Composite Process Material Kits Market by Kit-Type (Pre-Cut Shapes, Combination Kits, Welded Products, and Others), Process-Type (Prepreg Layup, Infusion Process, and Others), End-use Industry (Aerospace & Defense, Wind Energy, Marine, Transportation, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031

Paints, Coatings and Additives

MA23018598

Pages: 280

Jan 2023

Reports Overview

Global Composite Process Material Kits Market Analysis

The Global Composite Process Material Kits Market Size was $109.4 million in 2021 and is predicted to grow with a CAGR of 6.3%, by generating a revenue of $196.5 million by 2031.

Global Composite Process Material Kits Market Synopsis

Composite process materials are created by combining two or more materials with disparate qualities to create a material that is unique from the sum of its parts. The combination frequently removes or lessens the shortcomings of separate components, and each material imparts its distinctive qualities. One of the major advantages of composite process material is the light weight of composite materials which is their main benefit. Composite materials may significantly reduce an aircraft's weight, improving both performance and fuel economy. In most airplanes, fiber-reinforced matrix technologies offer a smoother, more aerodynamic surface that increases performance and fuel economy while also being stronger than typical aluminum. Composite materials do not corrode as quickly as other forms of construction do, and unlike aluminum, they do not break from metal fatigue. As a result of their flexibility, they outlast metal, which results in fewer maintenance and repair expenses. These factors are anticipated to boost the composite process material industry growth in the upcoming years.

However, some of the disadvantages of composite process material such as strict environmental regulations, higher expenses, and limits for waste disposal—are just a few of the market dynamics that are limiting the market. Additionally, composite end-of-life waste management is coming under close examination due to the growing use of life cycle assessment as a component of the material selection process in several sectors. For instance, the sector must address substantial societal and industrial difficulties because it is estimated that 90% of garbage in the UK now ends up in landfills. Furthermore, the rise in plastic garbage has forced governments all over the world to enact strict environmental regulations. A ban on single-use plastic in some nations has drawn attention to the measures adopted by governments to address the issues raised by plastic trash.

The increased usage and applications of advanced composite materials will also be seen in the defense industry. There are additional novel uses that will help the military industry, even though many of these will be in the form of airframe components because of their light weight and strength, for instance, are used by Morgan Advanced Materials (MAM) to create lightweight armor items including helmets, vests, and ballistic protection jackets. According to MAM, their armor offers integrated threat protection from mine blasts, flaming fluids, and fragmentation while being 50% lighter than the equivalent structural model.

According to regional analysis, the North America composite process material kits market accounted for heighted market share in the projected timeframe. Due to the presence of numerous small to large-sized OEMs, molders, process material suppliers, and raw material suppliers, the region has been a pioneer in the advanced composites industry.

Composite Process Material Kits Market Overview

Composite process material kits are created by combining two or more materials with different features to create a material that is unique from the sum of its parts. The combination frequently removes or lessens the shortcomings of separate components, and each material imparts its distinctive qualities. It is possible to decide in advance what a material's qualities will be. Fewer raw materials, fasteners, and joints are needed for composite process materials, and this flexibility during the production process results in a range of features.

COVID-19 Impact on Global Composite Process Material Kits Market

The COVID-19 pandemic has brought several uncertainties leading to severe economic losses as various businesses across the world were standstill. This has ultimately lowered the demand for composite process material kits due to disruptions in supply chain, closure of manufacturing plants, as well as economic slowdown across several countries. In addition, the import-export restrictions were laid down on major composite process material kits producing countries such as the U.S. and China. For instance, sanitization of goods being imported from China was imposed by several countries. In addition, the construction & automotive sector faced the highest impact in terms of sales and acquisition of new projects due to which the composite process material kits demand reduced significantly. For instance, in construction industry, several construction projects were postponed or cancelled due to shortage of raw materials and laborers, fear of contracting the COVID-19 virus among workers, as well as travel restrictions. Similarly, in the automotive sector, composite process material kits are used in spark-ignition engines. However, disruptions in the exports of automotive parts from China as well as closure of automotive assembly and manufacturing units have hampered the composite process material kits market share during the pandemic. These initiatives are predicted to drive the composite process material market size during the analysis timeframe.

Growing Applications of Composite Process Material Kits in Automotive Sector to Drive the Market Growth

The automotive industry is always developing composites for lightweight materials since fuel efficiency and pollution restrictions are so important. For example, as of right now, the Corporate Average Fuel Economy (CAFÉ) rules in the US need a fleet average of 23.2 km/liter by 2025. A fleet goal of 20 km/liter is also established by China's Corporate Average Fuel Consumption (CAFC). In 2021, CO2 emissions must be 95 g/km, and they must further decrease by 15% by 2025, according to European emission laws. Currently, more than 100 types of automobiles call for the use of carbon-fiber-reinforced plastic in the manufacture of original equipment manufacturer (OEM) parts. The industry is also being stimulated by the expanding trend of thermoplastics being used in vehicles. These materials are being used by the original equipment manufacturers (OEMs) to produce lighter automobiles, emit fewer pollutants, and have better fuel economy. Increase in the use of composite process material kits market for automotive sector application is expected to boost the composite process material kits market share.

To know more about global composite process material market drivers, get in touch with our analysts here.

Lack of Standardization in Manufacturing Technologies Over Composite Process Material Kits to Restrain the Market Growth

The use of composites in a variety of applications, including sports goods, marine, and consumer products, is furthermore constrained by manufacturing and non-recurring development expenses. The key problems of concern are design consistency, process standardization, and maintenance technology. The manufacturers are forced to use conservative designs due to the lack of material and methodology standardization, which hinders the mass manufacturing and financial viability of vehicles and airplanes. Additionally, fewer people with composites-related training and expertise prevent composites from being used in more applications which is anticipated to hamper the composite process material market growth.

Use of Composite Process Material Kits as an Aerospace Sector to Drive Excellent Opportunities

Composite materials are critical to UK aerospace and to the industry's future success in the markets for whole aircraft, aerostructures, propulsion, and systems due to their capacity to offer top-notch alternatives for a variety of goods. Understanding future demands, promoting technology, and facilitating capability development in composites are crucial for the UK. This document provides the industry with information on current composite advances in the UK and on future demands by providing comprehensive research to evaluate composite technologies. The objectives of the subjects are to help with the creation of cooperative industrial research initiatives that place the UK aerospace composites sector in a competitive position to benefit from developing high-value global aerospace opportunities. Increase in the use of the composite process material kits market for aerospace applications are anticipated to boost the market.

To know more about global composite process material market opportunities, get in touch with our analysts here.

Global Composite Process Material Kits Market, by Kit-Type

Based on kit-type, the market has been divided into pre-cut shapes, combination kits, welded products, and others. Among these, the pre-cut shapes sub-segment accounted for the highest market share in 2021 and it is estimated to show the fastest growth during the forecast period.