Composites Market Overview
The Composites Market size was estimated at USD 93.69 billion in 2022 and is projected to increase at a compound annual growth rate (CAGR) of 7.1% from 2023 to 2030.
Composites are simply a combination of two or more constituent materials with different physical or chemical properties. The demand for lightweight and strong composite materials has grown rapidly in the automobiles, aerospace, and defense industries. Therefore, the players operating in the market are investing significantly in research and development to obtain materials that help them to decrease the weight of their product without hindering the productivity of the equipment.
Due to the benefits such as exceptional tensile strength, fatigue resistance, better modulus, carbon fiber reinforced plastics (CFRPs) are one of the most trending products of the global Composites market. In addition, owing to its greater performance under extreme conditions, the CFRP has widespread application in aircraft and its component manufacturing. The industry is highly adopting these composites materials and due to the high demand in the aircraft manufacturing sector, the CFRPs are the topmost revenue creators for the market players of the global Composites market. Furthermore, due to the factors such as weight to strength advantage and reusability, the composites materials have wide applications in the automotive and transportation sector. Moreover, the vast application of innovative composite materials in automobile production because can improve the fuel economy of a vehicle. All these crucial aspects are remarkably fuelling the growth of the global Composites market.
On the downside, the high price of carbon and glass fibers which are the basic raw materials for the manufacturing of the composite materials also gets raised. Hence, this high cost involved in the manufacturing of the materials is anticipated to hamper the growth of the global Composites market over the forecast period. Nevertheless, several composite material manufacturers are focusing on developing new techniques and technologies that can produce the composite materials in a faster method, this fact is projected to reduce the cost involved in the production of composite materials. This key fact supports maintaining the market’s growth throughout the forecast period.
Covid-19 Impact on Composites Market
The ongoing COVID-19 pandemic conditions have severely affected every sector around the world. Whereas, the chemicals and materials sectors were moderately affected during the pandemic. This is primarily due to the uncut demand for chemicals for healthcare, life science, and cleaning agents. However, other elements of chemical and material sectors such as paints, industrial oil, construction materials are facing diminution in demand. Strict lockdown resulted in a nearly 50-60% reduction in supply for raw materials, which directly affected the manufacturing process. Further, halt on many end-use industries directly affected the chemical demand all around the world
Composites Market Segment Overview
According to Product, the Glass Fiber Reinforced Plastic segment dominated the global Composites market in terms of volume and value. Glass fibers has huge demand as they are low cost and have larger physical & mechanical properties such as strength, durability, flexibility, stability, and lightweight. Glass fiber composites are used generally in wind energy, pipes & tanks, electrical & electronics, and construction & infrastructure sectors. Based on Technology, the lay-up process had the maximum share in the overall composites market in 2019. This is mainly because of the increased demand from wind energy, marine, and aerospace & defense end-use industries.
Composites Market, By Product
· Pultrusion Process
· Layup process
· Filament Winding
· Compression Molding
· Injection Molding
· Resin Transfer Molding
· Automated Fiber Placement
· Automated Tape Laying
Composites Market, By Application
In terms of geography, Asia Pacific was the major regional market for Composites in 2019. This can be mainly attributed to the increasing demand from various end-use industries of major countries of the Asia Pacific such as China, Japan, and India. In addition to this, the emergence of the Philippines, Indonesia, Singapore, and Vietnam as major shipbuilding centers in the Asia Pacific is also anticipated to boost the demand for composites in the region during the forecast period. Further, the extensive demand for composites is largely dominated by Western European countries. The firm automotive, aerospace & defense, construction, and electrical and electronics industries are predicted to continue the rising trend in the European market. On the other hand, the high demand for composites in North America is driven by the strong growth of aerospace and defense, electrical and electronics, and automotive industries. In North America, mainly the U.S. is a key manufacturer of commercial aircraft, large passenger aircraft, cargo jets, and defense aircraft, which in turn, is expected to propel the growth of the market in the forecast period.
Composites Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Composites Market, Key Players
· Owens Corning
· Toray Industries, Inc.
· Teijin Limited
· Mitsubishi Chemical Holdings Corporation
· Hexcel Corporation
· SGL Group
· Nippon Electrical Glass Co. Ltd.
· Huntsman International LLC.
· Solvay
· Gurit
The Composites Market size was estimated at USD 93.69 billion in 2022 and is projected to increase at a compound annual growth rate (CAGR) of 7.1% from 2023 to 2030.
