Report Scope & Overview:
Composites Market Size was valued at USD 116.75 billion in 2022, and expected to reach USD 216.09 billion by 2030, and grow at a CAGR of 8% over the forecast period 2023-2030.
Composites are created by microscopic interactions between two or more chemically different phases of materials. Composites are divided into polymer, metal, ceramic, carbon, and graphite categories depending on the matrix. Due to its improved desired characteristics, it can be used in a variety of industries, including aerospace & military and construction.
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Market Dynamics:
Drivers:
After COVID-19, the composites market will be driven by government stimulus programmes.
Utilization and demand for composites are both on the rise.
Restraints:
Manufacturing technology are not standardised.
High Prices
Opportunity:
Rising demand in developing nations
Knowledge and Replacement
Challenge:
Creating inexpensive technology
Issues with Recycling and Standardization
Impact of Covid-19:
Due to lockdowns implemented in the majority of regions to stop the spread of COVID-19, the global composites market is currently experiencing a severe downturn. Because of this, the demand has essentially decreased for the time being and is unlikely to go up again until governments all over the world abandon their restrictive measures. The demand for composites has decreased globally as a result of the closure of production facilities by major composites users in the automotive, aerospace, and construction industries. Due to their acquisition operations, sector and geographic mix, and trends, the separate corporations have displayed a variety of tendencies.
Polyester, epoxies, vinyl ester, phenolic, polyurethane, thermoplastic resin, fillers, fibreglass, aramid, carbon, pigments, flame retardants, and titanium dioxide are important raw ingredients used in the production of composites. Due to the COVID-19 outbreak, the bulk of raw materials providers in this market were forced to close their operational facilities. The major providers changed their attention from battling the virus to providing relief from the pandemic. Due to trade restrictions and the global shutdown of numerous operations, obtaining raw materials has grown challenging. Additionally, the pandemic-related shutdown and the drop in oil prices combined have made the oversupply problem worse. It has also affected the suppliers' ability to maintain price margins during challenging times. However, these enterprises have resumed operations, and various international limitations have been eliminated, making it easier to travel and conduct business around the world. The use of masks, hand washing, sanitising, social seclusion, temperature monitoring, regular cleaning, and disinfection within facilities are just a few of the important precautions that suppliers are adhering to.
Key Players:
Solvay (Belgium), Hexion (US), Toray Industries Inc. (Japan), Jushi Group Co., Ltd (China), Hexcel Corporation (US), Owens Corning (US), Teijin Limited (Japan), PPG Industries, Inc. (US), SGL Carbon (Germany), Mitsubishi Chemicals Corporation (Japan), Huntsman International LLC (US).
Market Segmentation:
By Fiber Type
Glass Fiber Composites
Carbon Fiber Composites
Natural Fiber Composites
Other Fiber Composites
By Resin Type
Thermoset Composites
Thermoplastic Composites
By end-use industry
Aerospace & defense
Wind Energy
Automotive & Transportation
Construction & Infrastructure
Marine
Pipe & Tank
Electrical & Electronics
Others
By Manufacturing Process
Lay-up
Filament Winding
Pultrusion
Compression Molding
RTM
Others
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Regional Analysis:
The booming aerospace, defence, and wind energy industries in North America are what are driving demand. Additionally, the U.S. car manufacturing industries have shown a significant penetration of composites for the production of essential vehicle parts and are projected to increase demand over the anticipated time.
The primary factors affecting the market in Europe include increasing demand from the automotive sector, rising defence spending across several nations, and rising demand from the electronics industry. Additionally, it is projected that growing manufacturer awareness of the advantages the product offers would provide the market expansion in the area new impetus. One of the most difficult markets for composites is Central and South America. The region's political and economic unrest has significantly hampered industry expansion during the past ten years. The demand is projected to be supported by rising investments in the area's auto manufacturing sector.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 116.75 Billion |
| Market Size by 2030 | US$ 216.09 Billion |
| CAGR | CAGR of 8.2% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites, Other Fiber Composites) • By Resin Type (Thermoset Composites, Thermoplastic Composites) • By end-use industry (Aerospace & defense,Wind Energy, Automotive & Transportation, Constr, ction & Infrastructure, Marine, Pipe & Tan, Electrical & Electronics, Others) • By Manufacturing Process (Lay-up, Filament Winding, Injection Molding, Pultrusion, Compression Molding, RTM, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Solvay (Belgium), Hexion (US), Toray Industries Inc. (Japan), Jushi Group Co., Ltd (China), Hexcel Corporation (US), Owens Corning (US), Teijin Limited (Japan), PPG Industries, Inc. (US), SGL Carbon (Germany), Mitsubishi Chemicals Corporation (Japan), Huntsman International LLC (US). |
| DRIVERS | • After COVID-19, the composites market will be driven by government stimulus programmes. • Utilization and demand for composites are both on the rise. |
| Restraints | • Manufacturing technology are not standardised. • High Prices |
Ans: Key stakeholders considered in the study:
Raw material vendors
distributors/traders/wholesalers/suppliers
regulatory authorities, including government agencies and NGO
commercial research & development (r&d) institutions
importers and exporters
government organizations, research organizations, and consulting firms
trade/industrial associations
end-use industries are the stake holder of this report
Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.
Ans: Solvay (Belgium), Hexion (US), Toray Industries Inc. (Japan), Jushi Group Co., Ltd (China), Hexcel Corporation (US), Owens Corning (US), Teijin Limited (Japan), PPG Industries, Inc. (US), SGL Carbon (Germany), Mitsubishi Chemicals Corporation (Japan) and Huntsman International LLC (US) are the major key players of Composites Market.
Ans: Manufacturing technology are not standardised and High Prices are the restraints for Composites Market.
Ans: Composites Market Size was valued at USD 116.75 billion in 2022, and expected to reach USD 216.09 billion by 2030, and grow at a CAGR of 8% over the forecast period 2023-2030.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of Ukraine-Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8.Composites Market Segment, By Fiber Type
8.1 Glass Fiber Composites
8.2 Carbon Fiber Composites
8.3 Natural Fiber Composites
8.4 Other Fiber Composites
9.Composites Market Segment, By Resin Type
9.1 Thermoset Composites
9.2 Thermoplastic Composites
10.Composites Market Segment, By end-use industry
10.1 Aerospace & defense
10.2 Wind Energy
10.3 Automotive & Transportation
10.4 Construction & Infrastructure
10.5 Marine
10.6 Pipe & Tank
10. 7 Electrical & Electronics
10.8 Others
11.Composites Market Segment, By Manufacturing Process
11.1 Lay-up
11.2 Filament Winding
11.3 Injection Molding
11.4 Pultrusion
11.5 Compression Molding
11.6 RTM
11.7 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profile
13.1 Solvay (Belgium)
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Hexion (US)
13.3 Toray Industries Inc. (Japan)
13.4 Jushi Group Co., Ltd (China)
13.5 Hexcel Corporation (US)
13.6 Owens Corning (US)
13.7 Teijin Limited (Japan)
13.8 PPG Industries, Inc. (US)
13.9 SGL Carbon (Germany)
13.10 Mitsubishi Chemicals Corporation (Japan)
13.11 Huntsman International LLC (US).
14.Competitive Landscape
14.1 Competitive Benchmark
14.2 Market Share analysis
14.3 Recent Developments
15. Conclusion
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