Composites Market by Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites), Resin Type (Thermoset Composites, Thermoplastic Composites), Manufacturing Process, End-use Industry, and Region - Global Forecast to 2028
STRONGWELL CORPORATION(COMPOSITE PART MANUFACTURERS)
SPIRIT AEROSYSTEMS(COMPOSITE PART MANUFACTURERS)
EXEL COMPOSITES
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BPREG COMPOSITES
BCOMP LTD.
INFINITUM COMPOSITES SIA
FIBRAWORKS GMBH
ATOMIC-6
AEON-T
NOVA CARBON
ANTEFIL COMPOSITE TECH AG
MIDWEST COMPOSITES
RRTC, INC.
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The global composites market size is projected to grow from 108.8 USD billion in 2023 and is estimated to reach 181.7 USD billion by 2028., at a CAGR of 10.8% between 2023 and 2028. Composite materials are transforming numerous industries by integrating different materials to form an enhanced composite. These materials provide exceptional versatility, allowing customization of characteristics such as durability, rigidity, electrical conductivity, and heat tolerance through careful selection and combination of components. Often presenting a substantial reduction in weight compared to traditional metals or materials, composites are perfectly suited for use in sectors like aerospace, transportation, and sports equipment.
Scope of the Report
Years Considered for the Study
2020-2028
Base Year
2022
Forecast Period
2023-2028
Units Considered
Value (USD), Volume (Kiloton)
Segments
Fiber Type, Resin Type, Manufacturing Process, End-use Industry and Region
Regions covered
Europe, North America, Asia Pacific, Middle East & Africa, and Latin America
"Carbon fiber composites are the fastest-growing fiber type of composites market in terms of value."
Carbon fiber composites are projected to register the highest CAGR in terms of value between 2023 and 2028.Carbon fiber is renowned for its exceptional strength and lightweight properties, making it a superior. carbon fiber finds extensive application in industries such as aerospace, automotive, sports equipment, and construction due to its ability to enhance the performance and efficiency of products. In the aerospace industry, for instance, the use of carbon fiber composites contributes to significant weight savings, leading to improved fuel efficiency and reduced emissions.
"Thermoplastic composites is the fastest-growing resin type of composites, in terms of value."
Thermoplastic composites have emerged as the most rapidly expanding category of resin types. In recent times, there has been a notable surge in the utilization of thermoplastic resins within the realm of fiber-reinforced composites. This type of resin, when combined with continuous fiber, yields structural composite products. A key benefit of employing thermoplastic resin as a matrix substance is its ability to be remolded and reused, distinguishing it from thermoset resin. As a result, composites made from thermoplastic resin are easily recyclable, leading to a significant rise in their adoption over the past decade.
"Resin Transfer Molding (RTM) manufacturing process is the second fastest-growing manufacturing process of composites, in terms of value."
RTM utilizes a rigid, yet flexible, counter mold to enhance surface compression during the vacuum-assisted resin transfer process. This method leads to superior strength-to-weight ratios, increased laminate compaction, and elevated glass-to-resin ratios. It is primarily used for molding large, complexly shaped parts with a high-quality finish. Such components are typically found in automotive, construction, infrastructure, and aerospace sectors. The RTM technique is anticipated to see significant growth over the next five years, particularly due to its expanding use in the automotive and construction sectors within emerging markets.
"Wind energy is the second fastest-growing end-use industry of composites, in terms of value."
The wind energy sector is forecasted to experience the second-highest compound annual growth rate (CAGR) over the next five years. Composite materials, known for their remarkable tensile strength, play a crucial role in constructing wind turbines, facilitating the production of large blades and increased energy output. Approximately 70-75% of the weight of wind blades consists of fiber reinforcement, typically combined with epoxy or unsaturated polymer resins. Fiberglass, renowned for its robust tensile strength, aids manufacturers in achieving larger blades and maximizing energy production. Moreover, fiberglass enhances the wind energy industry's resilience by enabling turbines to operate effectively in harsh environments, thanks to its corrosion-resistant properties.
"Asia Pacific is the fastest-growing composites market."
The Asia Pacific region is forecasted to experience the highest compound annual growth rate (CAGR) in the composites sector in terms of value over the upcoming five years. This region holds significant potential for growth in the electrical and electronics industry. The continuous expansion of technologically advanced electronic devices has generated a substantial need for lightweight and strong electronic products. This escalating demand for cutting-edge electronic products across diverse applications has spurred innovations and advancements in the composites industry within Asia Pacific.
