Pune, March 23, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the composites market is expected to continue growing as new applications and markets are discovered, and as the industry continues to innovate and improve manufacturing processes. The size of the Composites Market was valued at USD 93.65 billion in 2022, and it is anticipated to expand to USD 175.93 billion by 2030, exhibiting a CAGR of 8.2% during the forecast period spanning from 2023 to 2030, as reported by SNS Insider.
Composites are materials made by combining two or more different substances to create a new material with unique properties. These materials can be engineered to have specific characteristics, such as strength, durability, and resistance to heat or corrosion. While composites offer many benefits, they also have some drawbacks. For example, they can be expensive to produce and can require specialized manufacturing processes.
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Composites Market Report Scope
| Report Attributes | Details |
| Market Size in 2022 | US$ 93.65 Billion |
| Market Size by 2030 | US$ 175.93 Billion |
| CAGR 2023 to 2030 | CAGR of 8.2% |
| Key Segments | • By Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites, Other Fiber Composites) • By Resin Type (Thermoset Composites, Thermoplastic Composites) • By end-use industry (Aerospace & defense,Wind Energy, Automotive & Transportation, Constr, ction & Infrastructure, Marine, Pipe & Tan, Electrical & Electronics, Others) • By Manufacturing Process (Lay-up, Filament Winding, Injection Molding, Pultrusion, Compression Molding, RTM, Others) |
| Company Profiles | Solvay, Hexion, Toray Industries Inc., Jushi Group Co., Ltd, Hexcel Corporation, Owens Corning, Teijin Limited, PPG Industries, Inc., SGL Carbon, Mitsubishi Chemicals Corporation, Huntsman International LLC. |
| Market Drivers | • After COVID-19, the composites market will be driven by government stimulus programmes. • Utilization and demand for composites are both on the rise. |
| Market Challenges | • Manufacturing technology are not standardised. • High Prices |
Market Analysis
The growth of the composites market can be attributed to the increasing demand for lightweight components in the automotive and transportation industry. As industries strive for greater fuel efficiency and reduced emissions, the use of advanced lightweight composites has become increasingly popular. This trend is expected to continue in the coming years and support further growth in the market. In addition, composites are finding widespread application in the aerospace and defense sectors. Military aircraft and helicopters benefit greatly from the use of lightweight composites, which help to reduce overall body weight and improve performance.
Impact of Russia-Ukraine Conflict
The ongoing Russia-Ukraine conflict has had a significant impact on the market, leading to disruptions in the supply chain, increased prices, delays in delivery, and a reduction in investment. It is essential for stakeholders in the composites industry to monitor the situation and develop strategies to mitigate the impact of the conflict on the market.
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Key Regional Development
The composites market in the Asia Pacific region has experienced significant growth in recent years and has emerged as a dominant player in the global market. The region has contributed a major share to the overall revenue of the market, owing to its large and growing customer base. The Asia Pacific composite market is expected to continue its growth trajectory over the forecast period, driven by the presence of key manufacturers in major economies such as China, India, and Japan. Many automotive manufacturers in the region are increasingly turning to composites as a lightweight and durable alternative to traditional materials.
Recent Developments Related to Composites Market
- ARRIS, a leading provider of composite solutions, has recently introduced a new line of structural flax fiber composites. This innovative product is made from natural flax fibers that have been processed and combined with resin to create a strong and lightweight material.
- Machina Labs has recently been awarded a contract for its expertise in robotic composites manufacturing. The company's innovative approach to using robots for manufacturing composite materials has caught the attention of clients seeking efficient and reliable manufacturing solutions. Machina Labs' success in securing this contract is a clear indication of the growing demand for advanced manufacturing solutions.
Key Takeaway from Composites Market Study
- The glass fiber segment is anticipated to be the leading category in the market. This is primarily attributed to the exceptional impact resistance of glass fiber, which makes it a preferred material in composite manufacturing.
- The layup process segment is likely to be the dominant category in the market, with expectations of capturing the largest share of revenue. The segment's growth is anticipated to be fueled by the increasing production of boats, wind turbine blades, and architectural moldings.
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