Composites Market to Showcase 6.88% CAGR till 2027; Increasing Adoption of Composite Materials in the Consumer Goods Industry to Boost Market Growth

The global composites market size is projected to reach USD 112.0 billion by 2027 owing to the soaring demand for lightweight vehicles worldwide, states Fortune Business Insights™ in its report, titled “Composites Market Size, Share and COVID-19 Impact Analysis, By Matrix (Polymer matrix, Ceramic matrix and Metal matrix), by Polymer matrix (Fiber {Glass, Carbon, Aramid} and Resin {Thermoset and Thermoplastics}) and by Application (Automotive & Transportation, Building & Construction, Electrical & Electronics goods, Pipes & tank manufacturing, Consumer goods, Wind power, Maritime, Defense & aviation) and Regional Forecast, 2020-2027”. The report also states that the value of this market stood at USD 99.91 billion in 2019 and is expected to register a CAGR of 6.88% from 2020 to 2027.

The COVID-19 pandemic has diminished the composites market growth prospects in 2020 as the disruptions in aircraft and automobile manufacturing operations have shrunk the demand for these materials. Similar disturbances in the building & construction industry are expected to further hinder the growth of this market.

Japan’s Sekisui Chemical Acquires US-based Aim Aerospace

The Japanese plastics manufacturer, Sekisui Chemical, announced the acquisition of Aim Aerospace based in Washington for USD 510 million in June 2019. With this takeover, Sekisui will be able to access Aim’s carbon fiber composite technology, replicating similar measures undertaken by other Japanese chemical manufacturers to enter this market. For example, Teijin Limited acquired Continental Structural Plastics, an automotive composite supplier, for USD 825 million in 2017. Aim Aerospace specialized in making engine casings, ducting, and structural components for aerospace giants such as Boeing and General Electric, with sales worth USD 179 million in 2018. Sekisui will complete the takeover procedures by the end of 2019.

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Growing Usage of Composites in Shipbuilding to Open New Expansion Vistas

Building of ships and other maritime structures using these materials has been gaining steady momentum over the past decade owing to the favorable policies allowing the usage of such materials in making ships. For example, the International Convention for the Safety of Life at Sea (SOLAS) allowed the incorporation of materials besides steel in shipbuilding as research into composite materials proved their strength at par with steel. At present, research activities are being undertaken in several parts of the world to create lightweight and durable composites for the marine industry. For example, the EU-sponsored RAMSSES (Realization and Demonstration of Advanced Material Solutions for Sustainable and Efficient Ships) project, which began in 2017, aims at developing fiber-reinforced composites to build ship components. Part of the Horizon 2020 program, the project, which involves 37 partners from 13 countries, will have a dedicated funding of EUR 10.8 million. Thus, introduction of composites in the ship-making industry will generate wide-ranging opportunities for market players.

Key Players to Focus on Consolidating Diverse Businesses

With an aim to restructure and consolidate business operations, key players in this market are engaged in merging their diverse businesses into more coherent structures. These measures are important for companies because they allowing them to not only function more cohesively, but are also enabling them to strengthen their finances and widen their portfolios. Besides this, competitors in this market are making heavy investments in R&D, expanding their distribution networks, and collaborating with other participants to entrench their market position.

Industry Development:

• March 2019: Toray Group’s TenCent Advanced Composites announced the changing of its name to Toray Advanced Composites. The move, which has been in the works since Toray acquired TenCent in 2018, will synchronize Toray’s brands and offerings to customers, giving the company a more holistic structure.

List of Key Players Covered in this Market Report:

• Owens Corning (Ohio, United States)


• Toray Industries, Inc. (Tokyo, Japan)


• Teijin Limited (Tokyo, Japan)


• Mitsubishi Chemical Holdings Corporation (Tokyo, Japan)


• Hexcel Corporation (Stamford, United States)


• SGL Carbon (Wiesbaden, Germany)


• Huntsman International LLC. (Texas, United States)


• Solvay (Brussels, Belgium)


• Exel Group (Paris, France)


• Veplas d.d. (VELENJE, Slovenia)


• Composite Solutions (Sumner, United States)

Further Report Findings:

• Steadily rising demand for lightweight vehicles will surge the adoption of these materials in the automotive industry and enable the automotive & transportation segment to lead the market. In 2019, the segment’s share stood at 28.86%.


• Asia Pacific is expected to command the market share during the forecast period as the rapid expansion of the region’s automotive, aerospace, and electronics industries is anticipated to stoke the demand. The regional market size in 2019 was at USD 43.76 billion.

Table of Segmentation: