The composites market size is expected to grow from US$ 88,710.42 million in 2022 to US$ 124,185.35 million by 2028; it is estimated to grow at a CAGR of 5.8% from 2022 to 2028.
Composites are light in weight as compared to most woods and metals. The lightweight property of composites makes their usage important in automobiles and aircraft, where less weight offers better fuel efficiency. Nowadays, designers of airplanes are greatly concerned with weight, as reducing a craft’s weight reduces the amount of fuel it needs and increases the speed it can reach. Moreover, composites resist damage from the weather and harsh chemicals. They can be molded into complicated shapes more easily than most other materials.
In 2022, Asia Pacific held the largest revenue share of the global composites market. The demand for composites in Asia Pacific is increasing due to the growing use of composites in various end-use industries such as automotive, wind energy, construction, sporting goods, and many others. The growing building & construction industry is a strong contributor to the composites market growth in the region. Asia Pacific is witnessing urbanization, along with the rising construction of residential and commercial projects. Moreover, the per capita income in the region has increased, coupled with the development of affordable residential buildings. This has resulted in rapid urbanization in Asia Pacific. The beneficial government policies related to residential property developments in several countries of the region propelled urbanization. Moreover, countries such as China and India are amongst the world’s top five countries with installed wind power. All these factors positively contribute to the composites market growth in the region.
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Composites Market: Strategic Insights
Market Size Value in US$ 88,710.42 million in 2022 Market Size Value by US$ 24,185.35 million by 2028 Growth rate CAGR of 5.8% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Composites Market: Strategic Insights
| Market Size Value in | US$ 88,710.42 million in 2022 |
| Market Size Value by | US$ 24,185.35 million by 2028 |
| Growth rate | CAGR of 5.8% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Impact of COVID-19 Pandemic on Composites Market
Industries such as automotive, aerospace, construction, marine, and energy have been the major contributors to the demand for composites. In 2020, these industries had to slow down their operations due to disruptions in the value chain caused by the shutdown of national and international boundaries. The shortage of manpower resulted in the deceleration of composite production and distribution operations. Disruptions in the global supply chain and shutdown of resin production facilities led to a severe spike in the prices of composites. Lockdowns imposed by different countries in 2020 hampered the ability of industries to maintain inventory levels. Moreover, sanitary measures and other COVID-19 precautions significantly reduced production capacity, creating a shortage of composite inventory. However, in 2021, the global marketplace began recovering from the losses incurred in 2020 as governments of different countries announced relaxation in social restrictions. Moreover, rising vaccination rates contributed to improvements in the overall conditions in different countries, which led to conducive environments for industrial and commercial progress. According to the World Economic Forum, the COVID-19 pandemic has the potential to bring innovations in home designs and is expected to provide new opportunities in the field of house renovation. This factor is projected to provide lucrative opportunities for the composites market growth during the forecast period.
Global Composites Market Breakdown – by Region
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Market Insights
Increasing Demand for Lightweight Materials from Automotive & Aerospace Industry
Automotive manufacturers prefer lightweight materials for manufacturing automobiles while ensuring safety and performance. Lightweight materials have excellent potential for increasing fuel efficiency. A 10% decrease in vehicle weight can result in a 6–8% enhancement in fuel economy. Advanced materials such as carbon fiber composites have the potential to reduce the weight of automotive components by 50-75%. The application of composites in the automotive sector continues to grow. Plastic composites have excellent acoustic and thermal properties compared to composites of nonrenewable origin, making them ideal for vehicle’s interior parts. Further, they are suitable for the manufacturing of non-structural interior components, including seat fillers, seat backs, headliners, interior panels, and dashboards. In addition, aircraft manufacturers are making efforts to enlarge primary thermoplastic structures in business jets and commercial aircraft. They have been the early adopters of long fiber-reinforced thermoplastics.
