Composites Market Size, Share & Trends Report

Composites Market Size, Share & Trends Analysis Report By Product Type (Carbon Fiber, Glass Fiber), By Manufacturing Process (Layup, Filament, Injection Molding, Pultrusion), By End-use, By Region And Segment Forecasts, 2023 - 2030

  • Report ID: 978-1-68038-917-3
  • Number of Pages: 167
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the composites market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for composites market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of composites market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Composites Market Categorization:

The composites market was categorized into four segments, namely product (Carbon Fiber, Glass Fiber), manufacturing process (Layup Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding Process), end-use (Automotive & Transportation, Wind Energy, Electrical & Electronics, Construction and Infrastructure, Pipes & Tanks, Marine), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The composites market was segmented into product, manufacturing process, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The composites market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fourteen countries, namely, the U.S.; Canada; Mexico; the UK; Germany; France; Italy; Spain; China; India; Japan; South Korea; Brazil; Argentina.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Composites market companies & financials:

The composites market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Teijin Ltd. was founded in 1918 and is headquartered in Tokyo, Japan. The company provides a range of services and products in the fields of information & electronics, safety & protection, environment & energy, and healthcare. The company operates its business across Europe, Asia, and the Americas. Its operations are classified into five segments, namely advanced fibers & composites, electronics materials & performance polymer products, healthcare, trading & retail, and others. Advanced fibers & composites segment includes products such as aramid fibers, carbon fibers, polyester fibers, polyethylene naphthalate (PEN) fibers, and artificial leather. The company’s composites segment mainly offers carbon fibers, intermediate materials, carbon fiberreinforced composites, and flame-resistant fibers. The company operates its carbon fiber business through its subsidiary Toho Tenax and provides its products across 83 countries. Geographically, the company classifies its operations into five regions, namely Japan, China, Asia, America, and Europe and others.

  • Toray Industries, Inc. was founded in 1926 and is headquartered in Tokyo, Japan. The group operates through the following business segments: Fibers and Textiles, Functional Chemicals, Carbon Fiber Composite Materials, Environment & Engineering, Life Science, and Others. The Fibers and Textiles business segment includes the production and sale of nylon, acrylic fiber, polyester, and textile products, and synthetic suede. The Functional Chemicals business segment involves the production and sale of nylon and ABS resins, polypropylene films, and raw materials for synthetic fibers and fine chemicals. The Carbon Fiber Composite Materials business segment provides the production and sale of carbon fibers and advanced composite materials. It has operations in 26 countries with 290 subsidiaries, out of which 106 subsidiaries are located in Japan and 184 subsidiaries are located around the globe.

  • Owens Corning was established in 1938 and is headquartered in Ohio, U.S. The company operates through three segments, namely roofing, insulations, and composites. The composites segment manufactures glass fibers and glass mats, which it sells directly to a small number of shingle manufacturers. Its insulation segment includes thermal and acoustical batts, loose fill insulation, foam sheathing and accessories, and these are sold under brand names, such as Owens Corning PINK FIBERGLAS Insulation. The primary products in the Roofing segment are laminate and strip asphalt roofing shingles. Other products include oxidized asphalt, roofing components and synthetic packaging materials. It offers services to various industries such as building & construction, consumer goods & electronics, transportation, industrial, and energy generation. The company supplies glass fibers for the reinforcement of high-performance composites.

  • PPG Industries, Inc. was established in 1883 and is headquartered in Pittsburgh, U.S. The Company has two business segments: Performance Coatings and Industrial Coatings. Performance Coatings business segment includes refinish, automotive, aerospace, protective and marine, and architectural businesses. Industrial Coatings business segment includes the industrial coatings, packaging coatings, coatings services, and specialty coatings & materials businesses. It also provides pavement markings and traffic safety services with products, including traffic paint, hot-applied and preformed thermoplastics, raised pavement markers, and transportation systems. It is a diverse company with a global portfolio of businesses and product lines, including over 156 manufacturing facilities and equity affiliates, and operations in over 70 countries.

