"Innovative Market Solutions to Help Businesses Make Informed Decisions"
The global composites market size valued USD 93.68 billion in 2018, is projected to reach USD 163.23 billion by 2026, exhibiting a CAGR of 7.26% during the forecast period.
The properties associated with the composites such as corrosion resistance, high strength and long lifespan make it a very suitable material for infrastructure projects. The composites are used in roads, water/drainage systems, bridges and seawalls to build resilient structures. Moreover, the aging infrastructure is a potentially massive opportunity in the composites market. According to the American Road and Transportation Builders Association report 2019, more than 600,000 bridges in the U.S. are in poor condition and need urgent repairs. Additionally, composites science and technology, is gaining momentum due to rapid industrialization and technological development.
The usage of composites in the aerospace industry is changing and growing at a fast pace as the composites used in aerospace components in the past very relatively small. Manufacturers of aircraft are making the step to enlarge primary structures in thermoplastic, both for business jets as well as airliner market. The manufacturers of aerospace were early adopters of long fiber reinforced thermoplastics technology. Today, the most typical thermoplastic composition in the industry is PEEK (polyetheretherketone) or PEI (polyetherimide) with carbon. The materials have two distinct characteristics, which make it attractive for aerospace that it can be molten and then reshaped repeatedly. Thermoplastics also provide a high level of toughness which translates into lower weight structures with improved damage tolerance.
In 2019, The National Marine Manufacturers Associations (NMMA), Chicago, Illinois, U.S. reported sales of new powerboats increased by 4% in 2018, as compared to 2017. The trends for larger production boats powered by outboard engines as well as increasing use of carbon fiber, epoxy resin, and 3D printing continue to drive the demand for composites market. Moreover, the increase in size and number of outboards per boat is driving the need for reduced weight in composite hulls and decks, without sacrificing performance. Another trend is increasing in the use of 3D printing in marine, is augmenting the demand for carbon composite in this industry, and the move toward 3D-printed molds is continuing to gain momentum.
Request a sample to learn more about this report.
Exceptional Performance of Composites to Drive Market
Composites is a global entity that operates to serve the needs of customers with a variety of highly engineered parts, composite design patterns, and composite structures. The composite industry serves many highly vertical markets such as automotive, aerospace, marine, consumer goods, wind power, and others; these industries consume composites materials in a variety of ways. This usage is driven by the part performance requirements, regulations, consumer demand, cost thresholds. For instance, in the aerospace industry, the material, cost, and process technology in the aerospace industry are substantially different than the material, cost parameters, and process in automotive. Composite materials can meet this diverse demand as they themselves are very diverse. Resins, an array of fiber, tooling, process and finishing options are available and can make any fabrication of nearly any composite part for any application. Composites have tremendous strength, stiffness, lightweight, and durability, and thus these great properties are driving the composites market.
The continuous effort from the automotive industry for lightweight vehicles to Drive Market
The automotive industry is driven by fuel economy and emission regulations, and thus the automotive industry continues to develop composites for lightweight materials. For instance, currently, in the U.S., corporate average fuel economy (CAFÉ) standards mandate a fleet average of 23.2 km/Liter by 2025. In China, Corporate Average Fuel Consumption (CAFC), Also sets a fleet target of 20 km/Liter. Europe emission regulations mandate an emission of 95g/km of CO2 by 2021, with another reduction of 15% by 2025. In the automotive industry, more than 100 models currently specify carbon-fibre-reinforced plastic for OEM components. Moreover, the growing trend toward the use of thermoplastics in automotive composites is also driving the market for composites. The original equipment manufacturers (OEMs) of vehicles are using composites in manufacturing of vehicles to reduce vehicle weight, reduce vehicle emissions, and improve fuel economy.
"Issues related to recycling of composites to Restrict Market Growth"
Strict environmental policies and legislation, and the increased restrictions and cost for the disposal of landfills are some of the market forces restricting the market for composites. Moreover, the increasing use of lifecycle assessment as part of the material selection process in several market sectors is also putting composites disposal under increasing scrutiny. It is estimated that 90% of U.K. composite waste currently goes into landfills, and thus the composite industry has to tackle significant societal and industrial challenges.
