The global composites market was valued at USD 125.51 billion in 2019. The market is attributed to grow at a CAGR of 7.4% over the forecast period of 2019 to 2025. The growing need for high-performance products has risen the demand in the composites industry globally. Moreover, the rising solutions provided by the lightweight products has increased the sales across the various end use industries.
Rapid industrialization in the emerging economies of the Asia Pacific and the growing demand for wind power are projected to accelerate the sales in the market. It is expected that a strong demand from the automobile sector would also drive the development of the industry over the forecast period. Growing fuel prices have sparked the need for automobiles which are fuel intensive. In the immediate term, this trend is expected to have a significant impact on the growth of the industry. However, the higher strength to weight ratio of composites are more commonly used as a substitute for steel. A large number of cars already use modern fuel technology such as diesel and gasoline.
The global composites market is categorized based on fiber type, resin type, manufacturing process and end use. Region wise, Asia Pacific was the largest market in 2018, and is anticipated to grow at a significant CAGR over the forecast period. North America is expected to grow at a significant rate over the coming years.
Key players serving the global Composites market include Teijin Limited; Owens Corning; Toray Industries, Inc.; PPG Industries, Inc.; Hexcel Corporation; Huntsman Corporation; and E. I. DuPont Nemours & Co. among others.
Key segments of the global Composites market
Fiber Type Overview, 2015-2025 (USD Billion)
- Glass Fiber Composites
- Carbon Fiber Composites
- Natural Fiber Composites
- Other Fiber Composites
Resin Type Overview, 2015-2025 (USD Billion)
- Thermoset Composites
- Thermoplastic Composites
Manufacturing Process Overview, 2015-2025 (USD Billion)
- Filament Winding
- Injection Molding
- Compression Molding
Manufacturing Process Overview, 2015-2025 (USD Billion)
- Aerospace & Défense
- Wind Energy
- Construction & Infrastructure
- Pipe & Tank
- Electrical & Electronics
Regional Overview, 2015-2025 (USD Billion)
- 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 a comprehensive outlook of the global composites market industry
- Composites are widely used for various end uses owing to their excellent properties and the market is expected to gain traction over the coming years
- With the growing transportation and construction activities in the market, there is a rise in the demand for composites which is further expected to have a positive impact on the overall market growth
What does the report include?
- The study on the global composites 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 end uses, and type. 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?
- The report on the global composites market is suitable for all the players across the value chain including raw material suppliers, composites providers, construction, transportation, packaging end users, distributors, suppliers and retailers
- Venture capitalists and investors looking for more information on the future outlook of the global Composites market
- Consultants, analysts, researchers, and academicians looking for insights shaping the global composites market
- global composites market has seen strong development over the past couple of years with its end-business, and is anticipated to continue in the coming years. The main driving factor would be a rise in demand for product in various end-industries such as wind energy, transportation, aerospace & defense, construction & infrastructure, marine, pipe & tank, electrical & electronics.
The rise in the production of propylene has driven demand for polyacrylonitrile, a primary raw material for the production of carbon fiber reinforced plastic (CFRP). Extensive R&D efforts have contributed to the rise of various industry players in Europe and Japan, which has been projected to fuel the consumer demand over the coming years. For example, the involvement in Japan of key market players such as Teijin Restricted, Toray Industries Inc., and Mitsubishi Rayon Co., Ltd. has boosted regional demand for the composites over the forecast period.
Increasing aerospace industry is also projected to drive the demand in North America and in Europe. Increasing demand for commercial aviation as a result of increased disposable income and globalization in recent years has driven the aerospace industry. This primary pattern is also projected to persist throughout the forecast era. Increasing aircraft weight issues are projected to increase the market for composite from the aviation industry.
The global composites market has been segmented based on, fiber type, resin type, manufacturing process and end uses. Based on fiber type, the market is categorized into glass fiber composites, carbon fiber composites, and natural fiber composites. Based on end use, the market is categorized into aerospace & defense, wind energy, transportation, construction & infrastructure, marine, pipe & tank, electrical & electronics.
In terms of quantity and performance, glass fibre composites led the global composites market. The glass fibers are high in demand as they are low in cost and have superior physical and mechanical properties such as strength, versatility, resilience, toughness and lightweight. The glass fiber composites are primarily utilized in the divisions of wind energy, electrical & communications, pipes & reservoirs, and transportation & services.
Composites of thermoset resin type are durable and requires a very low maintenance. Thermoset resins often have low cost and good efficiency properties; hence, they are high in demand in global industry. Thermoset composites are commonly used in the end-use sectors including shipping, maritime, electrical & communications, aerospace & defense, and wind energy. These development in segment is projected to accelerate the demand over the forecast period.
The global composites market is cumulative to North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Asia Pacific dominated the global composites market in 2018, however North America is expected to grow at a significant pace through the year 2025.
APAC accounts for the largest market share in the composites industry due to India and China as the growing economies, and the presence of some prominent players in the region. The expansion of the transport, wind, and construction & infrastructure industries in the countries has proliferated the demand over the forecast period. China is projected to grow at the fastest rate in APAC over the forecast period. China is the biggest composites industry in the Asia Pacific. The nation's economic development is the principal driver for strong composite usage. The transport and building & infrastructure industries are growing rapidly in the region, increasing demand for composites in the market.