Composite Material Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Composite Material Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Composite Material Market is projected to register a CAGR of more than 4% during the forecast period (2022-2027).

In 2021 the market has seen an increase when compared to the 2020. After the lifting off lockdowns in several countries and with the resuming of many manufacturing and construction projects the market has partially recovered from the negative affect of pandemic. As per Royal Institution of Chartered Surveyors construction activity in 3rd quarter of 2021 was rising in comparison to 2020. With the improvement in current technology and adaptation to new working format and new projects across the globe the market studied is expected to benefit in the forecasted period.

• Recent improvements in technological advancements such as Nanotechnology, Out-of-Autoclave (OOA) Curing, and others in composite material manufacturing are expected to drive the growth of the market.
• With advancements of technology in industries such as aerospace, automobile, Construction and other such industries, the demand for composites is on a surge.
• North America is one of the largest market share and Asia-Pacific is expected to have a highest growth rate during the forecasted period.
• Transportation, and Construction applications are expected to dominate the market studied in the forecasted period

• Carbon Fiber is an advanced composite material used in a wide range of applications from Automotive to sports equipment’s and even in most advanced industries such as Aerospace, Defense and other industries.
• The number of carbon fiber manufacturers are increasing year on year due to its heavy demand in various markets. For instance in 2021, there are 58 carbon fibre producers in United States, up from 17 in the previous decade.
• Because of their high specific strength and/or modulus, composites have long been hailed as the materials of the future, making them appealing choices for aircraft applications. In the latest Boeing 787 Dreamliner aeroplane, the amount of composites has climbed to 50%.
• According to the data given by CompositesWorld the production of carbon fiber in 2021 is 114,100 metric tonnes.
• The wind energy industry, presently is the world's largest consumer of carbon fibre by volume, summing upto 28000 metric tonnes in the year 2021.
• Hence, owing to the above-mentioned factors, carbon fiber is expected to witness the highest growth rate during the forecast period.

• Asia-Pacific region accounts for the highest share of composite material market owing to high demand from end-user industries like construction, automotive, electrical & electronics, aerospace & defense, Industrial, etc.
• The demand for composite material in the Asia-Pacific region is growing at a staggering rate as a result of rapid industrialisation in countries such as China, India, and Japan.
• The demand for composite materials is surging every year with the increase in its application in various industries. In China the supply of Carbon fiber, which is an advanced composite fiber, amounted to around 19,250 metric tonnes in the year 2021 according to CompositesWorld.
• According to JEC Korea, South Korea has a strong composites sector, with local processors and carbon fibre and resin suppliers, and the nation will continue to be at the forefront of composite material and method innovations. The government of South Korea has committed substantial resources to bolstering the country's carbon fibre sector.
• Increased usage of lightweight and extremely stiff carbon fibre is predicted to be stimulated by more rigorous environmental restrictions and the upgrading of environmental frameworks, such as the Sustainable Development Goals (SDGs) and the Paris Agreement. Asia's demand is said to be increasing, particularly in the domains of sports and outdoor activities, industrial, and aircraft.

The composite material market is moderately fragmented as the market share is divided between many players. Key players in the market (not in any particular order) include TORAY INDUSTRIES, INC., 3M, Cabot Corporation, Dupont, and Owens Corning, among others.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support