Composites Market Size to Reach Around US$ 163.14 Bn by 2030

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Tokyo, April 08, 2022 (GLOBE NEWSWIRE) — The global composites market size was estimated at US$ 94.34 billion in 2021. When two or more components with different physiochemical properties are mixed and delivered, a new material known as composites is created with properties that are different from the origin source attributes. These composites can either be created naturally and artificially. The few naturally occurring composites include wood, collagen, and wood, whereas other materials are handmade. Composites are popular in sectors such as aerospace, transportation, electronics, and automotive because of their properties.

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The component firms’ procurement procedures will most likely be hampered by the high cost of raw materials for composites. The increased disposable income and a willingness to spend more on higher quality products, on the other hand, are expected to have a positive impact on the composites market growth during the forecast period.

Growth Factors

Global composites market is largely influenced by ascending lightweight materials demand in many sectors like automotive, wind energy, transportation, aerospace and defense. Growing demand for composites in the automotive sector of emerging economies is predicted to lift the growth of global composite market during forecast period. Escalating prices of fuel have prompted the requirement for fuel-efficient vehicles. Composites are largely employed as the replacement for wood, aluminum, and steel due to its greater strength to weight ratio.

At present, against the backdrop of unsettled China/U.S. trade disagreements, the U.S. composites sector stays optimistic and endures to demonstrate positive growth. This mainly backed by stable growth of aerospace wind energy, and construction areas.

Report Scope Details
Market Size in 2021 USD 94.34 Billion
CAGR 7.8% from 2022 to 2030
Asia Pacific Market Share in 2021 45.5%  
Glass Fiber Market Share in 2021 61.5%  
Thermosetting Resin Market Share in 2021 70%  

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Regional Snapshot

North America is the largest segment for composites market in terms of region. The North America composites market is being influenced by a growing demand from the automotive industry, an increase in defense budgets in several nations, and an increase in demand from the electronics industry. Furthermore, increased market players’ awareness of the product’s benefits is expected to provide the region’s market growth a boost.

Asia-Pacific region is the fastest growing region in the composites market. The Asia-Pacific region’s robust vehicle manufacturing industries, combined with a high prevalence of electrical and electronic components companies, are expected to drive the demand for composites in the region.

Report Highlights

  • Based on the product, the glass fiber segment dominated the global composites market in 2020 with highest market share 61.5%. These fibers are used in industrial and manufacturing applications because of their advantageous qualities such as high stiffness, low weight, minimal thermal expansion, and strong chemical resistance.
  • Based on the manufacturing process, the layup process segment dominated the global composites market in 2020 with highest market share. Rising production of wind turbine blades and boats is likely to propel the layup process segment of the global composites market growth.
  • Based on the end use, the automotive and transportation segment dominated the global composites market in 2020 with highest market share. Composites provide benefits to the transportation industry, such as fuel savings, because the components are substantially lower in weight, allowing for increased fuel efficiency.

Market Dynamics

Drivers

Rising demand for lightweight materials

The composites market is growing because to a surge in demand for lightweight materials in the automobile industry to improve fuel efficiency. Additionally, the growing use of high-performance composites in kinetic buildings, such as advanced composite technologies like the production of non-composite and biomimetic composite materials to replace traditional materials. As a result, the rising demand for lightweight materials is driving the growth of the composites market during the forecast period.

Restraints

Lack of standardization in manufacturing industry

The manufacturers of aerospace and automobiles are forced to choose conservative designs due to lack of material and methodology standardization, which impedes mass manufacturing and economic performance of automobiles and aircraft. Furthermore, a scarcity of labor resources with composites training and experience limits the use of composites in new applications. As a result, the lack of standardization in manufacturing industry is hindering the growth of the composites market.

Opportunities

Surge in demand from the aerospace industry

The use of composites in the aerospace sector has grown and broadened since a decade. Both for commercial and business aircrafts, the aircraft manufacturers are taking steps to increase key structures in thermoplastic. The aircraft manufacturers were among the first to embrace long fibers reinforced thermoplastics technology. Polyetherimide with carbon is the most common thermoplastic composition in the industry today. These materials have two key properties that make them appealing for aerospace applications. Thus, the surge in demand from the aerospace industry is creating lucrative opportunities for the growth of the composites market.

Challenges

Stringent environmental policies

The strict environmental policies and legislation, as well as increased restrictions and costs for landfill disposal are some of the challenges faced by the composites market. Furthermore, the growing use of life cycle assessment as part of the material selection process in a variety of industries is putting composite end of life waste management under close scrutiny. In addition, rising plastic waste has compelled legislators around the world to enact strict environmental regulations. The introduction of single use plastic laws in a number of nations has drawn attention to the steps taken by governments to address the problems caused by plastic waste. Thus, the strict environmental policies are a huge challenge for the growth of the composites market during the forecast period.

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Key Players & Strategies

Some of the topmost suppliers of glass fiber in the U.S are Jushi, Nippon Electric Glass, Owens Corning, CPIC and Johns Manville. The glass fiber business is quite consolidated, with the uppermost 3 players occupying more than 50% of the total output by value. In order to accomplish the growing demand for glass fiber in numerous applications, enterprises are trying to develop both inorganically and organically. For example, in 2019, Jushi USA started operation of its alkali-free fiber production line along with capacity of 96,000 tons annually and an over-all investment of USD 350 million. On the other hand, in 2017-18, Nippon Electrical Glass acquired the outstanding PPG USA fiberglass operations with around USD 550 million.

Market Segmentation

By Product Type

  • Glass Fiber
  • Carbon Fiber
  • Others

By Resin Type

  • Thermoplastic
  • Thermosetting
  • Others

By Manufacturing Process Type

  • Injection Molding Process
  • Resin Transfer Molding Process
  • Pultrusion Process
  • Layup Process
  • Filament Winding Process
  • Compression Molding Process
  • Others

By End Use Type

  • Electrical & Electronics
  • Automotive & Transportation
  • Wind Energy
  • Aerospace & Defense
  • Pipes & Tanks
  • Construction & Infrastructure
  • Marine
  • Others

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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