Composites are unleashing their power and potential across the transportation, construction, and energy sectors. In the transportation sector, composites offer lightweight solutions, improving fuel efficiency and reducing emissions. In the construction sector, they provide strength, durability, and design flexibility for innovative structures. In the energy sector, composites enable the development of wind turbine blades, enhancing energy production. With their unique properties, composites are revolutionizing these industries by delivering improved performance, sustainability, and cost-efficiency, paving the way for a greener and more advanced future.
According to Data Bridge Market Research, the Global Composites Market accounted for USD 88.00 billion in 2021 and is expected to reach USD 162.88 billion by 2029. The market is expected to grow with a CAGR of 8.0% in the forecast period of 2022 to 2029.
“Increased utilization of composites boosts the market’s growth”
The composites market is experiencing growth due to the increased utilization of composites in various industries. Composites offer several advantages, such as high strength-to-weight ratio, corrosion resistance, and design flexibility. As industries like aerospace, automotive, construction, and wind energy recognize these benefits, there is a rising demand for composites in manufacturing lightweight structures, components, and parts. The increased utilization of composites drives market growth as companies seek innovative solutions to meet performance requirements while achieving weight reduction and improved efficiency in their products.
What restraints the growth of the global composite market?
“Risks associated with potential side effects restraints the market’s growth”
The composites market faces risks associated with potential side effects, which act as restraints to its growth. These risks include concerns about environmental impact, health and safety hazards, and regulatory compliance. Some composite materials may release toxic substances during production, use, or disposal, raising environmental and health concerns. Strict regulations and standards are being implemented to mitigate these risks. Additionally, the high costs of composite materials, limited design flexibility, and challenges in recycling and disposal further hinder the growth of the composites market.
Segmentation: Global Composites Market
The global composites market is segmented on the basis of fiber type, product, resin type, manufacturing process, and end-use industry.
- On the basis of fiber type, the composites market has been segmented into glass fiber composites, carbon fiber composites, natural fiber composites, and others.
- On the basis of product, the composites market has been segmented into carbon, glass.
- On the basis of resin type, the composites market has been segmented into thermoset composites, thermoplastic composites.
- On the basis of manufacturing process, the composites market has been segmented into lay-up process, filament winding process, injection molding process, pultrusion process, compression molding process, resin transfer molding (RTM) process, others.
- On the basis of end-use industry, the composites market has been segmented into transportation, aerospace and defense, wind energy, construction and infrastructure, pipe and tank, marine, electrical and electronics, and others.
Regional Insights: North America dominates the Global Composites Market
North America dominates the composites market due to increased aircraft deliveries and capacity expansion in composites production. Market players are investing in expanding their production capabilities to meet the region's rising demand for aerospace composites.
Asia-Pacific is estimated to show lucrative growth during the forecast period of 2022 to 2029 because of the presence of manufacturers and the expansion of industries such as transportation, construction, infrastructure, and wind energy. These sectors require composites for their lightweight, durable, and energy-efficient properties, driving the demand within the region.
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The Prominent Key Players Operating in the Global Composites Market Include:
- DOW (U.S.)
- Halocarbon, LLC (U.S.)
- Freudenberg SE (Germany)
- The Chemours Company (U.S.)
- Metalubgroup (Israel)
- Huntsman International LLC (U.S.)
- Bostik (France)
- H.B. Fuller Company (U.S.)
- Sika AG (Switzerland)
- Cardolite Corporation (U.S.)
- DAIKIN (Japan)
- Kukdo Chemical Co., Ltd., (South Korea)
- BASF SE (Germany)
- Covestro AG (Germany)
- LANXESS (Germany)
- Dupont (U.S.)
- SOLVAY (Belgium)
- Wanhua (China)
- Arkema (France)
- Hexion (U.S.)
- Woodbridge (Canada)
Above are the key players covered in the report, to know about more and exhaustive list of global composites market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Composites Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
