Composites Market worth $168.6 billion by 2027 Globally, at a CAGR of 8.2%, says MarketsandMarkets™

Chicago, April 06, 2023 (GLOBE NEWSWIRE) -- The global Composites Market was valued at USD 113.7 billion in 2022 and is projected to reach USD 168.6 billion by 2027, growing at a cagr 8.2% from 2022 to 2027, as per the recent study by MarketsandMarkets™. The composites industry is growing due to the increase in the demand for high performance materials with properties such as high strength to weight ratio, good tensile strength, and electrical conductivity among others.   

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Browse in-depth TOC on “Composites Market”

248- Market Data Tables
81- Figures
357- Pages

List of Key Players in Composites Market:

1. Owens Corning (US)
2. Toray Industries, Inc. (Japan)
3. Teijin Limited (Japan)
4. Mitsubishi Chemical Holdings Corporation (Japan)
5. Hexcel Corporation (US)
6. SGL Group (Germany)
7. Nippon Electric Glass Co. Ltd. (Japan)
8. Huntsman International LLC. (US)
9. Solvay (Belgium)
10. Others

Key Findings of the Study:

1. Thermoset resin is the largest segment of composites in terms of value and volume.
2. RTM process is expected to register the highest CAGR during the forecast period.
3. The aerospace & defense end-use industry accounted for the largest market share in the global composites market during the forecast period in terms of value.
4. Asia Pacific is expected to account for the largest market share in the composites market during the forecast period.

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Based on machine type, the plastic injection molding machine market is segmented as Hydraulic, All-Electric The aerospace & defense end-use industry is the largest consumer of composites in terms of value. Composites are corrosion-resistant and are not subject to fatigue damage. The benefits of using composites in the aerospace & defense industry include cost-effectiveness, part consolidation, dimensional stability, and corrosion resistance. More fatigue capability is achieved over traditional jetliners with advanced carbon fiber composite design, enabling bigger passenger windows and lower cabin altitude.

Various types of fibers, such as glass fiber, carbon fiber, natural fibers, among others, are used as composites. The glass fiber composite has the highest demand for transportation, wind energy, construction & infrastructure, and other industries. China is the major market for glass fiber composites with assembly, fabrication, and R&D centers for many international wind energy OEMs, such as Seimens Gamesa and LM wind Power. With China, Germany, the US, Spain being the most affected countries, the entire supply chain in the wind energy industry is disrupted globally. The lockdown of international borders has reduced the demand for glass fiber composites in Europe and North America.

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Carbon fiber composites account for the second-largest share in terms of value in the global composites market. The carbon fiber and carbon fiber composites manufacturers are in a position to take advantage of the plummeting oil and raw materials prices. However, lockdown conditions in various regions due to the COVID-19 pandemic, the manufacturers are unable to supply their orders to aircraft and vehicle manufacturers

Composites are segmented based on resins used in two types, namely, thermoset composites and thermoplastic composites. The thermoset composites accounted for a larger share in the composites market. Thermoset composites do not expand under high heat and moist conditions, making them suitable for highly corrosive and high-temperature applications.  The demand for both thermoset and thermoplastic composites is expected to see a decline in 2020 due to the pandemic.

Though declined demand will impact the revenue of resin suppliers, they are expected to increase their profit margin from plummeting crude oil prices.

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