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- 30%, and Executives- 20%
By Region - North America- 15%, Europe- 50%, Asia Pacific- 20%, Middle East & Africa (MEA)-10%, Latin America-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 S.A. (Belgium)
Research Coverage
This report covers the global composites market and forecasts the market size until 2028. 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 & Pressure vessels, Electrical & Electronics, and Others) and Region (Europe, North America, Asia Pacific, South America, and Middle East & Africa). 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 the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall composites market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
Analysis of key drivers ( Increasing demand from aerospace applications
Extensive use of composites in construction & infrastructure industry, Growing demand from satellite parts manufacturing, Stringent eco-friendly regulations to drive adoption of composites in automotive applications, Increasing use of ATF and AFP technologies for manufacturing aircraft primary structures, Increasing focus on lightweight and high-performance materials), restraints (High processing and manufacturing costs, Lack of standardization in manufacturing technologies
Limitations in use of carbon fiber composites in high-temperature aerospace applications), opportunities ( High demand for environmentally friendly electric vehicles, Growing adoption of natural fiber composites, Growing penetration of natural fiber composites and carbon fiber composites in emerging applications, Reduction of carbon fiber composite costs, Increasing use of carbon fiber composites in 3D printing, Increasing number of wind energy capacity installations
Development of advanced software tools for prepreg product development, High demand for carbon fiber composite in CNG and hydrogen storage.,) and challenges (Developing low-cost technologies,Issues related to recycling) influencing the growth of the composite market
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the composite market
Market Development: Comprehensive information about lucrative markets - the report analyses the composite market across varied regions.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the composite market
Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like 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 S.A. (Belgium) among others in the composite market.
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 INCLUSIONS & EXCLUSIONS
1.4 MARKET SCOPE
FIGURE 1 COMPOSITES MARKET SEGMENTATION
1.4.1 REGIONS COVERED
1.4.2 YEARS CONSIDERED
1.5 CURRENCY CONSIDERED
1.6 UNITS CONSIDERED
1.7 LIMITATIONS
1.8 STAKEHOLDERS
1.9 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
FIGURE 2 COMPOSITES MARKET: RESEARCH DESIGN
2.1.1 SECONDARY DATA
2.1.2 PRIMARY DATA
2.1.2.1 Key primary participants
2.1.2.2 Breakdown of interviews with experts
2.1.2.3 Key industry insights
2.2 IMPACT OF RECESSION
2.3 MARKET SIZE ESTIMATION
2.3.1 BOTTOM-UP APPROACH
FIGURE 3 COMPOSITES MARKET: BOTTOM-UP APPROACH
2.3.2 TOP-DOWN APPROACH
FIGURE 4 COMPOSITES MARKET: TOP-DOWN APPROACH
2.4 BASE NUMBER CALCULATION
2.4.1 APPROACH 1: SUPPLY-SIDE ANALYSIS
2.4.2 APPROACH 2: DEMAND-SIDE ANALYSIS
2.5 MARKET FORECAST APPROACH
2.5.1 SUPPLY SIDE
2.5.2 DEMAND SIDE
2.6 DATA TRIANGULATION
FIGURE 5 COMPOSITES MARKET: DATA TRIANGULATION
2.7 FACTOR ANALYSIS
2.8 RESEARCH ASSUMPTIONS
2.9 RESEARCH LIMITATIONS
3 EXECUTIVE SUMMARY
FIGURE 6 GLASS FIBER COMPOSITES DOMINATED MARKET IN 2022
