 million in 2020; it is expected to register a CAGR of 8.83% to reach USD 140,174.23 million by the end of 2028.


Based on process, the market has been segmented into layup process, injection molding process, filament winding process, pultrusion process, compression molding process, and others. The layup process segment accounted for 34.02% of the global composites market in 2020 due to the low-cost equipment, simple processing, and wide range of part sizes. The segment was valued at USD 34,073.27 million in 2020; it is expected to register a CAGR of 8.92% to reach USD 65,526.71 million by the end of 2028.


Based on end-use, the market has been segmented into aerospace & defense, automotive & transportation, electrical & electronics, building & construction, wind energy, marine, and others. Among these, the aerospace & defense segment accounted for the largest share of 32.03% in the global composites market and is anticipated to grow at a rate of 9.28% throughout the forecast period. This growth is mainly attributed to the growing demand for lightweight composites in interior and exterior structural components of aircraft. The segment was valued at USD 32,073.50 million in 2020; it is expected to reach USD 63,328.13 million by the end of 2028.


Regionally, Asia-Pacific accounted for the largest market share of 40.81% in the global composites market and is anticipated to grow at a rate of 10.4% throughout the forecast period. This growth is mainly attributed to the shift of manufacturing base from western countries to Asia-Pacific, strong economic development, and expansion of end-use industries. The segment was valued at USD 40,867.95 million in 2020; it is expected to reach USD 85,922.42 million by the end of 2028.


Key Findings of the Study:



  • The global composites market is projected to reach a value of 192,474.19 million by the end of 2028, registering a CAGR of more than 8.92% during the forecast period of 2021-2028.

  • Asia-Pacific accounted for the largest market share in 2020 due to expanding industrial base in the growth potential countries such as India, South Korea, etc. The region also emerged as the fastest-growing segment with a CAGR of 10.14% during the review period.

  • Latin America is expected to be the second-fastest growing regional market registering a CAGR of over 9.12%.

  • Rising demand for recyclable composites is a key opportunity in the market.