Saurashtra News

Composites Market worth $126.3 billion- Global Forecast to 2026

 Breaking News
  • No posts were found

Composites Market worth $126.3 billion- Global Forecast to 2026

May 30
22:09 2022
Composites Market worth $126.3 billion- Global Forecast to 2026
Browse 236 market data Tables and 65 Figures spread through 308 Pages and in-depth TOC on “Composites Market”
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

The global composites market size is projected to reach USD 126.3 billion by 2026, registering a CAGR of 7.5% from 2021 to 2026. The global composites market size is expected to grow from USD 88.0 billion in 2021 to USD 126.3 billion by 2026, at a CAGR of 7.5% during the forecast period. The composites industry is growing due to the increase in the demand for high performance materials with properties such as high strength to weight ratio, good tensile strength, electrical conductivity among others.

Glass fiber composites comprise a major share of the composites market 

The glass fiber composites have superior attributes, such as strength, flexibility, durability, stability, lightweight, and resistance to heat, temperature, and moisture. Owing to its properties, glass fiber is used in different end-use industry segments, such as construction, wind, pipe & tanks, marine, and transportation. There is a high demand for glass fiber composites from the wind energy and construction & infrastructure industries. And , it is expected to decline due to lockdown resulting in reduced wind capacity installations and the temporary suspension of operations in the automotive, aerospace, and construction industries.

To know about the assumptions considered for the study download the pdf brochure

The thermoset composites accounted for the largest market share in the global composites market

In thermoset composites, thermoset resin is used as a matrix with fibers, including glass fiber, carbon fiber, natural fiber, and others. Currently, thermoset resins are widely used for manufacturing composites, as when uncured, they are in liquid state at room temperatures. This unique property of thermoset resin allows for the convenient impregnation of reinforcing fiber. But, because of the lockdown situation occurred due to COVID-19, many floor workers were unable to work in manufacturing facilities, which was resulted in the reduction in output of several resins, such as epoxy resins. Thus, the demand for thermoset resins was declined in 2020.

Lay-up manufacturing process dominates the global composites market

In lay-up process, the orientation of the fibers can be controlled as needed so that they can absorb maximum stresses to which they are subjected. This is a low-cost method and has advantages such as quick deposition of fiber & resin and ease of operation. The lay-up process is mostly used for designing simple enclosures and lightly loaded structural panels. Its demand is huge from the aerospace & defense, construction & infrastructure, wind energy, and marine end-use industries. The lay-up process is further divided into three types, namely, hand lay-up, tape lay-up, and spray lay-up. Hand lay-up is the most commonly used process for manufacturing composites. It is one of the simplest processes and is used in the production of large components such as wind turbine components, concrete forms, and aircraft radomes.

The aerospace & defense end-use industry accounted for the largest market

The aerospace & defense segment accounts for the largest share in terms of value of the overall composites market. There is a high demand for composites in next-generation aircraft. Composites are used to design carbon-fiber fuselage and wings in the aerospace & defense industry. The use of these components led to a 25% reduction in fuel consumption and CO2 emissions along with lower maintenance costs. This is likely to increase the demand for composites from next-generation aircraft, as about 50% of the structural components of Boeing aircraft are composites.

APAC is expected to account for the largest market share in the composites market

APAC is the largest market for composites. The major international players are exploring opportunities in the region owing to cheap labor, raw materials, and high demand from various end-use industries, such as pipes & tanks, wind energy, and construction & infrastructure. However, COVID-19 affected the entire world disastrously, and APAC is one of the most affected regions, globally. The deadly virus has affected varoious major markets in APAC including China and India. It forced the government to lock down the that resulted in slow down across various sectors, including wind energy, aerospace & defense, and transportation in 2020.

The key players in the market include 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), and Solvay (Belgium), among many others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the composites market. These players have taken different organic and inorganic developmental strategies over the past five years.

Request for Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=200051282

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/composite-market-200051282.html

Related Articles