The global composites market size is expected to reach USD 130.83 billion by 2024, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 7.8% over the forecast period. Rising demand for lightweight materials from automotive and aerospace industries is likely to drive market growth.
Rising need for lightweight vehicles is expected to fuel composites market growth over the forecast period. U.S. and Europe are the key regions in the aerospace and defense sector with aircraft manufacturers such as Boeing and Airbus driving product demand.
The composites market has observed backward as well as forward integration from various raw material manufacturers. In-house availability of major raw materials and production and utilization of carbon fiber aids the manufacturers to reduce logistics cost. It also helps them cater to various end-use product manufacturers directly to enhance profitability. Carbon Fiber Reinforced Plastic (CFRP) applications depend on grades and ultimately the quality of precursor. Manufacturers are developing their own manufacturing technique to gain competitive advantage. Special applications of CFRP such as aerospace and high-performance cars are manufactured as per client requirements.
Glass fiber was estimated as the largest product segment in the global composites market, with a share of 64.0% in 2015. Carbon fiber mostly comprises carbon atoms bounded together in crystals that are aligned parallel to the fiber. These fibers are combined with other materials to form a composite. It is molded with plastic resin to form carbon fiber reinforced polymer. Carbon fibers find numerous applications owing to their properties such as low thermal expansion, weight, high stiffness, temperature tolerance, and chemical resistance.
To request a sample copy or view summary of this report, click the link below:
Further key findings from the report suggest:
Thermosetting resin was estimated to be the largest market for composites globally, with a share of 83.3% in 2015. Thermoplastic resin is projected to be the fastest growing segment through 2024
Asia Pacific dominated the global composite application market for pipes and tanks in 2015 and is expected to continue its dominance over the forecast period. Increasing offshore oil drilling is expected to fuel growth over the forecast period
Glass fiber emerged as the largest product segment in the global composites market, with a share of 64.0% in 2015. Carbon fiber is projected to be the fastest growing segment from 2016 to 2024
Key players include Teijin Limited; Toray Industries, Inc.; Owens Corning; PPG Industries, Inc.; Huntsman Corporation; Hexcel Corporation; and E. I. DuPont Nemours & Co.
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, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Composites Resin Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Composites Manufacturing Process Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Filament Winding Process
Injection Molding Process
Compression Molding Process
Resin Transfer Molding Process
Composites End-use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Automotive & Transportation
Aerospace & Defense
Electrical & Electronics
Construction & Infrastructure
Pipes & Tanks
Composites Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Middle East & Africa
Avail customized purchase options to meet your research needs:
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
Speak to the report author to design an exclusive study to serve your research needs.
A testimonial for service excellence represented in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.
"The quality of research they have done for us has been excellent..."