Composites are simply a combination of two or more constituent materials with different physical or chemical properties. The demand for lightweight and strong composite materials has grown rapidly in the automobiles, aerospace, and defense industries. Therefore, the players operating in the market are investing significantly in research and development to obtain materials that help them to decrease the weight of their product without hindering the productivity of the equipment.
Due to the benefits such as exceptional tensile strength, fatigue resistance, better modulus, carbon fiber reinforced plastics (CFRPs) are one of the most trending products of the global Composites market. In addition, owing to its greater performance under extreme conditions, the CFRP has widespread application in aircraft and its component manufacturing. The industry is highly adopting these composites materials and due to the high demand in the aircraft manufacturing sector, the CFRPs are the topmost revenue creators for the market players of the global Composites market. Furthermore, due to the factors such as weight to strength advantage and reusability, the composites materials have wide applications in the automotive and transportation sector. Moreover, the vast application of innovative composite materials in automobile production because can improve the fuel economy of a vehicle. All these crucial aspects are remarkably fuelling the growth of the global Composites market.
On the downside, the high price of carbon and glass fibers which are the basic raw materials for the manufacturing of the composite materials also gets raised. Hence, this high cost involved in the manufacturing of the materials is anticipated to hamper the growth of the global Composites market over the forecast period. Nevertheless, several composite material manufacturers are focusing on developing new techniques and technologies that can produce the composite materials in a faster method, this fact is projected to reduce the cost involved in the production of composite materials. This key fact supports maintaining the market’s growth throughout the forecast period.
Covid-19 Impact on Composites Market
The ongoing COVID-19 pandemic conditions have severely affected every sector around the world. Whereas, the chemicals and materials sectors were moderately affected during the pandemic. This is primarily due to the uncut demand for chemicals for healthcare, life science, and cleaning agents. However, other elements of chemical and material sectors such as paints, industrial oil, construction materials are facing diminution in demand. Strict lockdown resulted in a nearly 50-60% reduction in supply for raw materials, which directly affected the manufacturing process. Further, halt on many end-use industries directly affected the chemical demand all around the world
Composites Market Segment Overview
According to Product, the Glass Fiber Reinforced Plastic segment dominated the global Composites market in terms of volume and value. Glass fibers has huge demand as they are low cost and have larger physical & mechanical properties such as strength, durability, flexibility, stability, and lightweight. Glass fiber composites are used generally in wind energy, pipes & tanks, electrical & electronics, and construction & infrastructure sectors. Based on Technology, the lay-up process had the maximum share in the overall composites market in 2019. This is mainly because of the increased demand from wind energy, marine, and aerospace & defense end-use industries.
Composites Market, By Product
- Polymer Matrix Composite
- Carbon Fiber Reinforced Plastic
- Glass Fiber Reinforced Plastic
- Aramid Fiber Composites
- Metal Matrix Composites
- Ceramic Matrix Composites
· Pultrusion Process
· Layup process
· Filament Winding
· Compression Molding
· Injection Molding
· Resin Transfer Molding
· Automated Fiber Placement
· Automated Tape Laying
Composites Market, By Application
- Automotive & Transportation
- Interior
- Exterior
- Power Train Components
- Brake Pads
- Chassis
- Construction
- Aerospace & Defense
- Electrical & Electronics
- Marine & Oil & Gas
- Pipes and Top Side Application
- Wind Energy
- Consumer Goods
In terms of geography, Asia Pacific was the major regional market for Composites in 2019. This can be mainly attributed to the increasing demand from various end-use industries of major countries of the Asia Pacific such as China, Japan, and India. In addition to this, the emergence of the Philippines, Indonesia, Singapore, and Vietnam as major shipbuilding centers in the Asia Pacific is also anticipated to boost the demand for composites in the region during the forecast period. Further, the extensive demand for composites is largely dominated by Western European countries. The firm automotive, aerospace & defense, construction, and electrical and electronics industries are predicted to continue the rising trend in the European market. On the other hand, the high demand for composites in North America is driven by the strong growth of aerospace and defense, electrical and electronics, and automotive industries. In North America, mainly the U.S. is a key manufacturer of commercial aircraft, large passenger aircraft, cargo jets, and defense aircraft, which in turn, is expected to propel the growth of the market in the forecast period.
Composites Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Composites Market, Key Players
· Owens Corning
· Toray Industries, Inc.
· Teijin Limited
· Mitsubishi Chemical Holdings Corporation
· Hexcel Corporation
· SGL Group
· Nippon Electrical Glass Co. Ltd.
· Huntsman International LLC.
