Composites Market by Product (Carbon Fiber, Glass Fiber, and Others), Manufacturing Process (Layup Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding Process, and Others), End-use (Automotive & Transportation, Wind Energy, Electrical & Electronics, Construction & Infrastructure, Pipes & Tanks, Marine, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032

Composites Overview

A composite material is a material made up of two or more components with different properties. Combining two or more components at a microscopic level creates new materials with improved properties compared to the individual members. Composites typically comprise a matrix phase that surrounds and supports a reinforcing phase. The matrix can be polymeric, metallic, or ceramic, while the reinforcing phase often contains fibers, particles, or flakes. The resulting composite materials exhibit excellent properties such as high strength, stiffness, toughness, and lightweight. These materials are broadly used in aviation, automobile, development, sporting products, and renewable energy industries. Illustrations of composites include carbon fiber reinforced polymers (CFRP), fiberglass, Kevlar, and wood composites like plywood.  Composites have revolutionized several industries by outperforming conventional materials in terms of corrosion resistance, tensile strength, design flexibility, and performance.  Composites are a valuable and versatile option for materials due to their ability to produce more robust, lighter, and durable structures and products.

Global Composites Market Analysis

The global composites market size was $93.90 billion in 2022 and is predicted to grow with a CAGR of 7.1%, by generating a revenue of $179.18 billion by 2032.

COVID-19 Impact on Global Composites Market

The COVID-19 pandemic has had a significant impact on the composites market. Global supply chains for raw materials were disrupted due to lockdowns and transportation restrictions, leading to delays in material deliveries and increased costs. Demand for composites decreased across sectors like aerospace, automotive, construction, and wind energy as companies faced financial challenges and postponed or canceled projects. Manufacturing facilities had to suspend operations temporarily, resulting in reduced production capacities. However, the pandemic also prompted innovation and adaptation within the industry, with composites being used in new applications like PPE and medical equipment. As vaccination efforts progress and economies reopen, the composites market is expected to recover, driven by investments in infrastructure, renewable energy, and automotive industries. Monitoring market trends and adaptability will be crucial for businesses in the composites industry during the post-pandemic era.

Lightweight and High-Strength Properties to Drive the Market Growth

The composites market experiences growth and demand driven by several factors. First, composites' lightweight and high-strength properties make them beneficial in the aerospace, automotive, and construction industries; where fuel efficiency and energy conservation are crucial. Second, the increasing demand from end-use industries such as construction, automotive, marine, electrical, and electronics fuels the market's expansion. Third, advancements in manufacturing technologies like automated fiber placement and additive manufacturing improve efficiency and cost-effectiveness, making composites more accessible. Additionally, the rising focus on environmental sustainability drives the demand for composites due to their ability to reduce emissions and improve energy efficiency. Repair and maintenance applications in the infrastructure and transportation sectors also contribute to market growth. Government regulations promoting lightweight materials further boost demand for composites. Cost reduction efforts, material innovations, and ongoing research and development activities are critical in expanding composite application areas and driving market growth.

High Costs to Restrain the Market Growth  

The composites market faces various factors that restrain its growth and adoption. One significant factor is the high costs of composites, including raw materials, manufacturing processes, and specialized equipment, making them more expensive than traditional materials. Additionally, a lack of awareness and understanding about composites and their benefits can hinder market expansion. Limited standardization poses another challenge, as the absence of universally accepted specifications and guidelines creates uncertainty among potential buyers. Design and manufacturing complexities specific to composites can deter manufacturers from transitioning to these materials. Furthermore, disruptions in the supply chain, such as raw material availability or transportation issues, can impede market growth.

Growing Applications in Various Sectors to Drive Excellent Opportunities

The composites market presents numerous opportunities across various industries. In aerospace and defense, composites offer high strength-to-weight ratios and corrosion resistance, driving the development of advanced materials for improved aircraft performance and military applications. The automotive sector is greatly adopting composites to reduce vehicle weight, enhance fuel efficiency, reduce noise, and improve crash resistance. Renewable energy, especially wind energy, relies on composites for durable and lightweight turbine blades, creating opportunities in offshore wind farms. The construction industry benefits from composites' strength, durability, and design flexibility for infrastructure projects such as bridges, pipelines, and building facades. Sports and recreation equipment leverage composites for their lightweight properties, opening opportunities for innovation and improved performance. In the medical field, composites are used in surgical tools, implants, prostheses, and other medical devices because of their biocompatibility and adaptability.

Global Composites Market Share, by Product, 2022

The carbon fiber sub-segment accounted for the highest market share in 2022. Carbon fiber has dominated the composites market due to its exceptional characteristics. Its high strength-to-weight ratio makes it significantly lighter yet incredibly strong compared to traditional materials like steel or aluminum. This advantage is precious in industries where weight reduction is crucial, such as aerospace and automotive. Carbon fiber composites also possess rigidity and solidness, maintaining their shape and structural integrity even under heavy loads. Additionally, they are corrosion-resistant, making them suitable for marine, oil & gas, and chemical production applications.

Global Composites Market Share, by Manufacturing Process, 2022

The layup process sub-segment accounted for the highest market share in 2022. The dominance of the layup process in the composites market can be attributed to several key factors. First, its flexibility and versatility allow for the precise placement of composite materials, making it suitable for various applications. Moreover, the layup process is cost-effective, requiring minimal tools and equipment and enabling efficient material usage.  Also, the process can be easily automated, increasing production efficiency and reducing labor costs. Finally, the layup process can create lightweight and durable composite structures and has applications in various industries such as aerospace, automotive, wind energy and marine.

Global Composites Market Share, by End-use, 2022

The automotive & transportation sub-segment accounted for the highest market share in 2022. The automotive and transportation industry has dramatically influenced the dominance of the composites market. Composites have become a popular choice in this sector due to their numerous advantages. One significant factor is light weight, which is crucial for improving fuel efficiency and reducing carbon emissions. Composites, especially carbon fiber-reinforced polymers (CFRP), offer a lightweight alternative to traditional materials like steel and aluminum while maintaining strength. This enables automakers to create lighter vehicles without compromising safety or performance. The rise of electric vehicles (EVs) has further accelerated the demand for composites, as reducing weight is essential for maximizing battery range.

Global Composites Market Share, by Region, 2022

The Asia-pacific composites market generated the highest revenue in 2022. Asia-Pacific dominates the composites market for various reasons. First, countries such as China, India, Japan, and South Korea have strong manufacturing capacities and infrastructure capable of producing composites at competitive prices on a large scale. Moreover, the aviation, automobile, development, and wind energy industries in the region are boosting demand for lightweight, high-strength materials like composites. Also, governments in the region have introduced supportive policies and incentives for the composites industry.

Competitive Scenario in the Global Composites Market

Investment and agreement are common strategies followed by major market players. Some of the leading composites market players are Teijin Ltd., Toray Industries, Inc., Owens Corning, PPG Industries, Inc., Huntsman Corporation LLC, SGL Group, Hexcel Corporation, DuPont, Compagnie de Saint-Gobain S.A., Weyerhaeuser Company, and Momentive Performance Materials, Inc.

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