The global high performance composites market size was valued at USD 40.50 billion in 2016. Composites are a combination of two distinct components namely, fiber and resin. The new product, which exhibits completely different properties from fiber and resin, is characterized by high strength & stiffness and low weight. These properties have increased the product demand in a variety of applications including aerospace, defense, and automobile.
Growing demand for lightweight materials is expected to have a positive impact on the growth of the high performance composites market. Reducing kerb weight of automobiles results in an increase in efficiency, lowering fossil fuel consumption. Thus, environment agencies such as the EPA have encouraged the use of such materials, in order to maintain the ecological balance.
The U.S. was the largest consumer of high performance composites in 2016. This country was the first user of lightweight materials in the aerospace and defense sectors. Resins held the largest share in the U.S. in 2016. They firmly hold the structural fiber in place and are responsible for maintaining the shape of the products.
The U.S. was one of the leading countries in terms of aerospace & defense spending in 2016. Boeing, a major aircraft manufacturer in the U.S., has extensively used these materials to reduce the weight of aircraft, which has triggered other manufacturers to use composites, resulting in increased consumption.
Composites are made up of matrix materials, also known as resins, and fibers. The matrix contains thermosetting and thermoplastic polymers, whereas fibers include carbon fibers and glass fibers. The segment was dominated by resins in 2016. The main function of the matrix is holding the structural fiber in place, firmly. Thermosetting resins were most commonly used in 2016 as a matrix. Polyester, vinyl ester, epoxy, and phenolic were the majorly used thermosetting resins in the same year.
Thermoplastic resins, which do not provide strength to the composites, are used in combination with discontinuous fibers. Fibers are mainly used to provide structural strength to these products. They increase the stiffness and high tensile strength of the composites while reducing the weight of the finished component. This increases the performance of the final product. Thus, fibers are projected to grow at the highest CAGR of 8.6% from 2017 to 2025.
Aerospace, automotive, energy, and defense were some of the major application sectors of high performance composites. This segment was dominated by the automotive & industrial applications in 2016, with a market share of 29.5%. Growing demand for lightweight and high strength materials is the major factor driving the demand for high-performance composites in these applications.
High performance composites are considered to be stronger alternatives to traditional automobile manufacturing materials including steel and aluminum. Their prices are also expected to reduce in the future, which is expected to increase their penetration in this application. The industrial applications include machines in factories, which were traditionally manufactured using iron and steel. However, with the advent of high performance composites, their application in this sector is expected to witness a downward graph.
The demand for high performance composites is expected to grow at a CAGR of 7.2% from 2017 to 2025. The major advantage of these products which includes reducing the weight of aircraft and helicopters has resulted in increased penetration in this application. Besides, these materials also provide better strength and sturdiness to aircraft, making them better equipped against crashes and jerks.
The Asia Pacific dominated the high performance composites market in 2016. This region was the largest consumer of carbon composites in 2016, with favorable regulations encouraging their application in various industries. China, Japan, and South Korea, with adequate infrastructure for the use of these materials, were the major markets in this region in 2016.
The region dominated the demand in automotive and industrial applications in 2016. This region was the largest manufacturer of commercial and passenger automobiles in the same year. Countries such as China and India, which are considered to be automobile hubs were at the forefront of this growth.
North America, which accounted for the second-largest share of the market in 2016, was dominated by the U.S. this region is characterized by the presence of major automobile players including Ford and General Motors, which is in turn, expected to boost demand for high performance composites.
Europe accounted for 18.6% of the market in 2016. This region is expected to be driven by the growing demand from Eastern European countries including Russia, Bulgaria, and Romania. France, which headquarters Airbus, was one of the largest consumers of these materials in this region, in 2016.
BASF, with annual revenue of over USD 60 billion in 2016, was the market leader in the market. In June 2011, the company established an in-house lightweight materials team. This team focused on developing technologies and materials suitable for making lightweight automobiles, consumer goods, and electronics. This strengthened the company’s hold over the global market for these materials. Solvay, Arkema, Owens Corning Corporation, DuPont, and SABIC were some other major manufacturers of these materials. These companies, with organic as well as inorganic growth strategies, aimed at increasing their respective market shares.
Base year for estimation
Actual estimates/Historical data
2014 - 2016
2017 - 2025
Revenue in USD Billion and CAGR from 2017 to 2025
North America, Europe, Asia Pacific, Central & South America, Middle East & Africa
The U.S., Canada, Germany, The U.K., France, China, Japan, India, South Korea, Brazil
Revenue forecast, company share, competitive landscape, growth factors, and trends
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This report forecasts revenue growth at global, regional, & country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global high performance composites market on the basis of material, application, & region:
Material Outlook (Revenue, USD Billion; Volume, Kilotons; 2014 - 2025)
Application Outlook (Revenue, USD Billion; Volume, Kilotons; 2014 - 2025)
Automotive & Industrial
Regional Outlook (Revenue, USD Billion; Volume, Kilotons; 2014 - 2025)
Central & South America
Middle East & Africa
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