The report “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. The composites industry is growing due to the increase in the demand for high performance materials with properties such as high strength to weight ratio, good tensile strength, and electrical conductivity among others.
Some of the prominent key players are:
· 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)
Recent Developments :
• 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.
The aerospace & defense end-use industry accounted for the largest market share in the global composites market during the forecast period in terms of value.
The aerospace & defense industry is a major consumer of composites. Commercial aircraft such as Boeing 787 and Airbus 350 heavily rely on carbon fiber composites for their airframe structures, with 50% of the aircraft’s materials being composites. Composites lower the weight of aircraft by about 20%, which helps improve fuel efficiency. Composites are cost-effective, part consolidating, dimensionally stable, and corrosion and fatigue damage resistant. More fatigue capability is achieved over traditional jetliners with advanced carbon fiber composite design, enabling bigger passenger windows and lower cabin altitude.
Asia Pacific is expected to account for the largest market share in the composites market during the forecast period.
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.
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