Top 10 High Growth Composite Material Market

Top 10 High Growth Composite Material Market (2023-2028)

The top10 high-growth composites Market was estimated to grow from $ 69.39 billion in 2022 to $ 105.51 billion by 2028, with a CAGR of 7.84% between 2023-2028

composite materials of two or more fibers and polymers. These materials improve the efficiency of the vehicle by reducing its overall weight. Composite materials reduce greenhouse gas emissions and fuel consumption. Vehicles made of composite materials absorb an enormous amount of energy in a crash, which in turn provides more safety for passengers. It plays an important role in providing a better driving experience and more power to the engine. Government regulations to keep vehicles below emission limits have escalated the need for composite materials. Composite materials are combined to produce different materials with varying characteristics from individual components. This new form of material has different characteristics and is lighter, more cost-effective, and stronger than normal materials. Recently, researchers have actively incorporated computing, sensing, communication, and performance into this material, known as robotic materials.

The top 10 composites market is predicted to see growth, due to a strong call for wind power and other emerging application industries such as energy and electronics, and transportation, as the use of composites results in a reduction of the total weight and greater resistance of the components.

Recent Developments 

• BEL launches a new compound manufacturing and testing facility in Mumbai. BEL's new facility is predicted to strengthen the unit's composite materials manufacturing and testing capabilities.

• A worldwide project to produce components with higher mechanical and physical features for the automotive and aerospace segments has been introduced here at NIIST.

Top 10 High-Growth Composite Material Market Drivers

The main factor predicted to drive market growth is a strong call for the top 10 composites for aerospace and defense, wind, and transportation applications. Aerospace and defense application leads the top 10 high-growth composites market, by value. The need to survive extreme operating conditions like stresses, shock, and impact loads in aerospace structures is fulfilled by composite materials. There is an increase in calls for the top 10 composites, due to the development of new aircraft. Government support for fuel efficiency and a growing call for fuel-efficient vehicles are driving the worldwide market for automotive composites in the near future.

Major Original Equipment Manufacturers (OEMs) are partnering with composites manufacturers, which is predicted to drive growth in the worldwide market. Growing auto industries are also driving the worldwide market due to car interiors such as seat covers, door panels, steering wheels, dash, etc. made of composite material. Composite materials are accepted by many automotive industries for their safety standards and are predicted to show significant market growth in the future. The natural fiber reinforced plastic composite is mainly preferred for car interiors due to the various applications such as gear knobs, flooring, seat upholstery, and others. However, Carbon Fiber Reinforced Plastic (CFRP) is widely employed in sports and luxury interior vehicles and car dashboards. It has a high appearance and strength/weight ratio which is predicted to drive market growth in the future.

Restraints:

The high cost of manufacturing and raw materials and the recyclability problem associated with composites can hamper the market growth.

Opportunities:

The shift towards EVs and emerging markets in Southeast Asia is creating huge growth opportunities. Technological advances in orthopedic surgery, including prosthetics, are predicted to create growth opportunities during the foreseen period. The escalating popularity and acceptance of fiber-reinforced polymer composites in various industries, including construction, marine, and wind power, due to low maintenance costs and high durability, is predicted to drive the market call for composite materials in the next years.

Challenges:

The high cost of composite materials is likely to hamper business growth in the coming years.

TOP 10 HIGH-GROWTH COMPOSITE MATERIAL MARKET REPORT COVERAGE:

Top 10 High Growth Composite Material Market Segmentation:

By Resin Type:

• Thermosetting resin
• Thermoplastic resin

By fiber type:

• Carbon
• Glass
• Aramid

The carbon fiber-reinforced plastics segment is predicted to see significant growth as various research agencies focus on developing cost-effective production technologies.

By Application:

• Aerospace & Defense
• Wind Energy
• Transportation
• Sporting Goods

Top 10 High Growth Composite Material Regional Analysis:

The Top 10 High Growth Composite Material Report includes the segmentation of Regions with their respective Countries.

• North America 

• Europe 

• Asia Pacific 

• Latin America 

• Middle East & Africa 

Asia-Pacific is estimated to be the largest market for the top 10 high-growth composites due to high call for construction, electronics, and wind power applications in the region. Easy availability of raw materials, low cost of labor, growth of manufacturing industries, and expanding capabilities of various manufacturers are predicted to further drive the growth of the Asia Pacific market is predicted to be driven by growing consumption of the top 10 composites in various applications, such as wind power, construction, energy and electronics, and transportation. China led the market for 10 high-growth composites in Asia-Pacific. China's wind power industry recorded the highest number of installations in 2019. Wind power is one of the main applications for composites and is predicted to boost the country's market. North America is the leading player in the worldwide automotive composite materials market. This region is predicted to grow at a faster rate due to escalated automobile production. The automotive industry is developing mainly for light vehicles in this region, which has a positive impact on the worldwide market for composites for automotive growth. Escalating production and profitability in North America for the automobile market is predicted to see strong growth in the coming years.

Key Players:

The top 10 composite material value chain comprises manufacturers, such as Hexcel Corporation (U.S.), Huntsman Corporation (U.S.), Toray Industries (Japan), Teijin Limited (Japan), Owens Corning (U.S.), and so on. The target end users for these companies can be categorized as automotive, aerospace, construction, and wind energy-related companies, such as BMW (Germany), Ford (U.S.), Bell Helicopter (U.S.), Boeing (U.S.), Mercedes-Benz (Germany), and Vestas (Denmark) among others.