Composites Market Research Report—Global Forecast till 2028

Composites Market: Information by Type (Glass Fiber, Carbon Fiber, and Others), by Resin Type (Thermoplastic Composites and Thermosetting Composites), by Process (Layup Process, Injection Molding Process, Filament Winding Process, Pultrusion Process, Compression Molding Process), by End-Use (Aerospace & Defense, Automotive & Transportation, Electrical & Electronics, Building & Construction, Wind Energy, Marine, and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)—Forecast till 2028

ID: MRFR/CnM/3956-CR | February 2022 | Region: Global | 180 Pages         

Composites Market

Composites market can expect to achieve 8.92% growth rate during the forecast period, the market share could touch USD 192,474.19 million by 2028-end.

Segmentation

By Type Glass Fiber Carbon Fiber Others
By Resin Type Thermoplastic Composites Thermosetting Composites
By Process Layup Process Injection Molding Process Filament Winding Process Pultrusion Process Compression Molding Process
By End-Use Aerospace & Defense Automotive & Transportation Electrical & Electronics Building & Construction Wind Energy Marine Others

Key Players

  • PPG Industries Inc. (US)
  • Hexion (US)
  • Jushi Group Co. Ltd (China)
  • Toray Industries Inc. (Japan)
  • Owens Corning (US)
  • Teijin Limited (Japan)
  • Hexcel Corporation (US)

Drivers

  • Increased demand for composites in end-use industries such as aerospace and electronics & electrical.
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Composites Market Overview


Composites market can expect to achieve 8.92% growth rate during the forecast period, says Market Research Future (MRFR). The market share could touch USD 192,474.19 million by 2028.


Carbon fiber reinforced plastics are some of the most sought-after composite products in the global composites sector, owing to features including impressive tensile strength, high modulus and fatigue resistance. CFRP has a number of applications in component and aircraft manufacturing owing to its high-performance property in adverse circumstances. The acceptance of these types of composite materials to cater to the mounting preference for lighter aircraft with reduced fuel consumption should elevate the worldwide market position.


Composite materials like glass fiber and carbon fiber have a wide series of applications within the transportation and automotive segment owing to several benefits including reusability and weight-to-strength advantage. Composites have use in the manufacturing of motorbikes, cycles, and cars. The high speed in the sports vehicles is achieved with the use of lightweight and long-lasting composite materials like carbon fiber. Therefore, the surge in the production and sales of sports cars will be a huge opportunity for the composite developers in the future.


There are however, great many challenges being faced by the global industry. The manufacturing costs of composites are quite high, given the extended cycle time. Considering this, the price of glass and carbon fibers that are used to manufacture composite materials are extremely high. With that said, majority of the composite material manufacturers are forming alliance with automotive OEMs to work on developing new technologies and methos that can produce composite materials in a shorter time. This can help bring down the overall production costs of composite materials and will help encourage business growth.


COVID Impact Analysis


The global composites market is facing a deep recession caused by the effects of lockdowns in most geographies to slow down the spread of COVID-19. As a result, the demand has virtually dampened for the period and is unlikely to be revived until governments worldwide lift their restrictive policies. The major consumers of composites such as automotive, aerospace, and construction have also shut down their production facilities resulting in a decline in demand for composites globally. The individual companies have showcased different trends due to their segment and regional mix and acquisition activities.

Key raw materials used for manufacturing composites include polyester, epoxies, vinyl ester, phenolic, polyurethane, thermoplastic resin, fillers, fiberglass, aramid, carbon, pigments, flame retardants, and titanium dioxide. The majority of raw materials suppliers in this market had to shut down their operating facilities due to the outbreak of COVID-19. In response to combat the virus, the key suppliers shifted their focus towards offering relief in the pandemic. Procurement of raw materials has become difficult due to the trade restrictions and shutdown of various productions globally. Moreover, the combined impact of the pandemic-related shutdown and the oil price crash have further exacerbated the oversupply situation. It has also impacted the price margins of suppliers to sustain in difficult times. However, these companies have begun operations again, and restrictions have been lifted in various parts of the world, leading to the ease of transportation and businesses globally. Suppliers are following necessary measures such as the enforcement of wearing masks, washing hands, sanitizing, social distancing, temperature monitoring, frequent clean down, and disinfection within facilities.


Supply Chain Analysis


The supply chain analysis evaluates every stage and step taken by stakeholders involved throughout the production and distribution of composites. The supply chain includes raw materials and suppliers, composites producers, distribution channels, and end-use industries.


Some of the key global suppliers of raw materials include ASC International Inc., Akrochem, AkzoNobel Chemicals Inc., Axel Mold Release and Process Aid, Canadian Gypsum, Dianal Inc., 3M Nida-Core, Univar, V2 Composites, Rhodia Inc., Nan Ya Plastics Corporation, and Evonik Industries.


Segmentation


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


By type, the composites market has been segmented into the global market has been divided into glass fibers, carbon fiber, and others.


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.


