Global Composites Market Study, 2019-2024: Growing Demand for Lightweight Materials & Fuel-Efficient Vehicles from the Transportation Industry Drives Growth
DUBLIN, Dec. 19, 2019 /PRNewswire/ -- The "Composites Market by Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites), Resin Type (Thermoset Composites, Thermoplastic Composites), Manufacturing Process, End-use Industry and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global composites market size is projected to grow from USD 90.6 billion in 2019 to USD 131.6 billion by 2024, at a CAGR of 7.7% between 2019 and 2024.
The composites offer exceptional properties, such as stiffness, strength, tenacity, density, and thermal & electrical conductivity, fatigue, and corrosion resistance. Owing to these outstanding properties offered by the composites, conventional materials such as aluminum steel are preferred less in high performance applications in several end-use industries, and the demand for composites is increasing in various end-use industries.
Natural fiber composites are the fastest-growing fiber type of composites market in terms of value.
Natural fiber composites are projected to register the highest CAGR in terms of value between 2019 and 2024. Natural fibers, such as flax, hemp, jute, and kenaf, along with a polymer matrix, such as polypropylene, epoxy, polyethylene, or polyesters, form the natural fiber composite. The use of natural fiber composites is growing as an alternative to glass fiber composites in many end-use industries.
Thermoplastic composites is the fastest-growing resin type of composites, in terms of value.
Thermoplastic composites are the fastest-growing resin type. The thermoplastic composites are easy to remold, and reform and hence can be reused. Thus, the companies are investing in R&D for the mass production of thermoplastic composites to reduce its cost. This is expected to drive the market for thermoplastic composites during the forecast period.
Resin Transfer Molding is the fastest-growing manufacturing process used in the composites market in terms of value.
The resin transfer molding manufacturing process is projected to register the highest CAGR in terms of value between 2019 and 2024. This process yields increased laminate compression, high glass-to-resin ratio, and outstanding strength-to-weight characteristics. Thus, the process is expected to grow during the forecast period.
Wind energy is the fastest-growing end-use industry of composites, in terms of value.
The wind energy is expected to grow at the highest CAGR during the forecast period. The use of composites in wind turbines provides high tensile strength, helping manufacturers to achieve larger blades and higher energy output. Due to its corrosion resistance properties, composites have helped the wind industry to grow by allowing wind turbines to work in the harshest environments.
APAC is the fastest-growing composites market.
APAC is projected to register the highest CAGR in terms of value in the global composites market during the forecast period. APAC dominated the composites industry in 2018. The composites manufacturing companies have ample opportunities in the APAC market in comparison to the European and North American counterparts owing to low-cost labor and raw materials. The growth of the composites industry in this region is supported by the advancement of composite technology solutions and penetration of composites in various end-use industries.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Composites Market
4.2 Composites Market, By Manufacturing Process and Region
4.3 Composites Market, By End-use Industry
4.4 Composites Market, By Fiber Type
4.5 Composites Market, By Resin Type
4.6 Composites Market, By Key Countries
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing use of Composites in Commercial Aircraft
5.2.1.2 Growing Demand for Lightweight Materials and Fuel-Efficient Vehicles From the Transportation Industry
5.2.1.3 Increase in the use of Carbon Fiber in Wind Blades
5.2.1.4 High Demand for Glass Fiber-Reinforced Composite Pipes in Sewage & Water Management and Oil & Gas Industries
5.2.1.5 Increasing use of Composites in the Construction & Infrastructure Applications
5.2.2 Restraints
5.2.2.1 Issues Related to Recycling
5.2.2.2 High Processing and Manufacturing Cost
5.2.2.3 Lack of Standardization in Manufacturing Technologies
5.2.3 Opportunities
5.2.3.1 Increasing Demand in Emerging Economies
5.2.3.2 High Demand for Environment-Friendly Electric Vehicles
5.2.3.3 Growing Adoption of Natural Composites
5.2.3.4 Penetration of Carbon Fiber Composites in New Applications
