Global Composites Market, By Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites, Others), Product (Carbon, Glass), Resin Type (Thermoset Composites, Thermoplastic Composites), Manufacturing Process (Lay-Up Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding (RTM) Process, Others), End-Use Industry (Transportation, Aerospace and Defense, Wind Energy, Construction and Infrastructure, Pipe and Tank, Marine, Electrical and Electronics, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
The composites market has witnessed increased usage of composites in the manufacturing of motorbikes, cycles, and cars. Additionally, with aerospace, automotive and transportation, construction, wind energy, marine, and electrical and electronics applications, the composites market is estimated to have accelerated expansion over the forecasted period.
Global Composites Market was valued at USD 88.00 billion in 2021 and is expected to reach USD 162.88 billion by 2029, registering a CAGR of 8.0% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Market Definition
Composite material is basically made up of at least two constituent materials. These constituent materials have markedly different chemical or physical properties, and when combined, they form a material having features that are not found in the individual constituents.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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By Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites, Others), Product (Carbon, Glass), Resin Type (Thermoset Composites, Thermoplastic Composites), Manufacturing Process (Lay-Up Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding (RTM) Process, Others), End-Use Industry (Transportation, Aerospace and Defense, Wind Energy, Construction and Infrastructure, Pipe and Tank, Marine, Electrical and Electronics, Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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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.) and Woodbridge (Canada)
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Market Opportunities
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Composites Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Increased Utilisation as well as Demand for Composites
The need for composites is increasing in the wind energy, aerospace, defense, automotive and transportation industries. The composites are largely used in the production of motorcycles, bicycles, and automobiles. Lightweight and long-lasting composite materials such as carbon fiballowows sports vehicles to travel at high speeds. As a result, the market for sports cars is expected to see a significant increase in production and sales. Over the foreseeable period, these factors will pave the way for market expansion.
The rising applications from emerging economies coupled with the adoption of natural composites will further propel the growth rate of composites market. Additionally, the less cost of carbon fiber will also drive market value growth. The upgradation, maintenance of existing infrastructure and the creation of new cities with water treatment facilities are also projected to bolster the growth of the market.
Opportunities
- Awareness and Replacement
Furthermore, the rising awareness due to strict government regulations will further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the growing electrification of vehicles to replace traditional fuels will further expand the future growth of the composites market.
Restraints/Challenges
- High Costs
The high manufacturing and processing costs are estimated to create hindrances for the growth of the composites market.
- Recycling and Standardization Issues
Also, the factors such as the recycling issue and lack of standardization will prove to be a demerit for the composites market. Therefore, this will challenge the composites market growth rate.
This composites market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the composites market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Composites Market
The recent outbreak of coronavirus had a negative impact on the composites market, as the effects of lockdowns in most geographies to slow the spread of COVID-19 have sent the global composites business into a tailspin. As a result, demand has slowed for the time being and is unlikely to pick up again until governments throughout the world loosen their restrictive restrictions. The primary users of composites, such as automotive, aerospace, and construction, have also shut down manufacturing facilities, resulting in a drop in composite demand worldwide. Due to their category and regional mix and acquisition activity, the separate organizations have displayed a variety of tendencies. Also, the majority of raw materials providers in this market had to shut down their operations and the major suppliers turned their priority to providing pandemic relief. Due to trade restrictions and the shutdown of numerous productions around the world, obtaining raw materials has become difficult. Furthermore, the combined impact of the pandemic-related shutdown and the oil price fall has compounded the overstock problem. It has also had an impact on suppliers' ability to maintain price margins in difficult times.
On the brighter side, the market is estimated to revive as these enterprises have resumed operations, and limitations in many regions of the world have been abolished, resulting in worldwide transportation and business ease.
Global Composites Market Scope
The composites market is segmented on the basis of fiber type, product, resin type, manufacturing process and end-use industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Fiber Type
- Glass Fiber Composites
- Carbon Fiber Composites
- Natural Fiber Composites
- Others
Product
- Carbon
- Glass
Resin Type
- Thermoset Composites
- Thermoplastic Composites
Manufacturing Process
- Lay-Up Process
- Filament Winding Process
- Injection Molding Process
- Pultrusion Process
- Compression Molding Process
- Resin Transfer Molding (RTM) Process
- Others
End-Use Industry
- Transportation
- Aerospace and Defense
- Wind Energy
- Construction and Infrastructure
- Pipe and Tank
- Marine
- Electrical and Electronics
- Others
Composites Market Regional Analysis/Insights
The composites market is analyzed and market size insights and trends are provided by country, fiber type, product, resin type, manufacturing process and end-use industry as referenced above.
The countries covered in the composites market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the composites market because of the increasing number of aircraft deliveries, and capacity expansion in aerospace composites production by various market players within the region.
On the other hand, Asia-Pacific is estimated to show lucrative growth during the forecast period of 2022 to 2029 due to the presence of manufacturers and growing transportation, construction and infrastructure and wind energy industry within the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Composites Market Share Analysis
The composites market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to composites market.
Some of the major players operating in the composites market are
- 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)
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