Composites Market Size, Share & Trends Analysis Report By Product (Carbon, Glass), By Manufacturing Process (Layup, Filament, RTM), By End Use, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global composites market size was estimated at USD 86.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.6% from 2021 to 2028. Increasing demand for performance materials in various industries such as automotive & transportation, wind energy, and aerospace and defense is expected to drive the market over the forecast period. The ongoing COVID-19 outburst across the globe has significantly impacted the supply chains as major economies suspended the trade operations. Moreover, demand for composites across various end-use industries such as aerospace, automotive, and construction has been reduced. However, with the ease of trade restrictions, the situation is expected to recover in 2021, which will restore the growth trajectory of the market.

High cost of raw materials for composites is likely to challenge procurement operations by the component manufacturers. However, increased disposable income and readiness to spend more on superior products are expected to influence the market growth positively over the forecast period.

In the U.S., the demand for composites is primarily driven by the increasing demand for lightweight materials in the automotive industry. Rising electrical & electronics capacity additions and steady growth in the automotive and aerospace sectors are the factors that are expected to augment the market growth over the forecast period.

The high weight-to-strength ratio has been the key factor behind the increased usage of composite materials in various end-use industries. Superior properties of composites such as design flexibility, corrosion resistance, high performance at elevated temperatures reduce the threat of substitutes.

The market is competitive with a few key players holding a majority of the market share. Their expertise in R&D makes it difficult for the new entrants to operate profitably in the market. However, with the development of products in specific applications to enhance the output of composites is expected to augment the potential market opportunity. As a result, the industry rivalry is expected to remain high over the forecast period.

Product Insights

The glass fiber composites segment led the market and accounted for about 61.1% share of the revenue in 2020. The beneficial properties of these fibers such as low thermal expansion, high stiffness, high temperature tolerance, high chemical resistance, and low weight make them popular for use in industrial and manufacturing applications.

Carbon fiber consists of carbon atoms that are bonded together in crystals aligned parallel to the fiber and these fibers are combined with other materials to form a composite. The beneficial properties of these fibers such as low thermal expansion, high stiffness, high temperature tolerance, high chemical resistance, and low weight make them popular for use in industrial and manufacturing applications.

Technological developments for enhancements in the strength and durability of these composites have increased penetration in pipe manufacturing applications. Moreover, a rise in demand for high-strength materials in the automotive and aerospace industries is expected to support the market in the estimated time.

Other products mainly include silicon carbide fiber, aromatic polyamide fiber, and hybrid fiber. Silicon carbide fiber is a compound of carbon and silicon. It occurs in nature as exceptionally rare mineral moissanite and possesses properties such as high-temperature resistance, high modulus, high tensile strength, and good heat resistance.

Manufacturing Process Insights

The layup process for manufacturing composites led the market and accounted for about 33.7% share of the revenue in 2020. Increasing production of boats, wind turbine blades, and architectural moldings are expected to fuel the growth of the layup process segment in the global composites market over the forecast period.

Advancements in the filament winding process have created a wide scope for products including golf club shafts, automobile drive shafts, small aircraft fuselages, spacecraft structures, pressure vessels like firefighter oxygen bottles, and others. Increasing production in the fields of automobile and marine is expected to offer growth prospects to the filament winding process over the forecast period.

The growing demand for lightweight components in automobile manufacturing is expected to aid the demand for the injection molding process. Moreover, a rise in demand for high-strength components in aerospace and marine industries is likely to support the market in the estimated time.

The pultrusion process is an efficient method for manufacturing fiber reinforced composite products. The process can be used with thermoplastic matrices like Polyethylene Terephthalate (PET), and Polybutylene Terephthalate (PBT), either by surrounding it with sheet material of the thermoplastic matrix or by powder impregnation of the glass fiber.

Compression molding is a technique of molding, wherein the material is preheated and placed in an open and heated mold cavity. The process is widely used for making larger flat or curved composite parts in the automotive, aerospace, and marine industries. Moreover, applications in wind energy sectors are likely to offer growth momentum to the compression molding process.

End-use Insights

The automotive and transportation segment led the market and accounted for about 21.2% share of the revenue in 2020. This segment is likely to maintain its dominance over the forecast period. Composites offer advantages such as fuel-saving to the transportation sector as the components are significantly lighter in weight allowing ascending fuel efficiency.

Growing demand for advanced electronics in the household as well as industrial applications is expected to ascend the demand for composites. The most common applications for composites in the electrical and electronics category are terminal boxes, lamp housings, electrical enclosures, plugs, sockets, and components for the distribution of energy.

The use of composites in the construction and infrastructure sector is growing rapidly due to their increasing usage in refabrication and retrofit applications. These are used in the construction of windows, doors, non-structural gratings, bridge components, long-span roof structures, paneling, complete bridge systems, and furniture, and other interiors.

Sporting goods, consumer goods, and biomedical are other applications for composite materials. The aerospace and defense industry is one of the most important to the composite market. These are widely utilized in the interior and exterior components of military aircraft, commercial aircraft, business jets, spacecraft, and general aviation aircraft.

Regional Insights

Asia Pacific dominated the market and accounted for about 45.1% share of revenue in 2020. Robust automobile manufacturing industries in the region coupled with a high prevalence of electrical and electronic component manufacturers in the region are likely to upscale the demand.

Demand in North America is driven by the robust growth of aerospace and defense, and wind energy harnessing industries. In addition, the automobile manufacturing industries in the U.S. have exhibited a high penetration of composites for the production of critical automobile components and are likely to drive the demand over the estimated time.

Growing demand from the automotive sector, rise in defense budgets of various countries, increase in demand from the electronics industry are the major factors influencing the market in Europe. In addition, rising awareness regarding the benefits offered by the product, among the manufacturers, is anticipated to provide new momentum to the market growth in the region.

Central and South America is one of the most challenging markets for composites. Political and economic instability in the region has had a notable impact on the industry growth over last decade. Increasing investments in the automobile manufacturing industry in the region is likely to support the demand.

Key Companies & Market Share Insights

Key industry participants spend heavily on product and services innovation and customized products to meet the customer needs. To stay competitive in the global market, prominent players have been using a variety of business strategies such as capacity building, business expansion, collaborations, mergers and acquisitions, and application development. Key industry players are expected to maintain their position in the market by introducing innovative products, thereby expanding their product portfolio. The products launch with advanced features and customized product offerings is likely to strengthen the position of the industry players. Some of the prominent players in the composites market include:

• Teijin Ltd.

• Toray Industries, Inc.

• Owens Corning

• PPG Industries, Inc.

• Huntsman Corporation LLC

• SGL Group

• Hexcel Corporation

• DuPont

• Compagnie de Saint-Gobain S.A

• Weyerhaeuser Company

• Momentive Performance Materials, Inc.

• Cytec Industries (Solvay. S.A.)

• China Jushi Co., Ltd.

• Veplas Group

• Kineco Limited

Composites Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global composites market report on the basis of product,manufacturing process, end use, and region:

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

  • Carbon Fiber

  • Glass Fiber

  • Others

• Manufacturing Process Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

  • Layup Process

  • Filament Winding Process

  • Injection Molding Process

  • Pultrusion Process

  • Compression Molding Process

  • Resin Transfer Molding Process

  • Others

• End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

  • Automotive & Transportation

  • Electrical & Electronics

  • Wind Energy

  • Construction & Infrastructure

  • Pipes & Tanks

  • Marine

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa