Composites Market

Composites Market Size (2023-2028):

The Global Composites Market is valued at USD 113.65 billion in 2022 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 10.28 % during the forecast period to become a USD 166.75 billion market in 2028.

Composites are materials that are made from two or more constituent materials with drastically different properties. The combination is a new class of material that has enhanced features that are usually more than the combination of the features of the constituent materials. Sometimes the properties of composites are so different from their ingredients that they are not even comparable.

What are Composites?

Composites are made up of two or more materials at the microscopic level, having a chemically different stage. On the basis of the matrix, composites are segmented into polymer, metal, ceramic, carbon, and Graphite. Its improved desired properties make it suitable to be utilized in many businesses like aerospace & defence and construction. The composites are seen as the substitution for steel owing to their higher strength-to-weight ratio. A Composite is a physical collaboration of two or more materials to produce a combination of structural properties that are not available in any one component.

The composites market has seen backwards as well as forward integration from different raw material makers. The in-house presence of primary raw materials and the production and use of carbon fibre assist the manufacturers in decreasing logistics expenses. It also helps them cater to different end-use product manufacturers directly to improve profitability. 

Market Drivers & Restraints:

An increasing call for lightweight materials from automotive and aerospace businesses is probable to drive the global composites market expansion. Composites are most broadly employed as a replacement for steel on account of their higher strength-to-weight ratio. Currently, a high number of vehicles utilize traditional fuel technologies like petrol and diesel. This has caused a rise in the call for fuel-efficient vehicles. Rising environmental worries and strict rules relating to pollution control have forced automotive makers to utilize advanced technologies and develop vehicles to decrease pollution. In addition to that, the call for composites has escalated in several businesses, including construction, aerospace, wind energy, and others. Moreover, the escalated employment of composites to improve fuel efficiency has escalated market expansion.

An increase in a call from end-user businesses drives the composites market. Enhanced properties like high fatigue life, high strength, and modulus, decreased weight, acoustic insulation, and corrosion resistance have resulted in an escalation in demand. 

The rising call for glass fibre composites in the automotive, construction & infrastructure applications, aerospace, and wind energy together with the increasing use of these composites in several applications such as electrical & electronics, aerospace, marine, and oil & gas are the key factors driving the expansion of the global composites market. In addition to that, the rising call for glass fibre strengthening composite pipes in growing economies and increasing the adoption of natural composites are other factors boosting the development of the global composites market. 
The problems regarding recycling, high processing, manufacturing expenses, and lack of standardization in manufacturing technologies may hamper the expansion of the worldwide market. Volatility in the raw material costs and the non-recyclable nature of composites pose a high threat to the development of the market. 

Market Opportunities:

The presence of low-cost labour and low production expenses in growing countries can create colossal revenue expansion opportunities for players in the global composites business.

Market Challenges:

As these composites require complicated fabrication procedures and this process is labour-intensive and complicated, escalating the cost is one of the critical factors hampering the augmentation of the target market in the years to follow.

COMPOSITES MARKET REPORT COVERAGE:

Composites Market Segmentation as per the latest report until 2028

Composites Market – By Type:

• Carbon
• Glass

Both carbon and glass fibres are characterized by their high degree of toughness, but as far as the market application goes glass fibre leads the market with over 60% of the composites made being glass fibre reinforced composites. The strength of the carbon fibre comes from the carbon-carbon bonds which are aligned in the direction of the fiber. Thus if the fiber has to be broken these intricately formed bonds need to be severed, which requires a lot of force. While the glass fibre has ionic bonds which hold neighbouring atoms in a solid solution-like state.

Composites Market – By Polymer Type:

• Thermoplastic
• Thermoset plastics

Thermoset plastics harden and become solid once they are heated, on the other hand, thermoplastics are the polymers that melt and start to flow once heated and become solid once they cool down. Once the thermoset plastic becomes solid it cannot be recast by heating them. Thermoset plastics offer a great advantage as heating the liquid plastic is considerably easier than melting granules and pouring the melt into casts. For this reason, they are preferred by consumers without industrial equipment.

Composites Market – By Manufacturing Process:

• Pultrusion

• Filament Winding

• Layup

The layup process leads the market due to its low capital requirements.

Composites Market – By End-user:

• Wind Energy
• Aerospace & Defense
• Transportation

An increase in fuel prices is increasing the demand for lightweight that can be used in the transportation sector. The need for lightweight machinery is enormous in the Defence Industry.

Composites Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Increasing requirements for lightweight vehicles are estimated to fuel composites' market expansion over the forecast period. The USA and Europe are the major regions in the aerospace and defense segment with aircraft manufacturers like Boeing and Airbus driving product calls. Presently, the composites market in North America accounts for a significant share in terms of revenue and is estimated to have a lucrative expansion over the forecast period. The rising use of glass fibre composites in the manufacturing of printed circuited boards (PCBs), particularly in the US is the factor estimated to drive the expansion of the target market in the region.

Asia Pacific composites market is estimated to showcase the fastest growth on the basis of revenue in the coming years. There is a rise in the employment of composites in aerospace, wind energy, and transportation applications together with fast urbanization and expansion in the economy in countries is one of the factors boosting the development of the composites market in the Asia Pacific region.

Europe's composites market also accounts for key shares in terms of revenue. Moreover, demand in Latin America is estimated to showcase moderate expansion over the forecast period, followed by the Middle East and Africa in the global market.

In the Asia Pacific, Chinese and Indian building and construction business players are developing new techniques of prefabricated prefinished volumetric construction (PPVC), 3D printing, and the latest materials thanks to composites. With such a rise in the global construction business, the composites market is predicted to rise consequently. On the back of expansive landscapes and a huge population, the Asia-Pacific region is foreseen to lead the global composites market, seizing 37% of the total demand share.

Market Key Players:

1. Hexcel Corporation (U.S.)
2. Cytec Industries (U.S.)
3. Owens Corning (U.S.)
4. SGL Group (Germany)
5. Gurit (Switzerland)
6. Solvay (Belgium)
7. Teijin Limited (Japan)
8. Toray Industries, Inc. (Japan)
9.  Hyosung (Korea) 

Market Key Developments:

• BEL introduced the latest composites manufacturing and testing facility in Mumbai. THE newest BEL facility to make and manufacture components are utilizing glass fibre-reinforced polymer (GFRP) and carbon fibre-reinforced polymer (CFRP) composites. 

• Hexcel Corporation declared that two major contracts to supply advanced composites to Airbus Group had been amended. Hexcel estimates these contracts to generate total sales of USD 15 billion for the duration of the contract. The present agreement regarding Hexcel products supplied for commercial aircraft, helicopters, space, and military programs has been waived.