New York, March 21, 2024 (GLOBE NEWSWIRE) -- The global composites market size is slated to expand at ~7% CAGR between 2023 and 2033. The market is poised to garner a revenue of USD 165 billion by the end of 2033, up from a revenue of ~USD 100 billion in the year 2022.This is largely due to the growing demand for high-performance materials in the energy sector. While most of the technical applications that utilize composite material are involved in soaring heights, the use of wind turbine blades tops its usage. Be that as it may, several other renewable energy applications utilized specialist composites to make hydroelectric and tidal turbine blades and certain solar panel components.
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In February 2024, a company that builds hydrokinetic power generators for use in rivers, Ocean Renewable Energy Co. supplier of RivGen Systems, depends on fiberglass struts and carbon fiber sulfur leads erected by RivGen to provide such systems of enticement. Composite materials offer high strength-to-weight ratios, excellent corrosion resistance, and thermal and electrical conductivity. These features make them ideal for use in the energy sector, where lightweight, strong materials are necessary.
The Latest Advancements in Composite Materials to Boost Market Growth
Recently, composite materials found use in various sectors, which range from aerospace, automotive, and construction industries to marine applications. Modern development of the field has increased the useful properties of products manufactured with composite materials, including strength and damage tolerance increases, weight reduction, and cost decrease. Those developed properties made them suitable for multiple industries, which led to the expansion of the composites market.
Recent advancements such as Carbon fiber composites that are both lightweight and strong are suitable for aerospace and automotive uses. Furthermore, 3D printing technology has opened up new vistas in composite manufacturing, allowing for more intricate and personalized designs. At the same time, composites have been reduced into thinner and more intricate forms, which has enabled improving the design and increased performance. Besides, Nanomaterials have been included in the composites to enhance their strength and stiffness or to diversify their use in a single material composite. Some examples are carbon nanotubes and graphene.
Composites Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Production of Automotive Parts to Drive the Growth in the Asia Pacific Region
The composites market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. This is due to its rapid industrialization and increasing demand for lightweight materials in applications such as aerospace, and construction. Additionally, some of the world’s largest automotive parts manufacturers are based in the region, which has contributed to the growth of the market. The Auto Components Industry in India is likely to reach USD 190 Bn by 2026. The auto component industry stood at INR 5 Lakh Cr registering a 31% growth. Composites are advantageous for automotive parts because of their high strength-to-weight ratio, corrosion resistance, and lower costs than traditional materials. Further, composite materials can be tailored to the specific needs of the application, making them ideal for creating lightweight, fuel-efficient vehicles.
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Increasing Number of Construction Projects to Drive Growth in the North American Region
The North American composites market is estimated to garner the largest revenue by the end of 2033. The construction sector in the region has been witnessing steady growth over the last decade, with the number of construction projects increasing every year. In 2021, the private sector construction spending in the US amounted to USD 1.1 trillion, while the public sector construction spending was USD 340 billion. Furthermore, the region is characterized by numerous ongoing infrastructure projects, which are forecasted to boost the demand for composites. Composite materials are increasingly being used in construction projects due to their high strength-to-weight ratio, corrosion resistance, and cost-effectiveness. They are also used in infrastructure projects such as bridges, dams, and tunnels due to their durability and resistance to corrosion. This increasing demand is driving the market.
Composites Segmentation by End Use
- Electrical & Electronics
- Automotive & Transportation
- Wind Energy
- Aerospace & Defense
- Pipes & Tanks
- Construction & Infrastructure
The Automotive & Transportation segment is anticipated to hold the largest revenue by the end of 2033. This is due to the increasing demand for composite materials in the automotive industry. Composites are lightweight, strong, and durable, making them an ideal choice for automotive components. With the expansion of the automotive industry worldwide, composites are forecasted to increase. The US car manufacturing industry in 2023 was estimated at USD 100 billion, taking into account that the number of light trucks amounted to 11 million, and the number of cars was approximately 2.5 million in 2022. This is further compounded by the fact that composite materials require less energy to produce than their traditional counterparts, making them even more attractive to automakers. Additionally, composite materials are also less affected by corrosion and wear and tear, making them an even better choice for automotive components.
Composites Segmentation by Resin
- Thermoplastic
- Thermosetting
The Thermoplastic segment in the composites market is anticipated to hold the largest revenue by the end of 2033. This is due to its increasing demand from the automotive and aerospace industries, as well as the growing trend of lightweight materials in the construction sector. Additionally, the thermoplastic segment is cost-effective and can be easily molded into different shapes, making it an ideal material for many applications. Moreover, a team of automotive researchers who are involved in a four-year project that aspires to develop a lighter, 100% recyclable door made of carbon fiber-reinforced thermoplastic. To illustrate, a three-row SUV, the 2019 MDX A-Spec, from Honda Motor Co.’s Acura division is used as a benchmark for the design of a thermoplastic composite replacement door in a Clemson University Composites Center project.
A few of the well-known indsutry leaders in the global composites market that are profiled by Research Nester are Huntsman Corporation LLC, SGL Carbon, Teijin Limited PPG Industries, Inc., Toray Industries, Inc., Owens Corning, Hexcel Corporation, DuPont, Momentive Performance Materials, Inc., and China Jushi Group Co., Ltd., and other key market players.
Recent Development in the Market
- A collaboration between SGL Carbon and Solvay using a joint development agreement; is targeting the transformation of the first composite materials left on large-tow intermediate modulus IM carbon fiber at a commercial scale based on SGL Carbon’s large-tow IM carbon fiber and Solvay’s primary structure resin systems.
- Teijin Limited reported that it added polypropylene PP/polycarbonate PC, polyamide, and PC matrix resins to the company’s carbon fiber thermoplastic intermediate materials PA lineup.
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