· Solvay
· Gurit
Composites Market Study Global Market Analysis, Insights and Forecast, 2023-2030
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Composites Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Product
- 5.2.1. Polymer Matrix Composite
- 5.2.1.1. Carbon Fiber Reinforced Plastic
- 5.2.1.2. Glass Fiber Reinforced Plastic
- 5.2.1.3. Aramid Fiber Composites
- 5.2.2. Metal Matrix Composites
- 5.2.3. Ceramic Matrix Composites
- 5.2.1. Polymer Matrix Composite
- 5.3. Market Analysis, Insights and Forecast – By Technology
- 5.3.1. Pultrusion Process
- 5.3.2. Layup process
- 5.3.3. Filament Winding
- 5.3.4. Compression Molding
- 5.3.5. Injection Molding
- 5.3.6. Resin Transfer Molding
- 5.3.7. Automated Fiber Placement
- 5.3.8. Automated Tape Laying
- 5.4. Market Analysis, Insights and Forecast – By Application
- 5.4.1. Automotive & Transportation
- 5.4.1.1. Interior
- 5.4.1.2. Exterior
- 5.4.1.3. Power Train Components
- 5.4.1.4. Brake Pads
- 5.4.1.5. Chassis
- 5.4.2. Construction
- 5.4.3. Aerospace & Defense
- 5.4.4. Electrical & Electronics
- 5.4.5. Marine & Oil & Gas
- 5.4.5.1. Pipes and Top Side Application
- 5.4.6. Wind Energy
- 5.4.7. Consumer Goods
- 5.4.1. Automotive & Transportation
- 5.5. Market Analysis, Insights and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Europe
- 5.5.3. Asia Pacific
- 5.5.4. Latin America, Middle East and Africa
6. North America Composites Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Product
- 6.2.1. Polymer Matrix Composite
- 6.2.1.1. Carbon Fiber Reinforced Plastic
- 6.2.1.2. Glass Fiber Reinforced Plastic
- 6.2.1.3. Aramid Fiber Composites
- 6.2.2. Metal Matrix Composites
- 6.2.3. Ceramic Matrix Composites
- 6.2.1. Polymer Matrix Composite
- 6.3. Market Analysis, Insights and Forecast – By Technology
- 6.3.1. Pultrusion Process
- 6.3.2. Layup process
- 6.3.3. Filament Winding
- 6.3.4. Compression Molding
- 6.3.5. Injection Molding
- 6.3.6. Resin Transfer Molding
- 6.3.7. Automated Fiber Placement
- 6.3.8. Automated Tape Laying
- 6.4. Market Analysis, Insights and Forecast – By Application
- 6.4.1. Automotive & Transportation
- 6.4.1.1. Interior
- 6.4.1.2. Exterior
- 6.4.1.3. Power Train Components
- 6.4.1.4. Brake Pads
- 6.4.1.5. Chassis
- 6.4.2. Construction
- 6.4.3. Aerospace & Defense
- 6.4.4. Electrical & Electronics
- 6.4.5. Marine & Oil & Gas
- 6.4.5.1. Pipes and Top Side Application
- 6.4.6. Wind Energy
- 6.4.7. Consumer Goods
- 6.4.1. Automotive & Transportation
- 6.5. Market Analysis, Insights and Forecast – By Country
- 6.5.1. U.S.
- 6.5.2. Canada
7. Europe Composites Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Product
- 7.2.1. Polymer Matrix Composite
- 7.2.1.1. Carbon Fiber Reinforced Plastic
- 7.2.1.2. Glass Fiber Reinforced Plastic
- 7.2.1.3. Aramid Fiber Composites
- 7.2.2. Metal Matrix Composites
- 7.2.3. Ceramic Matrix Composites
- 7.2.1. Polymer Matrix Composite
- 7.3. Market Analysis, Insights and Forecast – By Technology
- 7.3.1. Pultrusion Process
- 7.3.2. Layup process
- 7.3.3. Filament Winding
- 7.3.4. Compression Molding
- 7.3.5. Injection Molding
- 7.3.6. Resin Transfer Molding
- 7.3.7. Automated Fiber Placement
- 7.3.8. Automated Tape Laying
- 7.4. Market Analysis, Insights and Forecast – By Application
- 7.4.1. Automotive & Transportation
- 7.4.1.1. Interior
- 7.4.1.2. Exterior
- 7.4.1.3. Power Train Components
- 7.4.1.4. Brake Pads
- 7.4.1.5. Chassis
- 7.4.2. Construction
- 7.4.3. Aerospace & Defense
- 7.4.4. Electrical & Electronics
- 7.4.5. Marine & Oil & Gas
- 7.4.5.1. Pipes and Top Side Application
- 7.4.6. Wind Energy
- 7.4.7. Consumer Goods
- 7.4.1. Automotive & Transportation
- 7.5. Market Analysis, Insights and Forecast – By Country
- 7.5.1. UK
- 7.5.2. Germany
- 7.5.3. France
- 7.5.4. Italy
- 7.5.5. Spain
- 7.5.6. Russia
- 7.5.7. Rest of Europe
8. Asia Pacific Composites Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Product
- 8.2.1. Polymer Matrix Composite
- 8.2.1.1. Carbon Fiber Reinforced Plastic
- 8.2.1.2. Glass Fiber Reinforced Plastic
- 8.2.1.3. Aramid Fiber Composites
- 8.2.2. Metal Matrix Composites
- 8.2.3. Ceramic Matrix Composites
- 8.2.1. Polymer Matrix Composite
- 8.3. Market Analysis, Insights and Forecast – By Technology
- 8.3.1. Pultrusion Process
- 8.3.2. Layup process
- 8.3.3. Filament Winding
- 8.3.4. Compression Molding
- 8.3.5. Injection Molding
- 8.3.6. Resin Transfer Molding
- 8.3.7. Automated Fiber Placement
- 8.3.8. Automated Tape Laying
- 8.4. Market Analysis, Insights and Forecast – By Application
- 8.4.1. Automotive & Transportation
- 8.4.1.1. Interior
- 8.4.1.2. Exterior
- 8.4.1.3. Power Train Components
- 8.4.1.4. Brake Pads
- 8.4.1.5. Chassis
- 8.4.2. Construction
- 8.4.3. Aerospace & Defense
- 8.4.4. Electrical & Electronics
- 8.4.5. Marine & Oil & Gas
- 8.4.5.1. Pipes and Top Side Application
- 8.4.6. Wind Energy
- 8.4.7. Consumer Goods
- 8.4.1. Automotive & Transportation
- 8.5. Market Analysis, Insights and Forecast – By Country
- 8.5.1. China
- 8.5.2. India
- 8.5.3. Japan
- 8.5.4. Australia
- 8.5.5. South East Asia
- 8.5.6. Rest of Asia Pacific
9. Latin America, Middle East and Africa Composites Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Product
- 9.2.1. Polymer Matrix Composite
- 9.2.1.1. Carbon Fiber Reinforced Plastic
- 9.2.1.2. Glass Fiber Reinforced Plastic
- 9.2.1.3. Aramid Fiber Composites
- 9.2.2. Metal Matrix Composites
- 9.2.3. Ceramic Matrix Composites
- 9.2.1. Polymer Matrix Composite
- 9.3. Market Analysis, Insights and Forecast – By Technology
- 9.3.1. Pultrusion Process
- 9.3.2. Layup process
- 9.3.3. Filament Winding
- 9.3.4. Compression Molding
- 9.3.5. Injection Molding
- 9.3.6. Resin Transfer Molding
- 9.3.7. Automated Fiber Placement
- 9.3.8. Automated Tape Laying
- 9.4. Market Analysis, Insights and Forecast – By Application
- 9.4.1. Automotive & Transportation
- 9.4.1.1. Interior
- 9.4.1.2. Exterior
- 9.4.1.3. Power Train Components
- 9.4.1.4. Brake Pads
- 9.4.1.5. Chassis
- 9.4.2. Construction
- 9.4.3. Aerospace & Defense
- 9.4.4. Electrical & Electronics
- 9.4.5. Marine & Oil & Gas
- 9.4.5.1. Pipes and Top Side Application
- 9.4.6. Wind Energy
- 9.4.7. Consumer Goods
- 9.4.1. Automotive & Transportation
- 9.5. Market Analysis, Insights and Forecast – By Country
- 9.5.1. Brazil
- 9.5.2. Saudi Arabia
- 9.5.3. UAE
- 9.5.4. Rest of LAMEA
10. Competitive Analysis
- 10.1. Company Market Share Analysis, 2018
- 10.2. Key Industry Developments
- 10.3. Company Profile
- 10.4. Owens Corning
- 10.4.1. Business Overview
- 10.4.2. Segment 1 & Service Offering
- 10.4.3. Overall Revenue
- 10.4.4. Geographic Presence
- 10.4.5. Recent Development
- 10.5. Toray Industries, Inc.
- 10.6. Teijin Limited
- 10.7. Mitsubishi Chemical Holdings Corporation
- 10.8. Hexcel Corporation
- 10.9. SGL Group
- 10.10. Nippon Electrical Glass Co. Ltd.
- 10.11. Huntsman International LLC.
- 10.12. Solvay
Research Process
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