"Polymer Matrix Composites Dominated the Market during the Forecast Period"
Based on the matrix, the market is classified into polymer matrix composites (PMC's), ceramic matrix composites (CMC's) and metal matrix composites (MMC's). Polymer matrix composites hold the largest share in the global composites market. Polymer matrix composites have high mechanical strength, high stiffness, high resistance to wear and corrosion, low density, and high fatigue resistance. It makes the polymer matric composites the mostly used composite, and hence most development and expansions in many companies are w.r.t polymer matrix composites. For instance, In July 2019, Kordsa, a global player in the reinforcement technologies market and a subsidiary of Sabancı Holding acquired Axiom Materials, a composite materials manufacturer based in the U.S. to strengthen the potential to develop new products.
To know how our report can help streamline your business, Speak to Analyst
"Manufacturing Industry Accounted for the Major Share"
By application, the market segments include automotive & transportation, building & construction, electrical & electronics goods, pipes & tank manufacturing, consumer goods, wind power, maritime, defense & aviation and others. The automotive & transportation industry account for the significant share during the forecast period as composites are widely used in this industry to reduce the weight of vehicles. For instance, BMW opted to use composites for their life modules such as BMW M3, BMW M4, BMW i8, and BMW i3 for weight saving, emission reduction, part consolidation, strength and safety gains and improved efficiency.
Moreover, in others segments composites have its application in dentistry, water treatments, pulp & paper manufacturing, etc.
The findings based on our research methodology indicate the Asia Pacific to hold the largest share in the global composites market during the forecast period. An increase in demand for composites in the major industries such as automotive & transportation, aerospace, building & construction, and electrical & electronics is expected to create a humongous opportunity for composites. Moreover, rapid metropolitan development of the cities and the existence of many composites manufacturers such as Toray Industries Inc., and Mitsubishi Chemical Holdings Corporation is expected to boost the market positively.
North America Composites Market Size, 2018 (USD Billion)
To get more information on the regional analysis of this market, Request a sample
North America is expected to be the second dominant region in this market due to the rise in demand from the defense & aerospace industry. The use of composites in aerospace has gained momentum in the past few decades, more than 50% of latest Airbus aircraft A350XWB is made up of composite materials as compared to older aircraft which only used to use 2–5% aerospace composites.
Europe is expected to witness significant gains during the forecast timeframe. Rising spending on electrical vehicles supported by environmental norms mainly led to rise in various automotive manufacturing industries in this region. The automotive industry is expected to rise after 2020 again with collaboration with government policy implementations regarding smart and energy-efficient vehicles.
"Toray Industries, Inc. to increase its production capacity at their subsidiary Zoltek Companies, Inc."
In April 2018, Toray Industries, Inc. decided to increase the production capacity of its subsidiary Zoltek Companies, Inc. headquartered in the U.S. with this expansion, the production capacity will be 15,000 tons. i.e. it will increase by 50%. Moreover, the investment involved in the expansion is approximately USD 130 million, and the production is expected to start in early 2020.
To gain extensive insights into the market, Request for Customization
The report offers qualitative and quantitative insights on composites and the detailed analysis of market size & growth rate for all possible segments in the market.
Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are the adoption trends of composites by individual segments, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.
An Infographic Representation of Composites Market
To get information on various segments, share your queries with us
Value (USD million), Volume (Million Tons)
As per our (Fortune Business Insights) study, the global composites market is predicted to reach USD 163.23 Bn by 2026 with a CAGR of 7.26% (2019 -2026)
Increase in demand for the high strength material along with the reduced weight is expected to increase the market for composites. Some of these industries are: o In the automotive & transportation industry, the importance of composites increased as it reduces the weight of the vehicle or the airplane to meet the mileage standards. In the automotive industry, composites are used for body panels, frames to rims, springs and truck bed liners. o In the building & construction industry, composites are used to repair a wide range of infrastructure applications from bridges to railways and roads. Composites last longer as they have high strength, will not corrode, and provide long-term resistance to the atmosphere with little maintenance.
In 2018, the global composites market was USD 93.68 Bn, and it is anticipated to reach USD 163.23 Bn by 2026 growing at a stellar CAGR of 7.26% during the forecast period (2019 -2026)
Frequently changing oil prices due to the turbulent environment of oil-producing countries is hindering the growth of composites.
In the composites market, polymer matrix composites are the leading segments. Polymer matrix composites are used in various applications such as automotive, aerospace electrical & electronics and many others.
Some of the driving factors for the composites market are growth in the electronics & electrical industry, security and safety compliance at the electrical appliances, and favourable government regulations regarding the usage of composites.
In the composites market, some of the key players are Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, SGL Carbon, Huntsman International LLC., Solvay, Exel Group, Veplas d.d. And others. These industrial players are focusing on collaboration, acquisition, and new product launch to strengthen their product portfolio and expand the business of protective gears.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry