Filament Wound Composites Market - Forecasts from 2024 to 2029

Filament Wound Composites Market - Forecasts from 2024 to 2029

The filament wound composites market is expected to grow at a compound annual growth rate (CAGR) of 6.86% during the forecast period.

The composite materials world is filled with innovative and efficient technologies used in manufacturing different products. In this regard, filament winding is one such manufacturing process that is effectively used in the composites industry to create lightweight, strong, cylindrical, and tubular structures. This process involves wrapping resin-impregnated fibers such as fiberglass, carbon fiber, and Kevlar.

The major factor driving the filament wound composites market is its increasing and efficient use in different end-user industries such as aerospace, marine, automotive, and energy sectors. There are a few specific reasons why these are used in different end-user industries, mainly because filament wound parts are strong while being lightweight, making them an ideal choice for rocket motor casings, airplane fuselages, wings, etc, in the aerospace industry. Additionally, filament-wound tanks and pressure vessels are imperatively preferred in the automotive industry for hydrogen fuel cells and fuel storage while enhancing fuel economy and sustainability.

FILAMENT WOUND COMPOSITES MARKET DRIVERS:

Increasing demand for filament wound composites market in the Automotive Industry for Electric Vehicles

Filament wound composites are equipped with exceptional strength-to-weight ratios and extensive durability along with resistance, which makes them ideal for the automotive industry, especially for the electric vehicles (EVs) segment. One of the specific applications of these composites in EVs is due to their lightweight properties in battery enclosures as well as hydro storage tanks. The composite materials are designed with a focus on desirable attributes like high strength and stiffness. This allows for creating automobile parts that are strong enough to withstand tough working conditions without adding extra weight. The control of fiber directions and stacking sequences in filament wound composites allows the engineering of parts required for some specific applications, including enhanced energy absorption of structures that are subjected to dynamic loads.

Essentially, automotive applications are in an emerging process of transitioning from heavier, high-emission vehicles to leaner, fuel-efficient vehicles, which work efficiently for filament wound composites.

France’s filament wound composite market in this regard is experiencing growth owing to the growing demand for plug-in electric vehicles (PHEVs) and battery electric vehicles (BEVs), which is expected to positively impact the market in the projected period. According to the European Commission, as of June 2024, the latest data from France showed a remarkable increase in the registration of electric and plug-in hybrid vehicles (PHEVs). As of May 2024, France registered 36,267 vehicles, which made a significant 21% increase compared to May 2023. This brings the total number of new electric and hybrid vehicles on the roads since the beginning of 2024 to nearly 200,000, representing a 13.7% rise from last year.

Filament Wound Composites Market Geographical Outlook
The North American region will dominate the filament wound composites market during the forecast period.

North America is expected to grow mainly because of its growing automotive industry, where filament wound composites play an efficient role. Filament wound composites in the automotive industry play an imperative role due to their specific properties and advantages over traditional materials. The filament wounding characteristics make it an ideal choice for various automotive applications, such as structural components, performance parts, and even fuel storage systems.

These properties and uses of filament wound composites in the automotive industry make them directly correlated to each other, driving the market growth. According to the International Trade Administration, the United States automotive industry is the world’s second-largest vehicle production and sales market. In 2020, United States vehicle sales recorded 14.5 million units. Moreover, according to the study conducted by the HIS Markit and released by the Motor & Equipment Manufacturers Association in 2021, 4.8 million U.S. direct, indirect, and induced jobs were generated. Thus, an increase in the automotive industry is expected to drive demand for the filament wound composite market.

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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

The filament wound composites market is segmented and analyzed as follows:

By Product Type

Cylinders and Tubes
Structural Components
Insulation Components

By End-user Industry

Aerospace
Automotive
Marine
Energy
Sports and Recreation
Military

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Rest of South America
Europe
United Kingdom
Germany
France
Italy
Spain
Rest of Europe
Middle East and Africa
Saudi Arabia
UAE
Rest of the Middle East and Africa
Asia Pacific
China
India
Japan
South Korea
Taiwan
Thailand
Indonesia
Rest of Asia-Pacific