Pune, India, April 07, 2021 (GLOBE NEWSWIRE) -- The global Composites Market was valued at USD 37.88 billion in 2020 without the Covid-19 impact and is projected to grow with a CAGR of 5.3% during the forecast period till 2028. With the COVID-19 impact, the global composites market was valued at USD 31.78 billion in 2020.
Composites are advanced engineering materials that are produced by the combination of two or more materials that have different chemical or physical properties. When these materials are combined, the final materials have superior mechanical, chemical, and physical properties than that of the parent materials.
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The history of composites goes back to 3400 BC. The ancient Mesopotamians were believed to have used a composite, which was a plywood created with glued wood strips. In 2181 BC, the Egyptians started making death masks using linen in plaster. After that, both of these societies were found using various natural resins and fibers, such as straw and mud, to develop different components and structures. In modern times, the first composite material was produced in 1960s, and it was first commercialized in 1980 in the railway system in Japan.
Typical composite structure or components are usually five times superior to that of the conventional materials in terms of strength. By weight, it is approximately one fifth of the conventional materials. Today, composites play an important role in various applications, and the demand for composite-based products are increasing day by day due to its light weight, superior strength, durability, stiffness, and many other favorable properties.
Lightweight products and components are the prime focus of automotive, defense, marine, and construction product manufacturers, as they help reduce the weight of the final products. This, in turn, directly impacts fuel efficiency and thus, helps in meeting environmental norms and regulations. Durability, resistivity, along with superior insulation properties, make composite materials one of the prominent choice of materials over their conventional counterparts in different end-use applications.
The major factors that are contributing to the growth of the global composites market are growing automotive and aerospace industries across different regions. The growing concern for environment related issues, implementation of standard pollution control norms by the government authorities, along with the increasing government investment on green transportation, are augmenting the growth of the composite market.
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The growing oil & gas industry along with its supply chain network and growth of the chemical industry, which is catering to the demand for composite pipes and tanks, will further leverage the global composite market. On the other hand, factors such as high processing and material cost, lack of awareness, and absence of proper standardization for product offerings are acting as restraining factors for the global market.
Some Significant Market Developments Considered in the Report:
- In February 2021, Solvay and Leonardo has announced composite research partnership by launching a new lab for the development of composite materials along with production process for the aerospace industry.
- In June 2020, Solvay and Strata opened a new manufacturing facility in Al Ain, UAE. This manufacturing facility is especially developed for the aerospace-grade pre-impregnated carbon fibers, and it is the first supplier in the Middle East & Africa region and fourth in the world.
- In June 2020, Scott Bader’s Australia business unit acquired the complete assets of Summit Composites Pty Ltd. This acquisition will help the company to increase its market presence in the Pacific region.
COVID-19 Impact on Global Composites Market
The QMI team is closely monitoring the impact of COVID-19 on the global composites industry, and it has been observed by our team that the demand for composites is slowing down during the pandemic time. But it is anticipated to grow with a healthy rate from mid-2021. To control the spread of the pandemic, many countries across the globe have put strict lockdown norms, which is hampering all kinds of business activities.
The demand and supply of raw materials and product manufacturing and distribution have been completely disrupted due to the closing down of the marketplace. Among various industries, transportation, aviation, oil & gas, and electronic industries have suffered huge financial losses. This has created weak demand for several products and components, and composites are one of them. All these factors have been analysed in details in this report.
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Global Composites Market, by End User
Based on the end user type, the composites market has been segmented into transportation, aerospace & defence, marine, pipe & tanks, power & energy, electrical & electronics, building & construction, and others. Among these segments, the transportation end user segment of the global composites market captured the largest market share in 2020 and is anticipated to remain the largest segment till the forecast period.
Automotive manufacturers around the globe are looking for lightweight vehicles that can offer better fuel efficiency to meet the norms and regulations related to the environment and low carbon emission. Apart from this, electric vehicles are gaining popularity due to zero or nominal emissions, which help comply with the region-specific environmental norms and regulations. Composite materials are widely used in making various components and parts, battery housing, and storage tanks, among others. The growth of the electric vehicles (EVs) can further increase the demand for composites from the transportation segment.
Global Composites Market, by Manufacturing Process
Based on the manufacturing process, the market has been segmented into lay-up, filament winding, injection molding, compression molding, pultrusion, and Others. Among these segments, the lay-up manufacturing segment of the global composites market captured a market share of 35.8% in 2020 and is anticipated to remain the largest segment till the forecast period. The largest market share held by the lay-up manufacturing process segment can be attributed to the capability of this process to create critical dimension products and components and low manufacturing cost.
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Global Composites Market, by Fiber Type
Based on the fiber type, the market has been segmented into glass fiber, carbon fiber, natural fiber, and others. The glass fiber segment of the global composites market captured the largest market share in 2020 and is anticipated to remain the largest segment till the end of the forecast period. Glass fiber-based composites can be shaped to any structural form having superior mechanical and physical strength, with durability and color format as per the application requirement.
Global Composites Market, by Resin Type
Based on the resin type, the global composites market is segmented into thermoset and thermoplastics. The thermoset resin type segment of the global market has been further segmented into epoxy, polyester, vinyl, and others, while the thermoplastics segment has been segmented into polypropylene (PP), ethylene polymers, polycarbonate, nylon, and others.
The thermoset segment led the global composite market in 2020 and is anticipated to remain the largest segment till the forecast period. Thermoset resins provide high mechanical strength, easy processibility, low shrinkage, and high curing ratio, along with good adhesion. Moreover, in the composite composition, these resins offer superior mechanical, thermal, and chemical resistivity compared to thermoplastic resins. This is driving the growth of the thermoset segment.
Global Composites Market, by Region:
Based on regions, the global composite market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia pacific region was dominating the global composites market in 2020 both in terms of value and volume, followed by North America and Europe. The growth of the transportation industry and increasing oil & gas exploration, production and refining activities, followed by the growth of the electrical and electronics market, are increasing the demand for composites in the region. Growing aerospace & defense budgets and growth of the aviation and space industry are further contributing to market growth.
Some Major Findings of the Composites Market Report Include:
- Major global market trend & forecasts analysis along with the country-specific market analysis for up to 25 countries.
- An in-depth global composites market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors.
- Profiles of major market players operating in the global composites market, which include Owens Corning, Gurit, Solvay, Toray Industries Inc., Teijin Limited, Hexcel Corporation, Mitsubishi Chemical Company, Kineco Limited, Ashai Fiberglass Company, China Fiberglass Company, Scott Bader, and Arkema, among others.
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years.
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global composites market.
- Impact of COVID-19 on the global composites market
Browse key industry insights spread across 195 pages with 135 market data tables and 91 figures & charts from the report, “Global Composites Market, By Manufacturing Process (Lay-Up, Filament Winding, Injection Molding, Compression Molding, Pultrusion, and Others), By Fiber Type (Glass Fiber, Carbon Fiber, Natural Fiber, And Others), By Resin Type (Thermoset and Thermoplastics), By End User (Transportation, Aerospace & Defence, Marine, Pipe & Tanks, Power & Energy, Electrical & Electronics, Building & Construction, and Others), and By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) - Market Size & Forecasting (2016-2028)”, in depth analysis along with the table of contents (ToC).
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