High-performance composites market overview
High-performance Composites Market is projected to be worth USD 46.32 Billion by 2027, registering a CAGR of 6.20% during the forecast period (2020 - 2027). The market for composites seems to have an attractive future with opportunities in transportation, construction, pipe, wind energy, consumer goods, aerospace, electrical and electronics, and others.
The major elements, which are the factors for growth in this market include, increasing demand for the lightweight materials in the aerospace and defense, and automotive industry, corrosion and chemical resistance materials demand in building, construction, and pipe and tank industry. Electrical resistivity and high flame retardant materials demand in the electrical and electronics industry is another factor that helps in the market growth of high-performance composites. Emerging or mixing trends, which have a direct impact on the dynamics of the industry, including the development of reasonable cost carbon fibers, rapid cure resin systems, and high-performance glass fibers.
Some of the prominent players in the global high-performance composites market are BASF SE (Germany), SABIC (Saudi Arabia), Solvay (Belgium), Owens Corning (US), TPI Composites (US), Huntsman International LLC (US), TEIJIN LIMITED (Japan), SGL Group (Germany), Hexcel Corporation (US), Albany International Corporation (US), TORAY INDUSTRIES, INC. (Japan), Arkema (France), 3M (US), ARGOSY INTERNATIONAL (US) and Northrop Grumman Corporation (US).
High-performance Composites Market Share, by Application, 2017 (%)
Source: MRFR analysis
Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa are the five regions studied for the global high-performance composites market. In 2017, North America accounted for the largest share of this market owing to the trend of new automotive materials introduced in the region to decrease vehicles crash, noise, and cost as well as to increase vehicle’s fuel efficiency. New manufacturing technique coupled with extensive research and development activities in the US are propelling market demand.
Asia-Pacific is projected to be the fastest-growing region in the global high-performance composites market during the review period. Surging high-performance composites demand in the aerospace and consumer good applications is expected driver of market growth. Automotive is an emerging industry in China and India and the increasing application of light-weight high-performance composites in automotive industry is a key factor driving Asia-Pacific market growth.
In the Middle East & Africa and Latin America, the market is projected to witness steady growth due to rise in demand for high performance composites in energy, construction, and electronics application during the assessment period.
The high-performance composites market has been segmented on the basis of material, application, and region. Based on material, the global high-performance composites market has been segregated into resins and fibres. The resins include both thermoset and thermoplastic composite such as polyester, epoxy, cyanate ester, phenolics, polyphenylene sulphide, and others. Fiber market comprises of aramid fiber, s-glass fiber, carbon fiber, and others.
By application, the high-performance composites market is divided into energy, electronic, automotive, construction, aerospace, consumer goods, and others. Further the global high-performance composites market has been studied with respect to five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The study shows that the great companies, such as Hand Lay-up, Spray-up, Resin Infusion, Filament Winding, Pultrusion, Injection Modeling, Compression modeling, and others use high composites for their manufacturing processes and regions like North America, Europe, Asia Pacific, and ROW are a great market for the high composites products. According to the comprehensive research, Lucintel forecasts that the aerospace and wind energy parts are aimed to show above-average growth during the forecast period from 2019 to 2024 and within seven years the market is expected to break the growth rate of 6.5% due to the increasing use of high composites products in various industries. These products are used in the manufacturing process in many industries due to their high strength, electricity and heat resistance, and most importantly cost-efficiency.
|Market Size||2030: Significant Value|
|CAGR||2030: Substantial Value|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Basis of material, application, and region.|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF SE (Germany), SABIC (Saudi Arabia), Solvay (Belgium), Owens Corning (US), TPI Composites (US), Huntsman International LLC (US), TEIJIN LIMITED (Japan), SGL Group (Germany), Hexcel Corporation (US), Albany International Corporation (US), TORAY INDUSTRIES, INC. (Japan), Arkema (France), 3M (US), ARGOSY INTERNATIONAL (US) and Northrop Grumman Corporation (US).|
|Key Market Opportunities||
|Key Market Drivers||Demand for lightweight composites in automotive and aerospace industries are boosting market growth.|
The high-performance composite market is projected to grow at a 6.20% CAGR between 2018-2023.
It is widely used in energy, electronic, construction, consumer goods, aerospace, and automotive sectors.
North America will dominate the high-performance composite market.
Demand for lightweight composites in automotive and aerospace industries are boosting market growth.
Different strategies incorporated by industry players to create a foothold in the high-performance composite market include joint ventures, strategic alliances, and product launch.