Global composite resins market was valued at USD 12.3 billion in 2019 and is projected to grow at CAGR of nearly 6% over the forecast period. Growing usage of composites across diverse industry verticals such as aerospace & defense and automotive sectors is projected to propel the demand for composite resins market over the forecast period.
Composite resins primarily perform the function of transferring the stress between reinforcing fibers. They also protect the fibers from mechanical and environmental damage. Composite resins and fibers are two primary components of composite materials, which impart desirable properties of high strength to the parts and components used in the aerospace and automotive industry. Apart from high strength, composite materials also reduce the overall weight of the component along with the high-low coefficient of thermal expansion and high vibrational damping. Owing to these properties, composite materials are gaining significant traction from diverse end-use industries.
The global composite resins market is categorized based on the type and end-use. Based on type, thermosetting resins segment is projected to dominate the composite resins market over the forecast period. Based on application, aerospace & defense and the automotive sector is projected to account for significant demand by 2025.
Key manufacturers in the global composite resin market include Huntsman Corporation, BASF SE, The Dow Chemical Company, Reichhold Inc., Hexion Inc, Sumitomo Bakelite Company Ltd., SABIC, Polynt SpA, Ashland Inc., Kukdo Chemical Co.Ltd.
Key segments of the global composite resins market
Type Overview, 2015-2025 (Kilo Tons) (USD Million)
- Thermosetting resins
- Thermoplastic resins
End Use Overview, 2015-2025 (Kilo Tons) (USD Million)
- Aerospace &defence
- Wind Energy
- Electrical & electronics
Regional Overview, 2015-2025 (Kilo Tons) (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global composite resins market
- The Global composite resins market has been mainly driven by the increased demand from aerospace and automotive industry.
What does the report include?
- The study on the global composite resins market includes analysis of qualitative market indicators such as drivers, restraints, challenges and opportunities
- Additionally, the market competition has been evaluated using the Porter’s five forces analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of type, and end use. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the considered segments
- The study includes the profiles of key players in the market with a significant global and/or regional presence
Who should buy this report?
- Executives of global composite resin companies that are engaged in the composite production
- Managers within financial institutions looking to publish recent and forecasted statistics pertaining to global composite resin market
- Venture capitalists and investors looking for more information on the future outlook of the Global composite resin market
- Government organizations, regulatory authorities, policymakers and financial organizations looking for innovative solutions
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies
Growing role of carbon composites in aerospace and defense:
The world’s airline carries more than three billion passengers a year and freight of nearly 50 million tonnes. The air transport industry contributes~3.5% of the global GDP (Gross Domestic Product) which is higher than the combined GDP contribution of the automotive and chemicals manufacturing industry. As strive for faster mobility is getting high, the aerospace industry is projected to strengthen over the coming years. When it comes to designing aerospace components and parts, material requirements are very different. Earlier, aluminum material dominated the aircraft industry as it was considered to be lightweight and inexpensive. However, as the need for fuel efficiency aircraft increased over time, new materials such as carbon fiber reinforced polymers (CFRPs) and honeycomb materials were adopted by the industry. Aerospace components are one of the prominent applications of carbon fibers. Aerospace products such as tie rods, ballistic shields, compression struts, cooling tubes, shuttle actuator mounts, turbine fan blades are some of the examples of carbon fiber-based composites. These composites provide the much-required features to the structure such as increased fuel efficiency, better durability, and reduction in weight. Therefore, many of the aerospace structures and products are formed from these materials. To achieve further weight reduction and better fuel efficiency, manufacturers are inclined towards the development of carbon fiber composites. Apart from material innovation, cost reduction is also being focused to achieve an optimum cost of manufacturing. Overall, the aerospace & defense sector is projected to witness steady growth in demand for composite resins over the coming years.
A major development in aerospace &defence for composites:
Boeing’s 787 Dreamliner is made of carbon fiber reinforced polymers with around 50% of its structural weight as compared with its predecessor Boeing 777 which comprised of carbon fiber composites around 10% of its structural weight
Usage of composites in the automotive industry:
Automotive light-weighting is one of the major ongoing research themes across all the OEM manufacturers across Europe and other developed economies. It is assumed that nearly a quarter of greenhouse gas emissions are associated with road transport vehicles. Reducing vehicle weight can dramatically lower fuel consumption. Carbon Fiber Reinforced Plastic (CFRP) is one such composite which is getting adopted by the OEM manufacturers across Europe. The use of carbon fibers and its composites can reduce the vehicle weight to 25%-70% as compared with other materials.
A major development in the automotive industry for composites:
In April 2018, Sweden electric car manufacturer, Uniti and carbon fiber manufacturer Zoltek entered a signed partnership in which later would be the preferred supplier of carbon fiber material to the electric car manufacturer.
The global composite resins market is segmented based on the type and end-use. Based on type, the market is categorized into thermoplastic and thermosetting resins. Based on end-use, the global composite resins market is segmented into aerospace & defense, automotive, wind energy, electrical & electronics, construction, and others.
By type, thermosetting resins accounted for a significant share in the global composite resins market. Thermosetting resins, due to its good balance of chemical, electrical and mechanical properties, ease of handling and relatively lower cost; are widely used in composite manufacturing. Thermosetting resins are also compatible with a range of fabrication processes. Increasing research & development activities are paving ways for novel composites as well as for thermosetting and thermoplastic resins. Increasing usage of composites in end-use industries is further propelling the demand for composite resins across the globe. Owing to this, major manufacturers of composite resins are focused on capacity expansion and merger strategies to suffice the growing demand. For instance, In February 2019, the Kaneka Corporation (Japan) announced capacity expansion of production facilities of the modifiers of epoxy resins. The plant is expected to be operational by July 2020.
By end-use, aerospace & defense and automotive segment are projected to account for the high demand for composite resins over the forecast period. Usage of composite materials for reducing component weight is the key factor behind the growing demand. The wind energy segment is also projected to witness impressive growth owing to the growing demand for renewable energy generation.
Based on the region, the global composite resin market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Currently, Asia Pacific is the fastest-growing market in terms of consumption in the global composite resins market. Asia Pacific is closely followed by North America and Europe in terms of consumption. Positive economic prospects for the region is one of the key factors that will drive the automotive and wind energy sector in the region, thus augmenting the demand for composite resins over the forecast period. China and Japan are among the prominent automotive manufacturing bases, which is projected to support the demand growth in the Asia Pacific region. On the other hand, demand from the aerospace industry in North America and Europe will augment the demand for composite resins in the region. Lightweight components are one of the key requirements for reducing weight and increasing the efficiency of aircraft, owing to which composite materials are in high demand in the region. Overall, inclination towards novel composite materials for modifying the existing components and structures will drive the demand for composites resins over the forecast period.