  • Huntsman Corporation LLC is headquartered in Texas, U.S. The company has four business segments, namely polyurethanes, performance products, advanced materials, and textile effects. The polyurethanes segment produces and markets polyurethane chemicals, MDI products, polyols, PG, TPU, aniline, and MTBE. The performance products segment manufactures and sells amines, surfactants, LAB, and maleic anhydride to a variety of consumer and industrial sectors. The advanced materials business segment provides liquid and solid epoxy resins, specialty resin compounds, matting and curing agents, cross linking, acrylic, and polyurethane based polymer products. The textile effects business segment consists of market share for dyes and textile chemicals. The company’s products are used in the aerospace, automotive, adhesives, construction products, durable and non-durable consumer products, personal care and hygiene, electronics, packaging, medical, power generation, refining, paints and coatings, synthetic fiber, textile chemicals, and dye industries.

  • SGL Group is headquartered in Wiesbaden, Germany. It is a publicly owned company with a broad shareholder structure. It has three business segments: Carbon Fibers, Composite Solutions, Graphite Solutions and Process Technology. The Company serves industries including chemicals, industrial applications, textile fibers, energy, and mobility. The Carbon Fibers segment includes materials business based on carbon fibers and focuses on developing composite materials and associated components for automotive, wind energy and aerospace industries. The Graphite Solutions segment offers a range of customized graphite-based products and focuses on products made of synthetic graphite and expanded graphite for industrial applications, machine components and products for semiconductor industry, composites, and process technology.

  • Hexcel Corporation is headquartered in Northern California, the U.S. The company manufactures composite materials and structural parts. It is a major producer of carbon fibers in the U.S. and works with more than 1,000 suppliers to provide raw materials, goods, and services. It operates in two business segments: Composite Materials and Engineered Products. The Composite Materials segment consists of carbon fiber, specialty reinforcements, resins, pre-pregs & other fiber-reinforced matrix materials, and honeycomb core product lines. The Engineered Products business segment consists of molded components, lightweight structures, engineered core, and honeycomb products with added functionality. The company caters its products to mainly commercial aerospace, space & defense, and industrial sectors. Its industrial markets include automotive, marine, and recreation. The company owns more than 1,350 patents and pending applications worldwide.

  • DuPont is headquartered in Delaware, US. In 2019, DowDuPont, Inc. split into three companies that focus on specialty products, material sciences, and agricultural businesses. The specialty products division is known as DuPont; the material science division is known as Dow, Inc.; and the division focusing on agricultural business is known as Corteva, Inc. The company operates through six segments: agriculture, electronics & communication, industrial bioscience, nutrition & health, performance materials, and safety & protection. It offers a wide range of products for use in various industries such as food & beverage, government & public sector, automotive, building & construction, energy, marine, healthcare & medical, safety & protection, plastics, mining, electronics, and agriculture. The company offers a broad range of materials such as composites, interlays, and laminates that can be used to improve strength, shatter resistance of glass, reduce glare and noise for increased privacy and comfort, and optimize space in electronics applications. Its composites are used in various industries including architecture, automotive, construction, electronics, and solar.

  • Compagnie de Saint-Gobain S.A. is headquartered in Paris, France. It is engaged in manufacturing, designing, and distributing building materials and high-performance materials. The company operates through three segments, namely innovative materials, construction products, and building distribution. Innovative flat glass and high-performance materials that offer a unique portfolio of materials and processes for the habitat and industrial markets. The company offers composites for the construction industry. The building distribution sector segment includes new building, renovation, and home improvement markets.

  • Weyerhaeuser Company is headquartered in Washington, U.S. It operates through four business segments, namely Timberlands, Real Estate and ENR, and Wood Products. The Timberlands business segment offers logs, timber, recreational leases, and other products. The Real Estate & ENR business segment includes sales of timberlands, hard minerals, and construction materials. The Wood products business segment includes the manufacturing and distribution of wood products. Under this segment the company manufactures structural lumber, oriented strand board, engineered wood products and building material distribution. It is also engaged in the manufacturing and distribution of paper-based packaging products, softwood lumber, engineered lumber, softwood market pulp, containerboard, and hardwood lumber. The company owns 10.7 million acres of timberland in the U.S. and has licenses for 14.1 million acres in Canada and 518,000 acres in Uruguay and New Zealand. The company’s products are primarily supplied to the residential, multifamily, industrial, light commercial as well as repair and remodel markets. Wood products include the manufacturing and distribution of building materials for homes and other structures and cellulose fibers. The company operates 35 manufacturing facilities in U.S. and Canada and has a market presence in North America, South America, Europe, and Asia.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Composites Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2022, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Composites Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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