FIGURE 7 THERMOSET COMPOSITES DOMINATED MARKET IN 2022
FIGURE 8 LAY-UP MANUFACTURING PROCESS ACCOUNTED FOR LARGEST SHARE OF COMPOSITES MARKET IN 2022
FIGURE 9 AUTOMOTIVE AND TRANSPORTATION LED MARKET IN 2022
FIGURE 10 ASIA PACIFIC TO RECORD HIGHEST GROWTH DURING FORECAST PERIOD
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN COMPOSITES MARKET
FIGURE 11 SIGNIFICANT GROWTH EXPECTED IN COMPOSITES MARKET BETWEEN 2023 AND 2028
4.2 COMPOSITES MARKET, BY FIBER TYPE
FIGURE 12 GLASS FIBER COMPOSITES DOMINATED MARKET IN 2022
4.3 COMPOSITES MARKET, BY RESIN TYPE
FIGURE 13 THERMOSET COMPOSITES ACCOUNTED FOR LARGEST SHARE IN 2022
4.4 COMPOSITES MARKET, BY MANUFACTURING PROCESS
FIGURE 14 LAY-UP WAS LARGEST MANUFACTURING PROCESS IN 2022
4.5 COMPOSITES MARKET, BY END-USE INDUSTRY
FIGURE 15 AUTOMOTIVE & TRANSPORTATION INDUSTRY DOMINATED MARKET IN 2022
4.6 COMPOSITES MARKET, BY REGION
FIGURE 16 ASIA PACIFIC DOMINATED MARKET IN 2022
4.7 COMPOSITES MARKET, BY KEY COUNTRY
FIGURE 17 CHINA TO RECORD FASTEST GROWTH DURING FORECAST PERIOD
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 18 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN COMPOSITES MARKET
5.2.1 DRIVERS
5.2.1.1 Increasing demand for composites in aerospace industry
TABLE 1 ORDERS OF DIFFERENT BOEING PLANES
5.2.1.2 Extensive use of fiberglass composites in construction & infrastructure industry
5.2.1.3 Wide deployment of carbon fiber in satellite components
5.2.1.4 Rising demand for fiberglass in automotive applications
5.2.1.5 Increasing use of ATF and AFP technologies in primary aircraft structures
5.2.1.6 Rising focus on lightweight and high-performance materials
5.2.2 RESTRAINTS
5.2.2.1 High processing and manufacturing costs
5.2.2.2 Lack of standardization in manufacturing technologies
5.2.2.3 Limited application of carbon fiber composites in high-temperature aerospace applications
5.2.3 OPPORTUNITIES
5.2.3.1 High demand for electric vehicles
5.2.3.2 Rising adoption of natural composites
5.2.3.3 Pressing need for natural and carbon fiber composites in emerging applications
5.2.3.4 Reduction in cost of carbon fiber composites
5.2.3.5 Increasing use of carbon fiber composites in 3D printing
5.2.3.6 Increasing number of wind energy capacity installations
TABLE 2 ESTIMATED GLOBAL WIND ENERGY INSTALLATIONS, 2021-2030
5.2.3.7 Development of advanced software tools for prepreg product development
5.2.3.8 High demand for carbon fiber composites in CNG and hydrogen storage
5.2.4 CHALLENGES
5.2.4.1 Developing low-cost technologies
5.2.4.2 Obstacles in recycling composites
5.3 PORTER'S FIVE FORCES ANALYSIS
FIGURE 19 COMPOSITES MARKET: PORTER'S FIVE FORCES ANALYSIS
5.3.1 THREAT OF NEW ENTRANTS
5.3.2 THREAT OF SUBSTITUTES
5.3.3 BARGAINING POWER OF BUYERS
5.3.4 BARGAINING POWER OF SUPPLIERS
5.3.5 INTENSITY OF COMPETITIVE RIVALRY
TABLE 3 COMPOSITES MARKET: PORTER'S FIVE FORCES ANALYSIS
5.4 ECOSYSTEM MAP
FIGURE 20 KEY PLAYERS IN COMPOSITE MARKET ECOSYSTEM
FIGURE 21 ECOSYSTEM ANALYSIS: COMPOSITES MARKET
5.5 PRICING ANALYSIS
5.5.1 AVERAGE SELLING PRICE, BY END-USE INDUSTRY (KEY PLAYERS)
FIGURE 22 AVERAGE SELLING PRICE OF COMPOSITES OFFERED BY KEY PLAYERS FOR TOP THREE END-USE INDUSTRIES (USD/KG)
5.5.2 AVERAGE SELLING PRICE, BY FIBER TYPE
FIGURE 23 AVERAGE SELLING PRICE BASED ON FIBER TYPE (USD/KG)
5.5.3 AVERAGE SELLING PRICE, BY RESIN TYPE
FIGURE 24 AVERAGE SELLING PRICE BASED ON RESIN TYPE (USD/KG)
5.5.4 AVERAGE SELLING PRICE, BY REGION
TABLE 4 AVERAGE SELLING PRICE OF COMPOSITES, BY REGION
5.6 SUPPLY CHAIN ANALYSIS