5.2.3.5 Reduction of Carbon Fibers Cost
5.2.3.6 High Demand for Glass Fiber-Reinforced Composite Pipes in the Emerging Economies
5.2.3.7 Increasing Awareness of OEMS Regarding Strict Government Regulations
5.2.4 Challenges
5.2.4.1 Developing Low-Cost Technologies
5.3 Porter's Five Forces Analysis
6 Macroeconomic Overview and Key Trends
6.1 Introduction
6.2 Trends and Forecast of GDP
6.3 Per Capita GDP Vs. Per Capita Composite Materials Demand
6.4 Trends in Wind Energy Industry
6.5 Trends in Aerospace Industry
6.6 Trends in Automotive Industry
6.7 Trends in Construction Industry
7 Composites Market, By Fiber Type
7.1 Introduction
7.2 Glass Fiber Composites
7.2.1 Glass Fiber Composites Market, By Region
7.3 Carbon Fiber Composites
7.3.1 Carbon Fiber Composites Market, By Region
7.4 Natural Fiber Composites
7.4.1 Natural Fiber Composites Market, By Region
7.5 Others
7.5.1 Basalt Fiber Composites
7.5.2 Aramid Fiber Composites
7.5.3 Boron Fiber Composites
7.5.4 Hybrid Fiber Composites
7.5.5 Ultra-High-Molecular-Weight Polyethylene (UHMWPE)Fiber Composites
7.5.6 Other Fiber Composites Market, By Region
8 Composites Market, By Resin Type
8.1 Introduction
8.2 Thermoset Composites
8.2.1 Epoxy Resin
8.2.2 Polyester Resin
8.2.3 Vinyl Ester Resin
8.2.4 Polyurethane Resin
8.2.5 Others
8.2.6 Thermoset Composites Market, By Region
8.3 Thermoplastic Composites
8.3.1 Polycarbonates (PC)
8.3.2 Polypropylene (PP)
8.3.3 Polyphenylene Sulfide (PPS)
8.3.4 Polyetherimide (PEI)
8.3.5 Polyetheretherketone (PEEK)
8.3.6 Polyamide (PA)
8.3.7 Others
8.3.8 Thermoplastic Composites Market, By Region
9 Composites Market, By Manufacturing Process
9.1 Introduction
9.2 Lay-Up Process
9.2.1 Lay-Up Process: Composites Market, By Region,
9.3 Filament Winding Process
9.3.1 Filament Winding Process: Composites Market, By Region
9.4 Injection Molding Process
9.4.1 Injection Molding Process: Composites Market, By Region
9.5 Pultrusion Process
9.5.1 Pultrusion Process: Composites Market, By Region
9.6 Compression Molding Process
9.6.1 Compression Molding Process: Composites Market, By Region
9.7 Resin Transfer Molding (RTM) Process
9.7.1 RTM Process: Composites Market, By Region
9.8 Others
9.8.1 Other Processes: Composites Market, By Region
10 Composites Market, By End-Use Industry
10.1 Introduction
10.2 Transportation
10.2.1 Composites Market Size in Transportation End-Use Industry, By Region
10.3 Aerospace & Defense
10.3.1 Composites Market Size in Aerospace & Defense End-Use Industry, By Region
10.4 Wind Energy
10.4.1 Composites Market Size in Wind Energy End-Use Industry, By Region
10.5 Construction & Infrastructure
10.5.1 Composites Market Size in Construction & Infrastructure End-Use Industry, By Region
10.6 Pipe & Tank
10.6.1 Composites Market Size in Pipe & Tank End-Use Industry, By Region
10.7 Marine
10.7.1 Composites Market Size in Marine End-Use Industry, By Region
10.8 Electrical & Electronics
10.8.1 Composites Market Size in Electrical & Electronics End-Use Industry, By Region
10.9 Others
10.9.1 Industrial
10.9.2 Healthcare
10.9.3 Sporting Goods
10.9.4 Composites Market Size in Other End-Use Industries, By Region
11 Composites Market, By Region
11.1 Introduction
11.2 North America
11.3 Europe
11.4 APAC
11.5 Middle East & Africa (MEA)
11.6 Latin America
12 Competitive Landscape
12.1 Introduction
12.2 Competitive Leadership Mapping
12.2.1 Visionary Leaders
12.2.2 Dynamic Differentiators
12.2.3 Emerging Companies
12.2.4 Innovators
12.3 Strength of Product Portfolio
12.4 Business Strategy Excellence
12.5 Market Ranking
12.6 Competitive Scenario
12.6.1 Agreement
12.6.2 Contract
12.6.3 Expansion
12.6.4 New Product/Technology Launch
12.6.5 Partnership
12.6.6 Merger & Acquisition
12.6.7 Joint Venture
13 Company Profiles
13.1 Owens Corning
13.2 Toray Industries Inc.
13.3 Teijin Limited
13.4 Mitsubishi Chemical Holdings Corporation
13.5 Hexcel Corporation
13.6 SGL Group
13.7 Nippon Electric Glass Co. Ltd.
13.8 Koninklijke Ten Cate B.V.
13.9 Huntsman International LLC.
13.10 Solvay
13.11 Hexion
13.12 E. I. Du Pont Nemours & Co.
13.13 Weyerhaeuser Company
13.14 Chongqing Polycomp International Corporation
13.15 Jushi Group Co. Ltd.
13.16 Taishan Fiberglass Inc. (CTG)
13.17 Other Players
13.17.1 BASF SE
13.17.2 Gurit
13.17.3 Dowaksa
13.17.4 Honeywell International Inc.
13.17.5 Renegade Materials Corporation
13.17.6 Kineco Kaman Composites - India Private Limited
13.17.7 Henkel AG & Co. KGaA
13.17.8 UPM Biocomposites
13.17.9 Trex Company, Inc.
13.17.10 Gaffco Ballistics
13.17.11 Binani Industries Ltd.
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