Composites Market is expected to witness Incredible Growth during 2024-2032
The composites market is experiencing a boom, driven by the increasing demand for lightweight, high-performance materials across various industries. The global composites industry size was USD 99.91 billion in 2019 and is projected to reach USD 112.0 billion by 2027, exhibiting a CAGR of 6.88% during the forecast period. Asia Pacific dominated the composites market with a market share of 43.8% in 2019.
Composites Market Overview
Composites are engineered materials that combine two or more distinct components to create a material with properties superior to its individual parts. This versatility fuels their appeal in a wide range of applications, including:
Transportation: Cars, airplanes, and even ships are increasingly incorporating composites for their lightweight properties, which translates to better fuel efficiency and reduced emissions.
Construction: Composites offer durability, corrosion resistance, and design flexibility, making them ideal for building materials, pipes, and tanks.
Wind Energy: Wind turbine blades are prime examples of composite applications, as they benefit from the material's strength and lightweight nature.
Other Industries: Composites find use in various sectors like electrical and electronics, consumer goods, and even sporting equipment.
Regional Composites Market Analysis
The Asia Pacific region reigns supreme in the composites market, accounting for over 40% of the global share. This dominance can be attributed to factors like:
The presence of major composite material producers like China and Japan.
Rapid development in wind energy, a significant consumer of composites.
A booming transportation sector, another key end-use industry for composites.
Prominent Presence of Industry Players to Favor Growth in the Asia Pacific Market
Asia Pacific dominated the composites market share with a size of USD 43.76 billion in 2019 on account of the strong presence and robust operations of some of the biggest players in the composites industry such as Toray and Mitsubishi. These companies have been injecting large amount of funds into research and development to create new composite solutions and meet the rapidly rising demand for these materials from diverse industries in the region.
The market in North America is benefiting from the extensive utilization of composite materials by the region’s well-established aerospace & defense industry. In Europe, the market dynamics will be primarily shaped by the region’s massive automotive industry, increasing uptake of EVs, and favorable governmental policies promoting the adoption of lightweight materials in vehicle manufacturing.
List of Key Companies Profiled in the Composites Market Report:
Composite Solutions
Exel Group
Huntsman International LLC
Hexcel Corporation
Teijin Limited
Owens Corning
Veplas d.d.
Solvay
SGL Carbon
Mitsubishi Chemical Holdings Corporation
Toray Industries, Inc.
Composites Market Future
The future of the composites market appears bright. Here are some key trends to watch:
Sustainability: The development of eco-friendly composites made from recycled materials or bio-based resins is gaining traction.
Technological Advancements: Research and development in areas like nanotechnology and advanced fiber reinforcements promise to create even more powerful and versatile composites.
Expanding Applications: As industries strive for lighter and more efficient products, the use of composites is expected to permeate new sectors.
The composites market is well-positioned for continued growth, fueled by its unique ability to deliver a powerful combination of lightweight performance and versatility. As industries prioritize sustainability and innovation, composites are likely to remain at the forefront of advanced material solutions.
Industry Developments:
January 2020: Teijin Limited announced the establishment of the Teijin Automotive Center Europe GmbH in Germany, which will serve as a new base for technical operations for the company’s automotive composites business.
September 2019: INEOS Enterprises completed the acquisition of the entire composites division of Ashland Global Holdings, including a BDO facility in Germany. Ashland’s businesses in this domain boast combined annual sales revenue of USD 1.1 billion, with sites in the Middle East, Europe, the Americas, and Asia.
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