Global Composites Market Report 2022: Sector to Reach $120 Billion by 2028 at a CAGR of 8%

DUBLIN, March 22, 2023 /PRNewswire/ -- The "Global Composites Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Fiber Type, End User, Resin Type, Manufacturing Process and Region" report has been added to  ResearchAndMarkets.com's offering.

According to this analysis, the Global Composites Market is expected to record a positive CAGR of ~8% during the forecast period (2022-2028) and is expected to reach approximately US$ 120 billion by 2028.

The desirable performance of composites as well as the high adoption of composites in various end-user industries owing to their properties is positively impacting the market growth.

Customers' needs for a wide range of intricately engineered parts, design patterns, and structures are met through the use of composite materials. The product supports several sectors, including wind power, consumer goods, automotive, aerospace, and the maritime sector.

Different materials are used in a variety of ways by these businesses. Regulations, consumer demand, cost criteria, and part performance requirements all influence this usage. For instance, there are significant differences between the materials, costs, and process technology used in the aerospace sector and the car industry. Due to their diversity, these materials can satisfy this wide range of demands.

For instance, there are resins, a variety of fibers, equipment, process, and finishing options that can be used to fabricate almost any item for any application.

Concerns about improper disposal and recycling of composite products as well as the high production cost of composites limit the market growth.

Composites recycling and disposal raise problems that need to be resolved. One such problem relates to carbon fiber composites used in hexavalent chromium primer-coated end-of-life aircraft structures. Due to the possibility of the hexavalent chromium in these composites seeping into the ground, they may be categorized as hazardous waste and cannot be disposed of on land.

The COVID-19 outbreak had a huge impact on supply chains since key economies had to halt commerce. Additionally, the demand for composites had decreased across a range of end-use industries, including aerospace, automotive, and construction. However, the situation improved in 2021 due to the removal of trade barriers, which restored the market's growth trajectory.

Scope of the Report

The Composites Market is segmented by fiber type, end-user, resin type, and manufacturing process. In addition, the report also covers market size and forecasts for the four major regions' Composites Market. The revenue used to size and forecast the market for each segment is US$ billion.

By Fiber Type

• Glass Fiber Composites
• Carbon Fiber Composites

By End User

• Electrical & Electronics
• Automotive & Transportation
• Wind Energy
• Aerospace & Defence
• Construction & Infrastructure
• Other

By Resin Type

• Thermoset Composites
• Thermoplastic Composites

By Geography

• North America (USA, Canada, and Mexico)
• Europe (Germany, UK, France, Spain, and Italy)
• Asia Pacific (China, Japan, South Korea, India, Indonesia, and Australia)
• LAMEA (Latin America, Middle East, and Africa)

Key Players

• Huntsman Corporation LLC
• SGL Group
• Teijin Ltd
• CooperVision
• DuPont
• Owens Corning
• Toray Industries, Inc
• Mitsubishi Chemical Holdings Corporation
• Solvay
• Exel Group
• DOW

Key Trends by Market Segment

By Fiber Type: The carbon fiber composites segment held the largest market share in the Global Composites Market in 2021

Carbon atoms are bonded in parallel crystals to create carbon fiber, which is then combined with other materials to create composites. Due to their beneficial characteristics, including high stiffness, low thermal expansion, good chemical resistance, high-temperature tolerance, and low weight, these fibers are used in industrial and manufacturing applications

The strength and endurance of these Composites have been improved due to technical improvements, which have expanded their penetration in pipe production applications. The market is expected to be supported throughout the forecast period by rising demand for high-strength materials in the automotive and aerospace sectors.

By Resin Type: The thermoset composites resin type segment held the largest share of the Global Composites Market in 2021.

The significant growth in demand for thermoset composites in sectors of aerospace, transportation, and defense is boosting the market growth. Glass, carbon, and aramid fibers are the usual building blocks of thermoset composite, which is frequently mixed with resins such as epoxies, phenolics, vinyl esters, polyesters, cyanate esters, and polyimides.

By End-User: The automotive & transportation end-user segment held the largest share of the Global Composites Market in 2021.

Over the foreseeable term, this market segment is likely going to continue to lead. The transportation industry benefits from composites since the components are much lighter in weight, increasing fuel economy.

It is anticipated that rising consumer and industry demand for high-tech electronics would increase demand for composite materials. Terminal boxes, electrical enclosures, lamp housings, sockets, plugs, and parts for the distribution of energy are some of the electrical and electronics applications for composites that are most frequently used.

By Manufacturing Process: The layup process segment held the largest share of the Global Composites Market in 2021.

The layup method dominated the market and generated a sizeable portion of revenue when it came to the production of composites. Over the course of the forecast period, rising production of boats, wind turbine blades, and architectural moldings are anticipated to propel the growth of the layup process sector in the worldwide composites market.

Over the course of the projection period, rising output in the automotive and marine industries is anticipated to provide growth chances for the filament winding process. Golf club shafts, car drive shafts, tiny aircraft fuselages, spaceship structures, pressure vessels like firefighter oxygen canisters, and other products have all been made possible by improvements in the filament winding process.

By Geography: Asia Pacific accounted for the largest market share in 2021 within the total Global Composites Market.

Historically, Japan, North America, and Europe dominated the glass fiber and carbon fiber composites market. However, there has been a noticeable trend in recent years toward the developing economies in Asia Pacific and the rest of the world.

For instance, the significant demand for low-cost carriers has raised the market for glass fiber and carbon fiber composites in the aircraft, wind energy, and transportation sectors in rising nations like India, Brazil, and China. China, whose rapid industrialization is anticipated to meet the growth in demand, has started several research projects involving glass fiber and carbon fiber composites.

For more information about this report visit https://www.researchandmarkets.com/r/q46jbn

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]   

For E.S.T Office Hours Call +1-917-300-0470 
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716 

Logo:  https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg 

SOURCE Research and Markets