Composites Market Report

Market Insights

Composites market is likely to grow from USD 90.22 billion in 2021 to USD 148.16 billion by 2028 at a CAGR of 7.26% during the forecast period of 2022-2028.

What are composites?

Composites are engineered materials made up of polymer matrix reinforced with fiber and exhibit high strength-to-weight ratio and modulus-to-weight ratio. Common fibers used are glass fiber, carbon fiber, aramid fiber, natural fiber, etc. The polymers usually are thermoset resins such as polyester, epoxy, vinyl ester, polyurethane, and others. Some of the thermoplastics are also used as polymer matrix.

Market Drivers

The prime factor underpinning the demand for composites is the increasing penetration of lightweight materials in various end-use industries such as aerospace & defense, automotive, and wind energy, which is driving the growth of the market.

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Key Players

Some of the major composite manufacturers are-

• Hexcel Corporation
• Hexion Inc.
• Huntsman Corporation
• Koninklijke Ten Cate BV
• Mitsubishi Chemical Corporation
• Owens Corning
• SGL Group
• Solvay S.A.
• Teijin Limited
• Toray Industries Inc.
• others.

Segment Analysis

By Resin Type

Based on the resin type, the market is segmented as thermoset composites and thermoplastic composites. Thermoset composites dominated the market in 2021 and are expected to remain dominant during the forecast period. Thermoset resins are lower in cost, offer higher performance, and are more durable. Thermoset composites are more preferred in aerospace & defense, marine, wind energy, and others.

By Fiber Type

Based on the fiber type, the composites market is segmented as glass fiber composites, carbon fiber composites, natural fiber composites, and others. Glass fiber composites accounted for more than 60% share of the market in 2021, as they are comparatively cheap than carbon fiber and offer the required physical and mechanical properties such as strength, durability, and stability. This segment is likely to maintain its dominance during the forecast period as well. The growth of the segment can be attributed as glass fiber composites are dominantly used in the wind energy, pipes & tanks, electrical & electronics, and construction industries, whereas carbon fiber composites are dominantly used in aerospace & defense industry as they are lightweight as compared to glass fibers.

By Manufacturing Process Type

Based on the manufacturing process type, the market is segmented as lay-up, filament winding, injection molding, pultrusion, compression molding, resin transfer molding, and others. The lay-up process type accounted for more than 33.3% share in 2021 and is expected to dominate the market during the forecast period as it is the most cost-effective process, driving the growth of the segment.

By End-Use Industry Type

Based on the end-use industry type, the composites market is segmented as transportation, aerospace & defense, wind energy, construction & infrastructure, pipes & tanks, marine, electrical & electronics, and others. The transportation segment accounted for more than 20% share in 2021 and is expected to dominate the market during the forecast period. Composites offer improved strength-to-weight ratio, which provides lightweight construction and hence, fuel-efficient transportation vehicle.

By Region

In terms of regions, Asia-Pacific accounted for more than 43.8% share in 2021 and is estimated to remain the largest market during the forecast period driven by the expanding transportation industry, increasing number of wind turbine installations, and significant growth in construction & infrastructure of the growing economies such as China and India. 

Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The Composites market is segmented into the following categories. 

By Resin Type:

• Thermoset Composites
  • (Resin Type Analysis: Polyester Resin, Epoxy Resin, Vinyl Ester Resin, Polyurethane Resin, and Others)
• Thermoplastic Composites
  • (Resin Type Analysis: Polycarbonate, Polyphenylene Sulfide, Polyetherimide, Polyetheretherketone, Polyamide, and Others)

By Fiber Type:

• Glass Fiber Composites
• Carbon Fiber Composites
• Natural Fiber Composites
• Others

By Manufacturing Process Type:

• Lay-up
• Filament Winding
• Injection Molding
• Pultrusion
• Compression Molding
• Resin Transfer Molding
• Others

By End-Use Industry Type:

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

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the form resin types by end-use industry type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.