High-performance Composites Market Research Report – Global Forecast till 2030

High-performance Composites Market - Information by Material (Resins, Fibers), Application (Automotive, Aerospace, Consumer Goods, Construction, Electronic, Energy, Others) and Region (North America, Asia-Pacific, Europe, Latin America) Forecast till 2030

ID: MRFR/CnM/5938-HCR | November 2022 | Region: Global | 140 Pages         

High-performance Composites Market

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).

Segmentation

By Material Resins Fibers
By Application Automotive Aerospace Consumer Goods Construction Electronic Energy Others

Key Players

  • 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)
  • Northrop Grumman Corporation (US).

Drivers

  • Demand for lightweight composites in automotive and aerospace industries are boosting market growth.
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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.


Key Players


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 (%)


High-performance Composites Market


Source: MRFR analysis


Regional 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.


Market Segmentation


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.

Recent Development


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.


Intended Audience



  • High-performance composites manufacturers

  • Traders and distributors of high-performance composite

  • Research and development institutes

  • Potential investors

  • Raw material suppliers

  • Nationalized laboratories



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   2030: Substantial Value
  Base Year   2021
  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

  • Demand will be fueled by tremendous growth in the commercial airliner market.
  • Emerging opportunities in applications such as wind turbines and pressure vessels.
  •   Key Market Drivers   Demand for lightweight composites in automotive and aerospace industries are boosting market growth.


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    Frequently Asked Questions (FAQ) :

    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.