Composite Materials Market Size to Grow by USD 17.15 billion from 2023 to 2027, Rising demand for composite materials to boost market growth, Technavio

NEW YORK, March 27, 2024 /PRNewswire/ -- The Composite Materials Market is forecast to increase by USD 17,158.66 million during the forecast period. The market is estimated to grow at a CAGR of 6.45% between 2022 and 2027. The transportation industry's growing demand for composite materials, particularly in automotive manufacturing, is a key market driver. Carbon fiber, favored for its lightweight properties and reduced emissions, sees increasing use in vehicle construction. Its versatility extends to various automotive components, enhancing safety and durability, thus fueling market growth.

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Growth Factors:

The rising demand for composite materials in the transportation industry is the key factor driving the market growth:

The transportation industry's increasing demand for composite materials, particularly carbon fiber, drives market growth. These materials, sought for their lightweight nature and reduced emissions, are extensively used in automotive manufacturing, from body panels to various vehicle components, enhancing safety and durability. This trend is fueled by the automotive sector's rapid development and the need for lighter vehicles to meet mileage standards reliably, thus boosting market expansion.

• Strategic collaboration, partnerships, and mergers and acquisitions are the primary trends in market growth.
• The high cost of composites is a major challenge to market growth.

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Vendor Analysis
Vendor Landscape - The global composite materials market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer composite materials in the market are 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, and Toray Industries Inc. and others.

What's New? -

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong

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Vendor Offerings -

• jushi.com - The company offers composite materials that are used to help make strong, yet lightweight, honeycomb sandwich composite found in aircraft parts such as flooring panels, interior walls, storage bins, exterior control surfaces, engine nacelles, and helicopter blades. Also, the company is involved in the manufacture and sale of fiberglass and its derivatives.

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Segment Overview
Technavio has segmented the market based on type, Type (Glass fiber, Carbon fiber, Aramid Fiber, and Others), End-user (Electricals and electronics, Contruction, Aerospace and defence, and Others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The glass fiber segment is poised for significant growth in the forecast period, capturing the largest market share. Valued at USD 17,664.65 million in 2017, its continued expansion is driven by glass fiber's superior qualities like strength, flexibility, and resistance to heat and moisture. Widely used in construction, wind energy, marine, and transportation industries, its applications range from underbody systems to turbine blades for wind energy plants, reflecting its versatility and potential for further growth.

Geography Overview
By geography, the global composite materials market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global composite materials market.

• North America is poised to contribute 34% to the global market growth, with Technavio analysts highlighting regional trends and drivers. In 2022, North America dominated the market due to its leading composite material manufacturers and their extensive end-user base. The US, in particular, is witnessing increased demand for lightweight materials in the automotive sector. Materials like glass fibers and carbon fibers offer superior strength and corrosion resistance, driving their preference among automakers. With major players like General Motors and a steady automotive market growth, North America's market is set to flourish in the forecast period.

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What are the key data covered in this Composite Materials Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Composite Materials Market between 2023 and 2027
• Precise estimation of the size of the Composite Materials Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Composite Materials Market industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Composite Materials Market vendors

Analyst Review:

The Composite Materials Market is experiencing significant growth across various industries, driven by the versatility and performance of composite materials. Thermoplastic resins and thermoset resins are key components of composite materials, offering unique properties that make them ideal for a wide range of applications.

In the automotive industry, composite materials are increasingly used to manufacture lightweight components such as carbon-fiber body panels, deck lids, front-end modules, bumper beams, engine covers, instrument panels, and air ducts. These components help improve fuel efficiency, reduce emissions, and enhance overall vehicle performance.

The wind energy sector also relies on composite materials for the construction of turbine blades and other components. Composite materials offer excellent strength-to-weight characteristics, making them well-suited for the demanding conditions of wind energy installation.

In construction and infrastructure, composite materials are used in various structural applications due to their high strength and durability. They are also increasingly utilized in sporting goods, where their lightweight and high-performance properties are highly valued.

Manufacturing processes such as the Resin Transfer Molding (RTM) process, vacuum-assisted resin transfer process, and laminate compression enable the production of complex, three-dimensional components with precise dimensional tolerance and superior mechanical performance. Moreover, composite materials offer excellent surface finish and can be tailored to meet specific application requirements.

Overall, the Composite Materials Market is poised for continued growth, driven by ongoing advancements in material technology and increasing demand across multiple industries for lightweight, high-performance materials.

Market Overview:

The Composite Materials Market is experiencing robust growth, driven by diverse applications across industries such as construction & infrastructure, automotive, wind energy, and sporting goods. The market sees variations in the glass-to-resin ratio and surface compression, which impact the final product's properties. Carbon fibers, along with thermoplastic and thermoset resins, are key components in composite manufacturing, offering superior strength-to-weight characteristics. In the automotive sector, composite materials are increasingly used in components like carbon-fiber bodies, underbody systems, and engine covers. Wind energy installations benefit from composite materials' durability and lightweight properties. Sporting goods also leverage composites for their mechanical performance and dimensional tolerance. Advanced manufacturing processes like RTM and vacuum-assisted resin transfer enhance the quality and efficiency of composite production, ensuring precise three-dimensional components with excellent surface finish.

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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