High Performance Composites Market

High-Performance Composites Market Size (2023-2028)

High-Performance Composited Market was calculated at $ 23.46 billion in 2022 and is expected to reach $ 33.52 billion by 2028, at a 6.1% during the forecast period 

Composite materials are a combination of fibers and matrix that is widely used due to properties such as lightness, corrosion resistance, high strength, and dimensional stability. Also, composite materials are replacing plastic and metals in various industries. It is widely used in aerospace, recreational boating, and automotive due to its high performance and mechanical properties.

High-performance compounds are produced from reinforcements and matrices. The reinforcement includes fillers, fibers, and particles. It has excellent tensile strength, stiffness, wear and corrosion resistance, and thermal conductivity, and is lightweight. Composite materials based on carbon-reinforced plastic and fiberglass have been used in aerospace applications, such as on engine blades, widebody wings, single-aisle wings, gondolas, brackets, and rotors. These compounds replace metal components in aerospace applications due to their lightweight and excellent stiffness properties, which are expected to stimulate the global market for high-performance composites during the outlook period.

High-Performance Composites Market Drivers and Restraints

The growing demand for fiberglass and carbon-reinforced plastics in Airbus aircraft is the factor that will affect the growth of the global high-performance composites market. The increasing use of high-performance composites in wind turbine blades will also stimulate the market. The growth of the automotive industry and the increase in aircraft sales will also contribute to the improvement of the market in the market. The growing awareness of the benefits of high-performance composites over their substitutes will also create new market opportunities between 2020 and 2025.

The increasing demand for lightweight automotive manufacturing materials to improve their performance is expected to spur growth in the market. Industrial applications include machinery in factories that were traditionally made of iron and steel. The high-performance composite materials market is primarily driven by the growing demand for a wide range of end-use applications. Significant growth in the commercial aircraft manufacturing segment has significantly stimulated demand for these compounds. The market is also subjected to certain restrictions, including relatively high production costs and labor-intensive operations. These restrictions are expected to significantly affect the market in terms of volume, particularly in terms of price sensitivity. High-performance compounds have found extensive adoption in the automotive sector, which is a crucial aspect for carbon fibers, while at the same time, the usage of these composites in automobile production has just reached an optimal level.

HIGH-PERFORMANCE COMPOSITES MARKET REPORT COVERAGE

High-Performance Composites Market Segmentation as per the research report.

High-Performance Composites Market - By Resin Type

• Thermoset resin
• Thermoplastic resin

The thermoplastic resin type segment of the high-performance composites market is expected to grow at the highest annual growth rate during the outlook period because of the augmented usage of these composites in numerous end-user sectors. This is mainly due to the flexibility of casting and reform, along with the absence of crosslinking in thermoplastic resins.

High-Performance Composites Market - By Fiber Type

• Carbon fiber composites
• S-glass composites
• Aramid Fiber Composites
• Others

The S fiberglass segment of the high-performance composites market is expected to grow at the highest annual growth rate during the assessment period. Growth in this segment can be attributed to the increased use of high-performance S glass compounds in military aircraft for fuselage liners, floor panels, and firewalls due to the ability of these compounds to withstand the impact of force.

High-Performance Composites Market - By Application

• Aerospace and defense
• Automotive
• Pressure vessel
• Wind turbine
• Medical
• Construction
• others

Based on applications, the automotive and industrial applications segment is expected to retain a significant portion of revenue in the global high-performance composites market during the conjecture period. High-performance composites are considered an alternative to steel and aluminum in the automotive industry.

High-Performance Composites Market - By Region

The High-Performance Composites Report includes the segmentation of Regions with their respective Countries.

• North America High-Performance Composites Industry includes U.S and Canada.

• Europe's High-Performance Composites Industry includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.

• Asia Pacific High-Performance Composites Industry includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.

• Latin America High-Performance Composites Industry includes Brazil, Mexico, Argentina, Chile & Rest of LATAM.

• The Middle East & Africa High-Performance Composites Industry includes KSA, UAE, Israel, the rest of the GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, and the rest of MEA.

The North American region held the lion’s share in the global high-performance composites market in 2019, which was trailed by Europe. The increased demand for high-performance compounds in the Asia-Pacific region can be attributed to the transfer of the manufacturing sector from the North American and European regions to this area. In addition, increased public spending in the defense and aerospace sector in the region is expected to drive growth in the Asia-Pacific high-performance composite market during the forecast period. The increase in automobile production in China and India is expected due to the growing demand for passenger and utility vehicles to accelerate market growth. Furthermore, favorable regulations regarding the use of high-performance carbon fibers for various end-use industries are expected to drive business growth over the outlook period.

Recent Developments High-Performance Composited Industry:

• BEL introduces the latest composites making and testing place in Mumbai that produces the latest BEL facility to make and produce composites.

• To make sure hard mission success, the globe’s dominating and rising vehicle makers choose Toray Advanced Composites for lightweight, more strength structural composites.

The high-performance composites industry includes

1. BASF SE (Germany)

2. SABIC (Saudi Arabia)

3. Solvay (Belgium)

4. Owens Corning (US)

5. TPI Composites (US)

6. Huntsman International LLC (US)

7. TEIJIN LIMITED (Japan)

8. SGL Group (Germany)

9. Hexcel Corporation (US)

10. Albany International Corporation (US)

11. TORAY INDUSTRIES, INC. (Japan)

12. Arkema (France)

13. 3M (US)