According to a market research report, 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 2027”, size is expected to grow from USD 113.7 billion in 2022 to USD 168.6 billion by 2027, at a CAGR of 8.2% during the forecast period.
A composite material is a mixture of two different materials with different properties, such as mechanical, micro-cracking, and fatigue resistance, remarkable tensile strength, electrical conductivity, and high strength-to-weight ratio, which, when combined, offers an end-product with superior properties.
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248 Market data Tables
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357 Pages and in-depth TOC on “Composites Market – Global Forecast to 2027”
This report also provides a comprehensive analysis of the companies listed below:
The major Players in cosmetic preservatives Market include Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electric Glass Co. Ltd. (Japan), Huntsman International LLC. (US), and Solvay (Belgium), among many others.
Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the composites market.
Recent Developments in Composites Market
In December 2022, Solvay SA partnered with Electronic Fluorocarbons (EFC) to gain exclusive distribution rights for its products in North America.
In October 2022, Toray Advanced Composites strengthened its commercial partnership with Specialty Materials. This commercial partnership enables engineers to easily control and manage key variables for unique solution innovations using high-quality domestically produced products in the US supply chain.
In April 2022, Owens Corning acquired US-based WearDeck, which manufactures weather-resistant decks. The acquisition of WearDeck is a significant step forward in the strategy to drive continued growth at Owens Corning while pivoting the Composites business to focus on high-value material solutions in the building and construction space.
In April 2022, Gurit Holding AG acquired 60% stake in Fiberline Composites A/S, a technology provider for the pultruded manufacture of carbon and glass products.
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Polymer matrix composites are composed of reinforcement fibers bound together by polymer matrix resins. Various fibers (glass, carbon, natural, and others) and polymer matrix (thermoset and thermoplastic) can be used in composites depending on applications and the required specifications. Composites are used in several end-use industries, including aerospace & defense, automotive & transportation, wind energy, marine, pipe & tank, construction & infrastructure, and electronics.
Aerospace Industry is the major end use sector in the composites market due to decreased weight and increased fuel efficiency. In addition, more efficient structural and aerodynamic design is achieved due to a greater strength-to-weight ratio. The governments in developed countries focus on the replacement of old aircraft with advanced and high-performance aircraft. Manufacturers are considering the use of composites to achieve fuel efficiency and performance in accordance with the norms given by regulatory authorities.
Toray Industries, Inc. is a multinational corporation specializing in industrial products involving core technologies in organic synthetic chemistry, polymer chemistry, and biochemistry. The company is currently the largest producer of carbon fiber in the world and synthetic fiber in Japan. It operates through six business segments, namely, Fibers & Textiles, Performance Chemicals, Carbon Fiber Composite Materials, Environment & Engineering, Life Sciences, and Others. The company conducts its composites business through the Composite Materials business segment, wherein it offers a broad range of carbon fibers, carbon fiber composite materials, and related molded products.
Toray Industries, Inc.’s subsidiary, Zoltek Composites, Inc. (US) offers carbon composites for the automotive, maritime, commercial, and mobility industries. The company has manufacturing and research facilities in North America, Latin America, Europe, Africa, Asia, and other regions and operates in 29 countries. It has 283 subsidiaries, with 103 in Japan and 180 overseas.
Teijin Limited is a Japanese chemical, pharmaceutical, and information technology company involved in the manufacture, processing, and selling of chemical products. Its main fields of operations are high-performance fibers such as aramid, carbon fibers & composites, healthcare, films, resin & plastic processing, polyester fibers, product converting, and IT products. The company offers advanced solutions having applications in the transportation, electronics, energy, and healthcare sectors. Teijin has a wide geographical presence with manufacturing facilities in North America, Europe, and the Asia Pacific, covering over 20 countries.
Due to low labor costs and significant demand from diverse end-use sectors like pipes and tanks, wind energy, and construction and infrastructure, major international industries are looking into the potential in the region. The Asia Pacific composites market is growing due to increased consumption in different end-use sectors, including wind energy, building & infrastructure, aerospace & military, electrical & electronics, and transportation. The region’s expanding emphasis on renewable energy resources has resulted in an increase in wind turbine installations, which has contributed to the expansion of the composites industry. The expanding electric car industry is one of the primary reasons driving composites demand in the transportation sector.