Fiber Type Insights
Based on fiber type, the global composites market is segmented into carbon fiber composites, glass fiber composites, and others. The global composites market share for the glass fiber composites segment was the largest in 2022. Glass fiber composites are produced by various manufacturing technologies and are used for a wide range of applications. Glass fibers showcase several properties, namely, high strength, flexibility, durability, and resistance to chemical damage. It can be in the form of roving, chopped strands, yarns, fabrics, and mats. Each type of glass fiber has distinct properties and is used for various applications in the form of polymer composites. Glass fiber composite materials are highly preferred for industrial applications due to their favorable characteristics such as high strength-to-weight ratio, good dimensional stability, good resistance to heat & corrosion, good electrical insulation properties, ease of fabrication, and relatively low cost.
Global Composites Market, by Fiber Type – 2022 and 2028
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The key players operating in the global composites market include DuPont de Nemours Inc, Gurit Holding AG, Hexion Inc, Mitsubishi Chemical Holdings Corp, Nippon Electric Glass Co Ltd, Owens Corning, SGL Carbon SE, Teijin Ltd, Solvay SA, and Toray Industries Inc. Players operating in the global composites market focus on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities and new product launches.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Spotlights
- Progressive industry trends in the composites market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the composites market from 2020 to 2028
- Estimation of global demand for composites
- Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook, as well as factors driving and restraining the growth of the composites market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- The composites market size at various nodes
- Detailed overview and segmentation of the market, as well as the composites industry dynamics
- The composites market size in various regions with promising growth opportunities
Global Composites Market
Based on fiber type, the global composites market is segmented into carbon fiber composites, glass fiber composites, and others. Based on resin type, the global composites market is bifurcated into thermoset and thermoplastic. The thermoset segment is further segmented into polyester, vinyl ester, epoxy, polyurethane, and others. The thermoplastic segment is subsegmented into polypropylene, polyethylene, polyvinylchloride, polystyrene, polyethylene terephthalate, polycarbonate, and others. Based on end-use industry, the global composites market is segmented into automotive, aerospace & defense, wind, construction, marine, sporting goods, and others.
Company Profiles
- DuPont de Nemours Inc
- Gurit Holding AG
- Hexion Inc
- Mitsubishi Chemical Holdings Corp
- Nippon Electric Glass Co Ltd
- Owens Corning
- SGL Carbon SE
- Teijin Ltd
- Solvay SA
- Toray Industries Inc.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Fiber Type, Resin Type, and End-Use Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Glass fiber composite materials are highly preferred for industrial applications due to their favorable characteristics such as high strength-to-weight ratio, good dimensional stability, good resistance to heat and corrosion, good electrical insulation properties, ease of fabrication, and relatively low cost. Therefore, this factor is expected to boost the glass fiber composites segment’s share.
The major players operating in the global composites market are Mitsubishi Chemical Holdings Corp; Nippon Electric Glass Co Ltd; Solvay SA; Toray Industries Inc; DuPont de Nemours Inc; amongst others.
The applications of composites in wind energy sector, is expected to provide lucrative growth opportunities to the global composites market during the forecast period.
Asia Pacific composites market is driven by growth in end-use industries such as wind power, electronics, and automotive industries, which is expected to create favorable business opportunities for the composites market during the forecast period. Therefore, Asia Pacific accounts for the largest share of the global composites market.
Based on end-use industry, wind energy is the fastest-growing segment. The rising adoption of composites in renewable energy due to properties such as lightweight, and lower maintenance costs, is driving the segment’s growth. At present, research and development is highly focused towards innovative materials aimed to satisfy turbine requirements such as increased size turbine and rotor blades for land-based and off-shore systems.
The increasing demand for lightweight materials from automotive & aerospace industry, and rising utilization of glass-fiber composites in end-use industries, are some of the key driving factors for the composites market.
The List of Companies - Composites Market
- DuPont de Nemours Inc
- Gurit Holding AG
- Hexion Inc
- Mitsubishi Chemical Holdings Corp
- Nippon Electric Glass Co Ltd
- Owens Corning
- SGL Carbon SE
- Teijin Ltd
- Solvay SA
- Toray Industries Inc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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