New York, United States, Dec. 21, 2023 (GLOBE NEWSWIRE) -- High-performance composites (HPCs) are complex materials consisting of matrices like metals, ceramics, polymers, etc., and reinforcements like particles, fillers, fibers, etc. In high-performance composites, the modulus and strength are determined by continuously oriented fibers as reinforcements. Adjustable stiffness carbon fiber-reinforced composites have the potential to revolutionize the use of composite materials in structural applications. Resins and fibers are examples of high-performance composite materials used in automotive, aerospace and defense, electronics, consumer electronics, energy, and other industries.
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Numerous Uses Across Industry due to Industrial Need for Lightweight Composites Drives the Global Market
According to Straits Research, "The global high-performance composites market size was valued at USD 28.85 billion in 2022 and is projected to reach USD 54.94 billion by 2031, with a CAGR of 7.42% during the forecast period (2023–2031)." Market expansion is stimulated by the increased need for lightweight automobiles to improve their performance. In industrial uses, steel and steel-made factory machinery are commonplace. The increasing need for widespread use in the end-to-end user industry drives the highly efficient composite commodities market. These lightweight components are widely used in construction, automotive and industrial, pressure ships, wind turbines, and medical and construction systems. Significant expansion in the commercial aviation sector has significantly boosted demand for these composites. Carbon fibers, a crucial component of high-performance components, have been widely discovered in the building industry. Increasing revenue, technological developments, new product development, the number of original equipment manufacturers (OEMs), and aftermarket items have contributed to the Construction industry's rapid expansion.
Growing Investments in the R&D of New High-Performance Composites Creates Tremendous Opportunities
Increased competition for high-performance combinations necessitates extensive research and development in this industry. The global market for lightweight goods is anticipated to reach hundreds of billions of dollars by the end of this decade due to the rising demand for investments in electric vehicle research and development (EVs). New low-cost methods of producing lightweight materials are being researched. The top-performing compound market firms have adopted innovation, expansion, integration, and acquisition tactics to increase their market share and global distribution networks. These businesses participate in R&D to create goods that pave the way for new applications.
Regional Analysis
North America is the most significant shareholder in the global high-performance composites market and is projected to grow at a CAGR of 6.22% over the forecast period. The high-performance composites industry is a driving economic force in North America. This industry yearly contributes around USD 22 billion to the US economy. Additionally, this region's major automakers, like Ford and General Motors, are anticipated to stimulate demand for high-performance composites. For instance, TPI Composites (US) extended its wind blade manufacturing operations by establishing a new plant in Mexico. This new industrial facility supplies Gamesa Technology Corporation with wind blades (Spain). This expansion allowed the company to maintain its position as the global leader in the market for high-performance composites.
European high-performance composites market share is expected to grow at a CAGR of 8.09% over the forecast period. The aerospace industry is Europe's fastest-growing industry. Due to their high stiffness and lightweight, composites are increasingly being utilized in the production of aircraft components. The escalating demand for high-quality composite materials in the construction industry is anticipated to drive investments in innovative manufacturing technologies. Market leaders such as Teijin Limited, SGL Group, Hexcel Corporation, and Toray utilize their proprietary innovations to make composites. For instance, SGL Group developed CFRP materials in collaboration with several academic institutions and research organizations.
Further, Germany held the most significant market share in Europe and is anticipated to maintain its dominance during the projection period. Future Combat Air System developments will increase the need for composites in aerospace applications. The market for high-performance composites in the United Kingdom will expand tremendously due to the increasing demand for products in the electronic and electrical industries, which is the primary factor driving market expansion in this country.
Key Highlights
- Based on resin type, the global high-performance composites market is bifurcated into thermoplastic and thermoset resins. The thermoset segment is the highest contributor to the market and is estimated to grow at a CAGR of 6.85% during the forecast period.
- Based on fiber type, the global high-performance composites market is bifurcated into aramid fiber, carbon fiber, and S-glass. The carbon fiber segment owns the highest market share and is estimated to grow at a CAGR of 7.12% during the forecast period.
- Based on application, the global high-performance composites market is segmented into construction, automotive and industrial, aerospace and defense, energy, and others. The automotive and industrial segment is the highest contributor to the market and is anticipated to grow at a CAGR of 7.01% throughout the forecast period.
- North America is the most significant shareholder in the global high-performance composites market and is projected to grow at a CAGR of 6.22% over the forecast period.
Competitive Players
The top 11 players in the global high-performance composites market are Toray Industries, Inc., BASF SE, SGL Group-The Carbon Company, Solvay S.A., Teijin Limited, Owens Corning Corporation, Koninklijke TenCate NV, Huntsman International LLC, Arkema, AGY, and SABIC.
Market News
- In February 2023, Isoco Bikes (Saalfeld, Germany) and V Frames (Schmiedefeld) signed an exclusivity agreement with Lehvoss Group (Hamburg) to introduce high-performance fiber-reinforced compounds, including long carbon fiber and biopolymer carbon fiber composite materials, into bike frame and component production.
Global High-Performance Composites Market: Segmentation
By Resin Type
- Thermoplastic
- Thermoset
By Fiber Type
- Aramid Fiber
- Carbon Fiber
- S-Glass
By Applications
- Construction
- Automotive and Industrial
- Aerospace and Defense
- Energy
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- RoW
- The Middle East and Africa
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