Dublin, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research, a leading Information Material & Chemical research firm has published a market intelligence report on the Composites Market. As per the report, the total market opportunity by 2029 is expected to be 17.24 MT. The total market was valued at 13.39 MT. in 2022 and it is expected to grow at a CAGR of 3.67 percent during the forecast period.
| Market Size in 2022 | 13.39 MT. |
| Market Size in 2029 | 17.24 MT. |
| CAGR | 3.67 % (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 289 |
| No. of Tables | 118 |
| No. of Charts and Figures | 117 |
| Segment Covered | Fiber Type, Resin Type, Manufacturing Process and End-User. |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Composites Market Report Scope and Research Methodology
The Global Composites Market Report offers a comprehensive overview of the composites industry. The research methodology comprises data collection from primary and secondary sources such as interviews with industry experts, and robust quantitative analysis. The report delivers insights into market size, market segmentation, market dynamics, regional analysis, and competitive landscape. It covers an in-depth analysis of market dynamics such as drivers, trends, challenges, restraints, growth factors, and opportunities. This report serves as a lucrative resource for industry members, investors, and stakeholders seeking to understand the dynamics of the composites market. It also covers key trends, technological advancements, and future growth prospects in the composites market.
Composites Market Overview
Composite structures are materials made of a combination of two or more distinct components to create products with enhanced properties, which have different physical or chemical properties. These mixtures typically consist of a reinforcing material such as fibers embedded within a matrix like resin. Composites find wide applications in industries such as automotive, construction, aerospace, and wind energy due to their lightweight, high-strength, and corrosion-resistant properties.
Composites Market Dynamics
The demand for the composite market is increasing because the industries including automotive, defense, marine, and construction product manufacturers are focusing on lightweight products and components which drives the market. The lightweight product helps to increase fuel efficiency which also meets the global environmental norms and regulations for CO2 emissions. Composite materials are the ideal choice of materials over conventional materials as it has high durability, and resistivity, along with great insulation. Various raw materials, such as silicon, polyamide, polyurethane, etc. are combined to manufacture the composite material. These composites are extensively used in many applications including construction, coatings, adhesives, etc. However, the increasing demand for raw materials is driving the composites market.
However, the initial cost of composites is high which is expected to hamper the market growth during the forecast period. Nonetheless, the major market players are directing R&D activities to make low-cost composites with similar properties, which is expected to boost the composites market growth during the forecast period.
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Composites Market Regional Insights
Asia Pacific region dominated the market and held the largest market share accounting for 41% in the year 2022. Countries such as India, China, and Japan are driving the composites market as the demand for the various end-use industries such as aerospace and defense, electrical, automotive and transportation, and electronics, and Construction and infrastructure is increasing. The North American region is expected to reach significant growth during the forecast period. In the last decade, The U.S. manufactured more than 50% of new Airbus aircraft which are made up of composites compared with the older fleet that only used 2-5% aerospace composites.
Composites Market Segmentation
By Fiber Type
- Glass Fiber Composites
- Carbon Fiber Composites
- Natural Fiber Composites
The Glass Fiber Composites segment dominated the market and held the largest market share, accounting for the year 2022. Glass fiber composites offer greater properties such as lightweight, high-strength, good weather-resistant, and high durability, which grows the demand for glass fiber composites in numerous end-use industries. Whereas the Carbon Fiber Composites segment is expected to reach at a CAGR of 5.9% during the forecast period. Carbon fiber composites comprise carbon atoms, which are joined together in crystal aligned parallel to the fiber. It provides several advantageous properties including low-thermal expansion, high-temperature tolerance, chemical resistance, and high stiffness.
By Resin Type
- Thermoset Composites
- Thermoplastic Composites
By Manufacturing Process
- Layup Process
- Filament Winding Process
- Injection Molding Process
- Pultrusion Process
- Compression Molding Process
- Resin Transfer Molding Process
- Others
By End-User
- Automotive & Transportation
- Aerospace & Defense
- Wind Energy
- Electrical & Electronics
- Construction & Infrastructure
- Pipes & Tanks
- Marine
- Others
The End-User segment of the Composites Market is segmented into Automotive and transportation, Aerospace and Defense, Wind Energy, Electrical and electronics, Construction and infrastructure, Pipes and tanks, Marine, and Others. The Automotive and transportation segment dominated the market in the year 2022 with the largest market share of 24% and it is expected to dominate the market during the forecast period. Automotive manufacturers are searching for lightweight vehicle materials, which provide high fuel efficiency and meet the standards and regulations regarding environmental concerns and low carbon emissions. The Aerospace and defense segment is expected to reach the fastest rate at a CAGR during the forecast period.
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Composites Market Key Competitors include:
- Teijin Limited
- Toray Industries
- Owens Corning
- PPG Industries
- Huntsman Corporation
- Hexcel Corporation
- E. I. DuPont Nemours & Co.
- Faurecia
- Performance Composites Inc.
- Enduro Composites
- APPLIED POLERAMIC INC.
- KINECO
- Creative Composites Ltd.
- HITCO Carbon Composites
- Quadrant Group of Companies
- BGF Industries
- FACC AG
- Premium Aerotec
- Fokker Aerostructures
- COTESA GmbH
- Wethje Carbon Composites
- VELLO NORDIC AS
- Fiberdur GmbH & Co. KG
- Akiet B.V.
Key questions answered in the Composites Market are:
- What is the expected CAGR of the Composites Market during the forecast period?
- What was the Composites Market size in 2022?
- What is the expected Composites Market size in 2029?
- What are the global trends in the Composites Market?
- What are the upcoming industry applications and trends for the Composites Market?
- What recent industry trends can be implemented to generate additional revenue streams for the Composites Market?
- What growth strategies are the players considering to increase their presence in the Composites Market?
- What major challenges could the Composites Market face in the future?
- Who held the largest market share in the Composites Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2017 to 2022)
- Past Pricing and price curve by region (2017 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by Fiber Type, Resin Type, Manufacturing Process and End-User.
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Material & Chemical research firm, has also published the following reports:
Sports Composites Market - The market size is expected to reach USD 4.17 billion by 2029 at a CAGR of 5.1 percent during the forecast period. The North American region dominated the market, holding 29.5% of the overall market share, and is expected to dominate the market during the forecast period as the need for artificial turf is increasing for different sports.
Bioplastic Composites Market - The market size is expected to reach USD 68.10 billion by 2029 at a CAGR of 10.7 percent during the forecast period. North America holds the largest share in the bioplastic composite market and the Asia Pacific region is expected to reach at the highest CAGR during the forecast.
Carbon Fiber Composite Heating Market - The market size is expected to reach USD 4444.96 Million by 2029 at a CAGR of 8.5 percent during the forecast period. The European market is expected to gain some demand in terms of revenue during the forecast period.
Polycarbonate Composites Market- The market size is expected to reach USD 32,636.77 Million by 2029 at a CAGR of 3.6 percent during the forecast period. Asia Pacific is an important Market due to the increase in the use of polycarbonate composites in automobiles in this region.
Metal Matrix Composite Market - The market size is expected to reach USD 980.15 Million by 2029 at a CAGR of 9.02 percent during the forecast period. The Asia Pacific region is a major player in the global manufacturing and industrial sectors, and it has shown substantial growth in various industries.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
