New York, March 15, 2023 (GLOBE NEWSWIRE) -- -- According to The Insight Partners, “Composites Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Fiber Type, Resin Type, End-Use Industry, and Geography,” The projected growth of the market is attributed to the increasing demand for lightweight materials from the automotive & aerospace industry and rising utilization of glass-fiber composites in end-use industries. Composites are more durable, corrosion resistant, and have high strength, as they are highly preferred over traditional materials such as steel and aluminum. Also, composites are improving the design process of end products across various industries. Due to all these characteristics of composites, they are widely used in various end-use industries such as construction, automotive, aerospace and defense, wind, marine, and sporting goods.
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Global Composites Market - Report Scope:
| Market Size Value in | USD 88.71 Billion in 2022 |
| Market Size Value by | USD 124.19 Billion by 2028 |
| Growth rate | CAGR of 5.8% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 222 |
| No. of Tables | 115 |
| No. of Charts & Figures | 114 |
| Historical data available | Yes |
| Segments covered | Fiber Type, Resin Type, and End Use Industry |
Global Composites Market: Competitive Landscape and Key Developments –
The key players operating in the global composites market include DuPont de Nemours Inc, Gurit Holding AG, Hexion Inc, Mitsubishi Chemical Holdings Corp, Nippon Electric Glass Co Ltd, Owens Corning, SGL Carbon SE, Teijin Ltd, Solvay SA, and Toray Industries Inc. Players operating in the global composites market focus on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities and new product launches.
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In 2022, Asia Pacific held the largest share of the global composites market. The major factor driving the composites market in the region is the growing developments in the building & construction, automotive, and wind energy sectors. The rise in foreign direct investments also leads to the growth of the region’s construction industry. Owing to the surge in construction activities, Asia Pacific is a prominent market for composites. The government of China invested 1.9 billion in 13 public housing projects in 2019. According to The State Council of The People’s Republic of China, the urbanization rate in China is the highest in the world; it reached 60.6% in 2019.
In the automotive industry, lightweight materials have excellent potential for increasing fuel efficiency. Advanced materials such as carbon fiber composites have the potential to reduce the weight of automotive components by 50-75%. Further, the use of composite materials allows aircraft manufacturers to lower the weight of airplane parts, subsequently facilitating fuel cost reductions. In March 2021, the government of the UK announced five innovative aerospace projects funded by an investment of ~US$ 123.8 million to revolutionize aerospace manufacturing in the country. These initiatives focus on creating lightweight materials and components that reduce fuel consumption and help in the adoption of hybrid and electric planes. Such investments are expected to fuel the demand for composites in the coming years.
Based on end-use industry, the composites market is segmented into automotive, aerospace & defense, wind, construction, marine, sporting goods, and others. The composites market share for the automotive segment was the largest in 2022. Composites enhance vehicle designs and make them lighter and more fuel-efficient. There is a high demand for composites from the automotive industry due to the unique features of composites such as resistance to corrosion, high impact strength, etc.
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Based on end-use industry, the global composites market is segmented into automotive, aerospace & defense, wind, construction, marine, sporting goods, and others. The composites market share for the automotive segment was the largest in 2022. Composites are used in car manufacturing as they are lightweight and meet mileage standards. Composites are utilized for producing body panels and preparing car frames, rims, springs, and truck bedliners.
The global composites market is segmented into five main regions—North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. Asia Pacific held the largest revenue share of the global composites market in 2022. A major factor driving the composites market in Asia Pacific is the increase in the use of composites from the automotive, construction, wind energy, and sporting goods industries.
Glass fiber composite materials are highly preferred for industrial applications due to their favorable characteristics such as high strength-to-weight ratio, good dimensional stability, good resistance to heat and corrosion, good electrical insulation properties, ease of fabrication, and relatively low cost. Therefore, this factor is expected to boost the glass fiber composites segment’s share.
Composite materials are the combination of two materials with different physical and chemical properties. The two components of a composite include a reinforcement and a matrix. The matrix binds the reinforcement together to merge the benefits of both original components. Composites continue to replace traditional materials such as steel and aluminum. Composites are improving the design process and end products across various industries, including aerospace, renewable energy, automotive, and many others. The fiber-reinforced composites such as carbon fiber and fiberglass are opening up new design opportunities for engineers.
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The global composites market is mainly driven by the increasing demand for lightweight materials from the automotive & aerospace industry. Moreover, the market growth is fueled by a rise in the utilization of glass-fiber composites in various end-use industries. The higher utilization rate of glass fibers in end-use industries such as wind energy, construction, sporting goods, and marine has broadened the scope of glass fiber composites. Wind energy is one of the fastest-growing sectors across the globe and will expand rapidly in the coming years. Wind energy capacity is increasing with the rise in renewable energy infrastructure. Further, the increasing use of composites in the wind energy sector is expected to offer lucrative opportunities for the composites market growth during the forecast period.
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