New Jersey, NJ, Jan. 17, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global composites market is expected to grow from USD 74.54 billion in 2018 to USD 181.49 billion by 2026 at a CAGR of 9.18% during the forecast period 2019-2026. High demand in emerging economies for glass fiber reinforcing composite pipes, growing demand of lightweight materials from the transportation industry, increasing use of composites in the construction & infrastructure, sewage & water management and oil & gas industries are driving the market growth.
Composites are natural or synthetic chemicals that are made up from combining two or more materials at microscopic level having chemically distinct phase. The composites are seen as the replacement for steel due to their higher strength to weight ratio. In addition, the demand for composites has increased in various industries including automotive, construction, aerospace, and wind energy, and other. Furthermore, increased use of composites to enhance fuel efficiency has increased the market growth.
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Global Composites Market Key Findings:
- High demand in emerging economies for glass fiber reinforcing composite pipes, growing demand of lightweight materials from the transportation industry, and increasing use of composites in the construction & infrastructure applications are the key driving factors for the Composites market.
- In addition, rising use of glass fiber-reinforced composite pipes in the sewage & water management and oil & gas industries will lead to the growth of Composites market in a couple of years. The issues related to recycling, high processing and manufacturing cost, and lack of standardization in manufacturing technologies may limit the growth of the market.
- However, growing adoption of natural composites, increasing demand from emerging economies, reduction in cost of carbon fibers, high demand for glass fiber reinforced composite pipes in emerging economies is expected to boost the composites market over the forecast period.
- Resin type segment includes thermoset composites and thermoplastic composites. The thermoset composites segment is further divided into polyester resin, vinyl ester resin, epoxy resin, polyurethane resin, and others. The thermoplastic composites segment is further divided into polycarbonates (PC), polyphenylene sulfide (PPS), polyetherimide (PEI), polyether ether ketone (PEEK), and others. The thermoset composites segment held the highest market size of around USD 39.01 billion in 2018 owing to increased use of thermoset composites in the construction & infrastructure, marine, and wind energy applications. Also, thermoset composites are suitable for highly corrosive and high-temperature applications.
- Type segment covers glass fiber, carbon fiber, and other. The glass fiber registered the highest market share of 48.61% in 2018 and is anticipated to dominate the market in the forecast period. This is due to increasing use of glass fiber in the aerospace & defense, transportation, wind energy, and construction & infrastructure applications.
- Manufacturing process segment is divided into layup process, filament winding process, injection moulding process, pultrusion process, compression molding process, resin transfer molding process, and other. The layup process segment is expected to hold the largest market share of 28.22% during the forecast period due to low-cost of layup process used for manufacturing composites. The layup process are mostly used in wind energy and marine applications.
- Application is segmented into civil engineering, transportation, aerospace & defense, wind energy, construction & infrastructure, electrical & electronics, pipes & tanks, marine, and others. The aerospace & defense segment is anticipated to hold the largest market share of 26.28% during the forecast period. Here, contributing factors are increased use of composites in the aerospace & defense as well as durable and lightweight materials.
- The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. Asia Pacific region held the largest market share of approximately 39.78% in 2018 where as the North America region held the second dominant position in the global composites market.
- Increasing consumption of composites in various applications, growth of the construction industry in China and Japan, and increased investments are some of the factors that led to the growth of composites market in Asia Pacific region.
- North America is growing at a rapid growth rate due to the Increasing usage of glass fiber composites in manufacturing of printed circuited boards (PCBs), growing aerospace industry, and increase in manufacturing of light commercial vehicles.
- For instance, in 2018, Owens Corning entered into a strategic cooperation and supply agreement with Chongqing Polycomp International Corp. (CPIC) for joint investment in technology, and construction and operation by CPIC of a new facility dedicated to the manufacture of high-modulus glass fiber products in China.
- Prominent companies in the industry include Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, SGL Group, Nippon Electric Glass Co. Ltd., Koninklijke Ten Cate BV, Huntsman International LLC., Solvay, Hexcel Corporation, Hexion, DuPont, Weyerhaeuser Company, Chongqing Polycomp International Corporation, Jushi Group Co., Ltd., and among others.
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All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment.
This study forecasts revenue growth and volume at global, regional, and country levels from 2016 to 2026. Fior Markets has segmented the global composites market on the basis of below mentioned segments:
Global Composites Market, By Type:
- Glass Fiber
- carbon Fiber
- Other
Global Composites Market, By Resin Type:
- Thermoset Composites
- Polyester Resin
- Vinyl Ester Resin
- Epoxy Resin
- Polyurethane Resin
- Others
- Thermoplastic Composites
- Polycarbonates (PC)
- Polyphenylene Sulfide (PPS)
- Polyetherimide (PEI)
- Polyether Ether Ketone (PEEK)
- Others
Global Composites Market, By Manufacturing Process:
- Layup Process
- Filament Winding Process
- Injection Moulding Process
- Pultrusion Process
- Compression Molding Process
- Resin Transfer Molding Process
- Other
Global Composites Market, By Application:
- Civil Engineering
- Transportation
- Aerospace & Defense
- Wind Energy
- Construction & Infrastructure
- Electrical & Electronics
- Pipes & Tanks
- Marine
- Others
Global Composites Market, By Regions:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East and Africa
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