Composite Materials Market size is set to grow by USD 17.15 bn from 2023-2027.Rising demand for composite materials in transportation industry boost the market- Technavio

NEW YORK, March 12, 2024 /PRNewswire/ -- The global composite materials market size is estimated to grow by USD 17.15 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of  6.45% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 34%.  The automotive industry's preference for lightweight materials, such as carbon fibers, has surged, driven by CO2 emission reduction, enhanced safety, and e-mobility trends. Carbon fibers, along with thermoplastic and thermoset resins, are increasingly used in car components beyond body panels, including frames, rims, springs, and liners. This shift is not limited to the automotive sector; carbon-fiber bodies are also utilized in wind energy installations, construction & infrastructure, and sporting goods. For more insights on the historic (2017 - 2021) and forecast market size (2023-2027) - Request a sample report

Key Company

Composite Materials Market  is fragmented ; the vendors are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Composite Materials Market report includes information on the product launches, sustainability, and prospects of leading vendors including 3M Co., Cabot Corp., China Jushi Co. Ltd., Compagnie de Saint Gobain SA, COMPOSITES UNIVERSAL GROUP, DuPont de Nemours Inc., Gurit Holding AG, Hexcel Corp., Huntsman Corp., Kineco Ltd., Mitsubishi Chemical Corp., Momentive Performance Materials Inc., Nippon Electric Glass Co. Ltd., Owens Corning, Scott Bader Co. Ltd., SGL Carbon SE, Solvay SA, Teijin Ltd., Veplas dd, Toray Industries Inc. .

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Market Segmentation by Type

The composite materials market is dominated by glass fiber laminates due to their superior mechanical performance. Glass fibers offer strength-to-weight characteristics, flexibility, durability, stability, and resistance to heat, temperature, and moisture. In various industries like construction, wind energy, pipes and tanks, marine, and transportation, glass fibers are used for applications such as underbody systems, deck lids, and engine covers. The development of glass fiber-based turbine blades for wind energy plants further boosts demand. Key features include high surface compression and compression strength, dimensional tolerance, and excellent surface finish. Glass-to-resin ratios are crucial for optimal three-dimensional component performance.

Geographic Landscape

The Composite Materials Market in North America dominates globally due to the presence of major manufacturers and end-users. In the US, the automotive industry's increasing demand for lightweight materials, offering superior strength-to-weight characteristics and non-corrosive properties, drives market growth. Key components include glass fibers and carbon fibers, which provide enhanced mechanical performance with high dimensional tolerance and surface finish. Manufacturers focus on optimizing laminate compression and glass-to-resin ratios to produce three-dimensional components with excellent surface compression for superior end-product performance.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio