Composites Market worth $181.7 billion by 2028 Globally, at a CAGR of 10.8 %, says MarketsandMarkets™

Chicago, April 10, 2024 (GLOBE NEWSWIRE) -- The Global Composites Market is estimated at 108.8 USD billion in 2023 and is projected to reach USD 181.7 billion by 2028, at a CAGR of 10.8% from 2023 to 2028, as per the recent study by MarketsandMarkets™. Demand for composites is expected to grow 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”

487 - Market Data Tables
97 - Figures
499 - 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)

Drivers, Restraints, Opportunities and Challenges in Composites Market:

1. Drivers: Stringent eco-friendly regulations in automotive applications.
2. Restraints: Lack of standardization in manufacturing technologies.
3. Opportunity: High demand for carbon fiber composites in CNG and hydrogen storage.
4. Challenges: Recycling of composites to be a major challenge for market growth.

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Key Findings of the Study:

1. Filament Winding process is the fastest growing manufacturing process for composites.
2. Wind Energy is the second fastest growing end use industry for composites.
3. Asia Pacific to be the fastest growing regional composites market.

Thermoset resins are used as a matrix to join fibers, including glass, carbon, and other types of fibers, therefore binding all the fibers together to form strong composite materials. Thermoset resins provide a clear benefit for wider use in composite manufacturing since they stay liquid at room temperature prior to curing. Reinforcing fibers can be conveniently impregnated thanks to this special characteristic. Furthermore, thermoset composites are extremely durable due to their inert chemical composition, stiff interlinking molecular structure, and resistance to chemical and UV deterioration. The upkeep required for structures made of thermoset composites is very modest.

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Based on Fiber, Over the projected period, the composite market's fiber segment is expected to develop at the fastest rate in terms of both value and volume. The composite market is a rapidly expanding sector within the materials industry, characterized by the production and utilization of composite materials that incorporate fibers as reinforcement. These fibers segment into glass, carbon, natural and others are embedded within a matrix material, often a polymer, to enhance the strength, stiffness, and durability of the composite material while maintaining a low weight. This unique combination of properties has led to widespread adoption across various end-use industries, including aerospace, wind energy, automotive, construction, and others. The carbon fiber segment is the fastest growing segment during the forecast period 2023 to 2028.

Based on Resin, the composite market, based on resin type, is segmented into thermoset and thermoplastic composites. Each segment plays a crucial role in the market dynamics due to their distinct properties and applications across various industries. Thermoset composites, known for their durability and high heat resistance, have traditionally dominated the market. These materials undergo a chemical reaction during processing that creates strong, irreversible bonds, making them ideal for high-strength applications. On the other hand, thermoplastic composites are emerging as the fastest-growing segment within the composite market.

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