Global Composites Market Revenue, by Process, 2020 (USD Million)
Global Composites Market Revenue, by Process, 2020 (USD Million)
Sources: MRFR Analysis


Based on process, the market has been segmented into layup process, injection molding process, filament winding process, pultrusion process, compression molding process, and others.


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.


Global Composites Market Share, by Region, 2020 (%)
Global Composites Market Share, by Region, 2020 (%)
Sources: MRFR Analysis


Regional Analysis


The global composites market has been studied across Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific accounted for the largest market share of 40.81% in 2020, valued at USD 40,867.95 million, and is projected to exhibit a healthy CAGR of 10.14% over the forthcoming years. Asia-Pacific is expected to emerge as the fastest-growing regional market due to various factors such as shifting manufacturing base from western countries to Asia-Pacific; strong economic development; and expansion of end-use industries including aerospace & defense, automotive & transportation, electrical and electrical electronics, building & construction, and others. China and India are anticipated to dominate the Asia-Pacific market over the forthcoming years.


North America was the second-largest market in 2020, with market size of USD 24,682.26 million, and is projected to register the highest CAGR of 7.46% during the forecast period. The growth in the North American aviation industry, increase in the number of aircraft deliveries, and capacity expansion in aerospace composites production by various leading players are a few factors leading to the growth of the composites market in this region. In the recent past, the consumption of aerospace composites has grown remarkably in aerospace & defense owing to the high demand from commercial airline companies, increased budget for defense aircraft programs, and a stable economy.


Key Players


Key players profiled in this market include 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).


There has been substantial revenue growth for selected composites companies, particularly those located in Asia or those with major operations in Asia. This is the result of an increased domestic demand within Asian countries, as well as an overall rise in composite demand across the globe. However, some major global companies produce more than one of the composites. A clear example is Teijin, which produces carbon fiber as well as aramid fiber.

Recent Development


January 2022


Adani Ports confirms that its composite scheme for the acquisition of Sarguja Rail Corridor Pvt Ltd (SRCPL) has been given the green signal by the National Company Law Tribunal (NCLT). This is expected to be effective from April 1, 2022.


February 2022


3D Systems will be acquiring Titan Additive LLC (Titan Robotics), the fabricator and designer of industrial, large-format 3D printers. The end-use applications of the 3D printers include alternatives to injection molding, and high-temperature needs including underhood, air ducts, structural components, and brackets.


Market Segmentation


Global Composites Market, by Type



  • Glass Fiber

  • Carbon Fiber

  • Others


Global Composites Market, by Resin Type



  • Thermoplastic Composites

  • Thermosetting Composites


Global Composites Market, by Process



  • Layup Process

  • Injection Molding Process

  • Filament Winding Process

  • Pultrusion Process

  • Compression Molding Process

  • Others


Global Composites Market, by End-Use



  • Aerospace & Defense

  • Automotive & Transportation

  • Electrical & Electronics

  • Building & Construction

  • Wind Energy

  • Marine

  • Others


Global Composites Market, by Region



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Russia

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia & New Zealand

    • Rest of Asia-Pacific



  • Latin America

    • Mexico

    • Brazil

    • Argentina

    • Rest of Latin America



  • Middle East & Africa

    • Turkey

    • GCC Countries

    • South Africa

    • Rest of the Middle East & Africa




Available Additional Customizations



  • Customer Analysis of Major Consumers

  • Additional Company Profiles

  • Trade Data (Imports and Exports)


Intended Audience



  • Composites manufacturers

  • Suppliers and traders of composites and related products

  • Government, associations, and industrial associations

  • Investors and trade experts

  • Consulting in chemical experts



Report Scope:

Report Attribute/Metric Details
  Market Size   2028: USD 192,474.19 million
  CAGR   8.92%(2022–2028)
  Base Year   2021
  Forecast Period   2022-2028
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Type, Resin Type, End-Use Industry and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   BASF SE (Germany), Owens Corning (US), Toray Industries, Inc. (Japan), TEIJIN Limited (Japan), SGL Carbon Company(Germany), Solvay (Belgium), Mitsubishi Chemical Holding(Japan), Koninklijke Ten Cate bv (The Netherlands), Hexcel Corporation(US), Du Pont (US), Honeywell International Inc.(US), Nippon Electric Glass Co..Ltd (Japan), DowAksa (Turkey), Chongqing Polycomp(China), Huntsman International LLC.(US).
  Key Market Opportunities   The increasing use of silicone-based composites in the production of printed circuit boards and components requiring a high resistance to heat and electricity
  Key Market Drivers   Increased demand for composites in end-use industries such as aerospace and electronics & electrical.


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Frequently Asked Questions (FAQ) :

Composites market can expect to reach USD 192,474.19 million by 2028

The Composites Market is estimated to register a CAGR of 8.92% within the forecast period.

key players in the global Composites market: BASF SE, Owens Corning, Toray Industries Inc., TEIJIN Limited, SGL Carbon Company, Solvay, Mitsubishi Chemical Holding, Koninklijke Ten Cate bv, Hexcel Corporation, DuPont, Honeywell International Inc.

Asia Pacific is set to emerge as the fastest growing regional market