5.7 VALUE CHAIN ANALYSIS
FIGURE 25 COMPOSITES MARKET: VALUE CHAIN ANALYSIS
5.7.1 RAW MATERIALS
FIGURE 26 LEADING COMPOSITE RAW MATERIAL MANUFACTURERS AND SUPPLIERS
5.7.2 INTERMEDIATES
FIGURE 27 LEADING COMPOSITE INTERMEDIATE MANUFACTURERS
5.7.3 MOLDERS
FIGURE 28 LEADING MOLDERS IN COMPOSITES MARKET
5.7.4 OEM/ASSEMBLY
FIGURE 29 MAJOR END USERS OF COMPOSITE PRODUCTS
5.7.5 DISTRIBUTION CHANNEL
5.8 TRADE ANALYSIS
5.8.1 EXPORT SCENARIO FOR HS CODE 7019
FIGURE 30 EXPORT OF GLASS FIBERS, BY KEY COUNTRY, 2018-2022 (USD THOUSAND)
TABLE 5 TOP 10 EXPORTING COUNTRIES IN 2022
5.8.2 IMPORT SCENARIO FOR HS CODE 7019
FIGURE 31 IMPORT OF GLASS FIBERS, BY KEY COUNTRY, 2018-2022 (USD THOUSAND)
TABLE 6 TOP 10 IMPORTING COUNTRIES IN 2022
5.8.3 EXPORT SCENARIO FOR HS CODE 681511
TABLE 7 TOP 15 EXPORTING COUNTRIES IN 2022
5.8.4 IMPORT SCENARIO FOR HS CODE 681511
TABLE 8 TOP 15 IMPORTING COUNTRIES IN 2022
5.9 TECHNOLOGY ANALYSIS
TABLE 9 COMPARATIVE STUDY OF MAJOR COMPOSITE MANUFACTURING PROCESSES
5.9.1 KEY TECHNOLOGY ANALYSIS FOR GLASS FIBER COMPOSITES
5.9.2 KEY TECHNOLOGY ANALYSIS FOR CARBON FIBER COMPOSITES
5.9.3 COMPLEMENTARY TECHNOLOGY FOR LATEST MANUFACTURING PROCESS OF CARBON FIBERS
5.9.4 KEY TECHNOLOGY ANALYSIS FOR NATURAL FIBER COMPOSITES
TABLE 10 COMPARATIVE STUDY OF MAJOR NATURAL FIBER COMPOSITE MANUFACTURING PROCESSES
5.9.5 KEY STAKEHOLDERS & BUYING CRITERIA
5.9.5.1 Key stakeholders in buying process
FIGURE 32 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END-USE INDUSTRIES
TABLE 11 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END-USE INDUSTRIES
5.9.6 BUYING CRITERIA
FIGURE 33 KEY BUYING CRITERIA FOR TOP THREE END-USE INDUSTRIES
TABLE 12 KEY BUYING CRITERIA FOR TOP THREE END-USE INDUSTRIES
5.10 PATENT ANALYSIS
5.10.1 INTRODUCTION
5.10.2 METHODOLOGY
5.10.3 DOCUMENT TYPES
TABLE 13 COMPOSITES MARKET: GLOBAL PATENTS
FIGURE 34 GLOBAL PATENT ANALYSIS, BY DOCUMENT TYPE
FIGURE 35 GLOBAL PATENT PUBLICATION TREND ANALYSIS, LAST 5 YEARS
5.10.4 INSIGHTS
5.10.5 LEGAL STATUS OF PATENTS
FIGURE 36 COMPOSITES MARKET: LEGAL STATUS OF PATENTS
5.10.6 JURISDICTION ANALYSIS
FIGURE 37 GLOBAL JURISDICTION ANALYSIS
5.10.7 TOP APPLICANT ANALYSIS
FIGURE 38 UNIVERSITY OF TIAJIN ACCOUNTED FOR HIGHEST NUMBER OF PATENTS
5.10.8 PATENTS BY BOEING
5.10.9 PATENTS BY UNIVERSITY OF TIAJIN
5.10.10 PATENTS BY STATE GRID CORP CHINA
5.10.11 TOP 10 PATENT OWNERS (US) IN LAST 10 YEARS
5.11 TARIFFS AND REGULATIONS
5.11.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 14 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 15 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 16 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 17 REST OF THE WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.11.2 STANDARDS IN COMPOSITES MARKET
TABLE 18 CURRENT STANDARD CODES FOR AUTOMOTIVE COMPOSITES
TABLE 19 CURRENT STANDARD CODES FOR CONSTRUCTION COMPOSITES
TABLE 480 INFINITUM COMPOSITES SIA: COMPANY OVERVIEW
12.2.4 FIBRAWORKS GMBH
TABLE 481 FIBRAWORKS GMBH: COMPANY OVERVIEW
12.2.5 ATOMIC-6
TABLE 482 ATOMIC-6: COMPANY OVERVIEW
12.2.6 AEON-T
TABLE 483 AEON-T: COMPANY OVERVIEW
12.2.7 NOVA CARBON
TABLE 484 NOVA CARBON: COMPANY OVERVIEW
12.2.8 ANTEFIL COMPOSITE TECH AG
TABLE 485 ANTEFIL COMPOSITE TECH AG: COMPANY OVERVIEW
12.2.9 MIDWEST COMPOSITES
TABLE 486 MIDWEST COMPOSITES: COMPANY OVERVIEW
12.2.10 RRTC, INC.
TABLE 487 RRTC, INC.: COMPANY OVERVIEW
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, MnM view (Key strengths/Right to win, Strategic choices made, Weakness/competitive threats)** might not be captured in case of unlisted companies.