The global composites market size is expected to reach USD 160.54 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.6% over the forecast period. The growth of this market can be attributed to the increasing demand for lightweight materials in various industries such as wind energy, automotive & transportation, and aerospace and defense.
Rapid industrialization in the emerging economies of Asia Pacific and ascending demand for wind energy are factors expected to boost the market growth. High product demand from the automotive industry is also projected to drive market expansion. Increasing fuel prices have prompted the want for fuel-efficient vehicles. This factor is projected to positively influence growth.
Ascending demand for customized components in automotive, aircraft, and sports industries have urged the market participants to integrate their portfolio with downstream production technologies. SGL Group formed a joint venture with Kumpers GmbH & Co. KG for utilizing advanced automated processing technologies to develop braided carbon fiber.
The market is moving toward fragmentation on account of the presence of a large number of global and regional players. Major players have a strong distribution network and product brands in the global market. The ongoing R&D activities present some growth and expansion opportunities to market players.
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In terms of revenue, carbon fiber segment is anticipated to advance at the fastest CAGR of 9.2% over the forecast period owing to their increasing adoption of carbon fiber composites in marine and wind energy applications
The thermosetting segment dominated the market and accounted for 72% of the total demand in 2019 owing to ascending demand for composite materials in transportation and aerospace & defense applications
The demand for composites in automotive and transportation segment accounted for a revenue share of 21.1% of the overall market in 2019 owing to increasing demand for a lightweight and durable material
Asia Pacific was the largest regional composites market in 2019, accounting for a revenue share of 44.7% on account of significant growth of end-use sectors including automotive, construction, aerospace, and electrical and electronics in the region
Companies such as Toray Industries, Owens Corning, and Teijin Ltd. are integrated across the value chain of composites in production and distribution activities and have also diversified their product offerings
Grand View Research has segmented the global composites market on the basis of product, resin, manufacturing process, end-use, and region:
Composites Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Composites Resin Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Composites Manufacturing Process Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Filament Winding Process
Injection Molding Process
Compression Molding Process
Resin Transfer Molding Process
Composites End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Automotive & Transportation
Aerospace & Defense
Electrical & Electronics
Construction & Infrastructure
Pipes & Tanks
Composites Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Middle East & Africa
List of Key Players in Composites Market
Toray Industries, Inc.
PPG Industries, Inc.
Huntsman Corporation LLC
Compagnie de Saint-Gobain S.A
Momentive Performance Materials, Inc.
Cytec Industries (Solvay. S.A.)
Jushi Group Co., Ltd.
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