Composites Market Forecasts to 2028 – Global Analysis By Manufacturing Process (Resin Transfer Molding (RTM) Process, Layup Process, Filament Winding Process and Other Manufacturing Processes), Fiber Type (Carbon Fiber Composites, Glass Fiber Composites a

Composites Market Forecasts to 2028 – Global Analysis By Manufacturing Process (Resin Transfer Molding (RTM) Process, Layup Process, Filament Winding Process and Other Manufacturing Processes), Fiber Type (Carbon Fiber Composites, Glass Fiber Composites and Other Fiber Types), Resin Types (Thermoplastic Composites and Thermoset Composites), Additive & Fillers (Additives and Fillers), Application and By Geography

According to Stratistics MRC, the Global Composites Market is accounted for $96.36 billion in 2022 and is expected to reach $166.10 billion by 2028 growing at a CAGR of 9.5% during the forecast period. Composites are groups of parts that, when put together, are more powerful than the parts taken individually. Fiber-Reinforced Polymer (FRP) composites are another name for it. Natural or artificial composites are also possible. A composite material created by humans, plywood blends synthetic and natural components. To create flat sheets of laminated wood, which are stronger than natural wood, thin layers of wood veneer are fused together with glue.

According to the American Road and Transportation Builders Association report 2019, more than 600,000 bridges in the U.S. are in a poor condition and need urgent repairs.

Market Dynamics:

Driver:

Increasing awareness regarding the benefits of composites

Increasing awareness of the benefits of composites is likely to boost market revenue growth over the forecast period. In comparison to most metals and woods, composite materials weigh incredibly little and are much stronger than steel and aluminium. The automotive, manufacturing, and sports industries all benefit from lightweight composites with anti-corrosive qualities and high strength. Additionally, government programmes to support sustainability and lower carbon dioxide (CO2) emissions to combat global warming are anticipated to have a beneficial effect on the market's revenue growth.

Restraint:

Lack of standardization in manufacturing technologies

The use of composites in a variety of applications, including sporting goods, marine, and consumer goods, is nevertheless constrained by manufacturing and non-recurring development expenses. The main problems of concern are design consistency, process standardisation, and maintenance technology. The manufacturers are forced to use conservative designs due to the lack of material and methodology standardisation, which hinders the mass manufacturing and financial viability of automobiles and aircraft. Furthermore, limited human resources with composite training and experience limit the scope of composite applications.

Opportunity:

Increasing adoption of electronics safety equipment

Composites are being quickly adopted in the market as a result of rising acceptance of electronics safety equipment. Composites are nonconductive because they do not conduct electricity. They are suitable for usage in electronics circuit boards and electrical utility poles due to this feature. Additionally, because they include no metals, composites are nonmagnetic, making them ideal for producing delicate electronic equipment.

Threat:

Issues related to recycling

Strict environmental regulations, higher expenses and restrictions for waste disposal—these are just a few of the market dynamics that are limiting the market. Additionally, composite end-of-life waste management is coming under close scrutiny due to the growing use of life cycle assessment as a component of the material selection process in several sectors. Furthermore, the rise in plastic garbage has forced governments all over the world to enact strict environmental regulations.

Covid-19 Impact

The global COVID-19 outburst has had a huge impact on supply chains because key economies have halted commerce. Additionally, in 2020, demand for the product decreased across a number of end-use industries, including aerospace, automotive, and construction. One of the industries that uses composites most frequently is aerospace and defence, which has seen the pandemic's most severe and rapid effects. The lockdown at both international and domestic borders has had the worst effects on the airline industry. The demand for composites has been severely hampered.

The glass fiber composites segment is expected to be the largest during the forecast period

The glass fiber composites segment is estimated to have a lucrative growth, due to its exceptional qualities, including strength, flexibility, durability, stability, low weight, and resistance to heat, temperature, and moisture, glass fibre is utilised in a variety of applications in the building, wind energy, pipelines & tanks, marine, and transportation industries. It is utilised in a variety of transportation-related applications, including air ducts, engine covers, deck lids, front end modules, bumper beams, and under body systems.

The lay-up process segment is expected to have the highest CAGR during the forecast period

The lay-up process segment is anticipated to witness the fastest CAGR growth during the forecast period, as because it is a low-cost method and has advantages such as quick deposition of fiber & resin and ease of operation. Typically, the lay-up method is used to create straightforward enclosures and lightly loaded structural panels. The end-use industries with the most demand for this method are those in the aerospace and defence, building and infrastructure, wind energy, and marine sectors.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to high demand from China, Japan, India, and other countries. In the APAC market, wind energy, aerospace & defence, automotive, and construction are some of the major end-use industries for composites. Technology advancements, governmental standards, and regulatory frameworks are some of the key elements propelling the APAC composites market.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the rising demand from the defense & aerospace industry. The U.S. Aerospace & Defense (A&D) industry is regarded as a global leader in the design and development of technologically advanced aircraft, and defence capabilities, and is present in the region with a number of aircraft OEMs (Original Equipment Manufacturers). Composites offer strong impact resistance and thermal stability while reducing weight in aircraft applications by 20–50%.

Key players in the market

Some of the key players profiled in the Composites Market include Toray Industries, Inc., Chongqing Polycomp International Corporation, Owens Corning, Jushi Group Co., Ltd., Teijin Limited, SGL Group, Nippon Electric Glass Co. Ltd., Mitsubishi Chemical Holdings Corporation, Solvay, Huntsman International LLC., Koninklijke Ten Cate BV, Hexion, Weyerhaeuser Company, Du Pont Nemours & Co.

Key Developments:

In June 2021, Solvay S.A. partnered with Italian UAM company Novotech and will be providing access to its range of thermoset and thermoplastic composites and adhesive materials. It will also provide dedicated technical support to develop the structure of its hybrid Seagull water landing aircraft's second prototype due to fly in late 2021.

In May 2021, Toray Industries, Inc. developed a high thermal conductivity technology that lifts the heat-dissipating properties of carbon-fiber-reinforced plastic (CFRP) to that of metals.

Manufacturing Processes Covered:
• Resin Transfer Molding (RTM) Process
• Layup Process
• Filament Winding Process
• Compression Molding Process
• Pultrusion Process
• Injection Molding Process
• Other Manufacturing Processes

Fiber Types Covered:
• Carbon Fiber Composites
• Glass Fiber Composites
• Other Fiber Types

Resin Types Covered:
• Thermoplastic Composites
• Thermoset Composites

Additives & Fillers Covered:
• Additives
• Fillers

End Users Covered:
• Automotive & Transportation
• Pipes & Tanks
• Wind Energy
• Construction and Infrastructure
• Electrical & Electronics
• Marine
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements