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 2028“, size is expected to witness a CAGR of 10.8% and is 108.8 USD billion in 2023 and is estimated to reach 181.7 USD billion by 2028. Demand for composites is expected to grow 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.
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• 487 Market data Tables
• 97 Figures
• 499 Pages and in-depth TOC on “Composites Market – Global Forecast to 2028″
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)
· Huntsman International LLC. (US)
· Solvay (Belgium)
Recent Developments:
· Dublin City Council has granted approval for an economic development arrangement with INEOS Composites, a company specializing in the production and distribution of various grades of unsaturated polyester and vinyl ester resins, gelcoats.
· In October 2023, Gurit has recently disclosed the signing of a four-year and a three-year supply agreement for core material kits with two prominent Wind Turbine Original Equipment Manufacturers (OEMs).
· In October 2022, Owens Corning is investing USD 24.5 million in machinery and new construction at its new Fort Smith manufacturing facility, which is expected to create 50 jobs. In early 2021, the company began construction on a 550,000-square-foot plant on Planter Road adjacent to the company’s existing Fort Smith facility where it is expected to manufacture fiberglass composites, insulation, and roofing materials.
Wind Energy is the second fastest growing end use industry for composites.
The wind energy sector is witnessing a significant upsurge in the adoption of composites, propelling high growth within the industry. Composites are essential to the construction of wind turbines, especially when it comes to the fabrication of turbine blades. For these blades to perform at their best in adverse climatic circumstances, materials with outstanding strength-to-weight ratios, corrosion resistance, and longevity are required. These requirements are successfully met by composites such as glass fiber reinforced plastics and carbon fiber. By improving efficiency, longevity, and dependability, their integration into wind turbine blades advances wind energy technology. Furthermore, the wind energy industry is seeing significant investment and growth due to the growing demand for renewable energy sources worldwide, which is propelling the use of composites in this field even more. It is expected that ongoing technological developments in composite materials and manufacturing techniques will continue innovation and growth in the wind energy industry, confirming composites’ critical role in the landscape of sustainable energy.
Asia Pacific to be the fastest growing regional composites market.
During the forecast period, the Asia Pacific region is anticipated to be the fastest growing market within the global composites industry. The favorable low labor costs in the area and significant demand from a variety of end-use industries, including wind energy, construction, infrastructure, pipelines, pressure vessels, and tanks, are some of the reasons for this expansion. Interest and investment in the Asia Pacific region are being further stimulated by the growing recognition of the region’s potential by major multinational industries. Increased demand for composites is seen in the Asia Pacific market in several industries, such as wind energy, building and infrastructure, aerospace and military, electrical and electronics, and transportation. Growing emphasis in the area on renewable energy sources has resulted in an increase in wind turbine installations, which has in turn encouraged growth in the composites industry. Furthermore, one of the main factors driving the need for composites in the transportation sector is the growing electric car industry.