Composites Market | Industry Analysis, Manufacturers, Demand, Consumption and Opportunity Forecast to 2023

Posted July 3, 2020 by Sidhant18

Composites Market | Industry Analysis, Manufacturers, Demand, Consumption and Opportunity Forecast to 2023
Composites Market Information By Type (Polymer Matrix Composites, Ceramic Matrix Composites, Metal Matrix Composites and others), Resin Type (Thermoplastic Composites and Thermoset Composites),Technology (Layup Process, Pultrusion Process, Filament Winding, Injection Molding, Automated Fiber Replacement, Compression Molding, Automated Tape Lying, Resin Transfer Molding and others), End-Use (Automotive & Transportation, Aerospace & Defense, Electrical & Electronics, Wind Energy, Construction & Infrastructure, Marine & Oil & Gas and others) and Region (Asia-Pacific, North America, Europe, Latin America and Middle East & Africa) – Forecast Till 2025.

Market Insight

Composites Marketwas estimated at USD 76 billion in 2016 and will be depicting a lucrative growth trajectory at a striking CAGR of 8.59% over the forecast period (2017-2023)

Key Competitors

Some of the leading contenders functioning in the global composites market include Honeywell International Inc., Toray Industries Inc., TEIJIN Limited, Owens Corning, BASF SE, Hexcel Corporation, SGL Carbon Company, Koninklijke Ten Cate bv, Mitsubishi Chemical Holding, Nippon Electric Glass Co. Ltd., Solvay, DuPont, Chongqing Polycomp, Huntsman International LLC, Dowaska, among others.

Industry Update

February 2019 – A USD 1 million composites layup facility has been set up in Brunswick Landing’s TechPlace (U.S), which will make it easier for numerous manufacturers to now generate the amount of composites required for aircraft and boat production, in addition to other types of construction.

Market Drivers and Top Challenges

Increasing concerns associated with the aircraft weight will fuel composite demand from the aviation industry. Commercial aviation is increasing the usage of composites to almost 50% of the total weight of the aircraft. Moreover, airbus A350 is built using at least 52% CFRP, whereas Boeing 787 Dreamliner is made by making use of 50% CFRP, weight-wise. Therefore, expansion of commercial aviation will elevate the market position of composites over the forecast period.

As per the World Bank Group, the International Financial Corporation (IFC) has estimated an investment opportunity of around USD 16 trillion by 2030, which will be useful for the development of green buildings in Paris. These statistics refer to the lavish opportunity for the composites market in the construction industry among other things. Moreover, the thriving aerospace industry, especially in Europe and North America will work in favor of the composites market at a global level. Accelerated demand for commercial aviation owing to the increased disposable income as well as globalization is set to bear good news for the composites market. This popular trend is expected to continue in the next few years as well.

Apart from this, the growing propylene production is escalating the demand for polyacrylonitrile, a primary raw material in the production of Carbon Fiber Reinforced Plastic (CFRP). Moreover, extensive research and development (R&D) activities in Europe and Japan have resulted in the emergence of a number of market players, which in turn, is set to be highly instrumental in the growth of the market. For instance, there are constant efforts made by prominent industry players, like Teijin Limited, Mitsubishi Rayon Co., Ltd. and Toray Industries Inc. in Japan, which have made a massive impact on the growth of the global market in the forthcoming years.

Industry Trends/Future Prospects

Massive efforts are already underway for the development of light-weight, high-temperature composite materials at National Aeronautics and Space Administration (NASA) to be used in aircraft parts. High temperatures of up to 1650°C are expected for the turbine inlets of a conceptual engine. For materials that are able to withstand such temperatures, Ceramic Matrix Composites (CMCs) are required.

Market Segmentation

The market for composites is segmented on the basis of type, resin type, technology, and application.

The market, based on type, is segmented into polymer matrix composites, metal matrix composites, ceramic matrix composites among others.

Depending on the resin type, the market caters to thermoset composites & thermoplastic composites.

Technology-wise, the market is considered for layup process, pultrusion process, filament winding, injection molding, automated fiber replacement, compression molding, automated tape lying, and resin transfer molding.

Composites find application in automotive & transportation, aerospace & defense, electrical & electronics, wind energy, construction & infrastructure, marine & oil & gas, and others.
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Last Updated July 3, 2020