< Key Hightlight >

The global composites market size is projected to grow from USD 88.0 billion in 2021 to USD 126.3 billion by 2021, at a CAGR of 7.5% between 2021 and 2026. The composites offer exceptional properties, such as stiffness, strength, tenacity, density, and thermal & electrical conductivity, fatigue, and corrosion resistance. Owing to these outstanding properties offered by the composites, conventional materials such as aluminum steel are preferred less in high performance applications. However, global pandemic disease COVID-19 has forced the automotive, wind blade and aircraft manufacturers to shut down their operations which resulted into decreased demand for composites in 2020.

“Natural fiber composites are the fastest-growing fiber type of composites market in terms of value.” 

Natural fiber composites are projected to register the highest CAGR in terms of value between 2021 and 2026. Natural fibers, such as flax, hemp, jute, and kenaf, along with a polymer matrix, such as polypropylene, epoxy, polyethylene, or polyesters, form the natural fiber composite. The use of natural fiber composites is growing as an alternative to glass fiber composites in many end-use industries.

“Thermoplastic composites is the fastest-growing resin type of composites, in terms of value.” 

Thermoplastic composites are the fastest-growing resin type. The thermoplastic composites are easy to remold, and reform and hence can be reused. Thus, the companies are investing in R&D for the mass production of thermoplastic composites to reduce its cost. However, continuous lockdown in the US, Spain, Italy, India, and other countries has paused the production of automobile, aircraft parts, wind blade, and other components which has affected adversely to the composite manufacturers and might reduce the demand for composites from various end-use industries.

“Resin Transfer Molding (RTM) manufacturing process is the fastest-growing manufacturinf process of composites, in terms of value.” 

RTM is a vacuum-assisted resin transfer process that uses a flexible solid counter tool for surface compression. This process yields increased laminate compression, high glass-to-resin ratio, and outstanding strength-to-weight characteristics. It is mainly used to mold components with large surface areas, complex shapes, and smooth finishes. The growth prospects of the RTM process are very good in the next five years due to increasing applications in the automotive and construction industries in emerging countries. It is the most promising technology available today, as it can yield large complex three-dimensional components with high mechanical performance, tight dimensional tolerance, and high surface finish.

“Wind energy is the fastest-growing end-use industry of composites, in terms of value.”

The wind energy is expected to grow at the highest CAGR during the forecast period. The use of composites in wind turbines provides high tensile strength, helping manufacturers to achieve larger blades and higher energy output. Due to its corrosion resistance properties, composites have helped the wind industry to grow by allowing wind turbines to work in the harshest environments.  Due to COVID-19, there was a partial production in various wind blade manufacturing facilities, thereby affecting the demand for composites in the wind energy sector in 2020.

“APAC is the fastest-growing composites market.” 

APAC is projected to register the highest CAGR in terms of value in the global composites market during the forecast period. APAC dominated the composites industry in 2020. The composites manufacturing companies have ample opportunities in the APAC market in comparison to the European and North American counterparts owing to low-cost labor and raw materials.

Due to COVID-19, composites producers and numerous companies have halted their production sites across various countries that has led to reduced demand for composites, APAC countries. The recovery in the end-use industries with restoration in the supply chain would drive the composites demand during the forecast period.

This study has been validated through primary interviews conducted with various industry experts globally. These primary sources have been divided into the following three categories:

• By Company Type- Tier 1- 40%, Tier 2- 33%, and Tier 3- 27%

• By Designation- C Level- 50%, Director Level- 20%, and Others- 30%

• By Region- North America- 15%, Europe- 50%, Asia Pacific (APAC) - 20%, Latin America-5%, Middle East & Africa (MEA)-10%,

The report provides a comprehensive analysis of company profiles listed below: 

• Owens Corning (US) 

• Toray Industries, Inc. (Japan)

• Teijin Limited (Japan)

• Mitsubishi Chemical Holdings Corporation (Japan)

• Hexcel Corporation (US)

• SGL Group (Germany)

• Nippon Electric Glass Co. Ltd. (Japan)

• Huntsman International LLC. (US)

• Solvay (Belgium)

Research Coverage

This report covers the global composites market and forecasts the market size until 2026. The report includes the market segmentation – Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites and Other), Resin Type( Thermoset Composites and Thermoplastic Composites), Manufacturing process (Lay-up, filament winding, injection molding, pultrusion, compression molding, RTM, and others), End-use Industry (Aerospace & Defense, Wind Energy, Automotive & Transportation, Construction & Infrastructure, Marine, Pipes & Tanks, Electrical & Electronics, and Others) and Region (Europe, North America, APAC, Latin America, and MEA). Porter’s Five Forces analysis, along with the drivers, restraints, opportunities, and challenges, are discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global composites market. 

Key benefits of buying the report: 

The report will help market leaders/new entrants in this market in the following ways: 

1. This report segments the global composites market comprehensively and provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions. 

2. The report helps stakeholders understand the pulse of the composites market and provides them with information on key market drivers, restraints, challenges, and opportunities. 

3. This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreement, and acquisitions. 

Reasons to buy the report:

The report will help market leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall composites market and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.