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Rising demand for lightweight materials in defense, aerospace and automotive industries is a major factor influencing market growth.
NEW YORK CITY, NEW YORK, UNITED STATES, September 15, 2022 /EINPresswire.com / -- The global Composites market is expected to reach USD 146.14 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with the rising demand for lightweight materials in defense, aerospace and automotive industries.
Composites are lightweight when compared to most woods, metals, and alloys, which is an essential requirement for automobiles and aerospace industries since reducing the weight reduces the amount of fuel it needs and increases the speeds of the automobiles and aircraft. Furthermore, composites are also resistant to damage from weather, temperature changes, and harsh chemicals along with being non-corrosive. For instance, composites can be a good choice where chemicals are handled or stored.
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Major companies: Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, SGL Group, Nippon Electric Glass Co. Ltd., Koninklijke Ten Cate BV, Huntsman International LLC., Solvay, Hexcel Corporation, Hexion, E. I. Du Pont Nemours & Co., Weyerhaeuser Company, Chongqing Polycomp International Corporation and Jushi Group Co., Ltd.
Further key findings from the report suggest
The market is segmented on the basis of resin type into thermoset composites, thermoplastic composites and others.
Thermoset resin dominated the market, with a share of ~59% in 2020.
Thermoset composites are synthetic materials that get strengthened when heated without losing their plasticity, suitable for highly corrosive and high-temperature applications and are majorly used in construction & infrastructure, marine, aerospace and wind energy industries.
The market is segmented on the basis of product type into polymer matrix composite, metal matrix composites, and ceramic matrix composites.
Polymer matrix composite dominated the market in 2020 and is forecasted to witness a growth of 7.6% during the forecast period, due to the growth of glass and carbon fibers.
The market is segmented on the basis of process into pultrusion process, layup process, filament winding, compression molding, injection molding, resin transfer molding, automated fiber placement, and automated tape laying.
The layup process segment dominated the market in 2020 and is forecasted to have a growth of 6.8% during the forecast period.
The growth of the segment can be associated with the low-costs incurred during the process, in which the composites are manufactured, and are majorly used by the wind and marine industries.
The market is segmented on the basis of industry vertical into automotive & transportation, aerospace & defense, electrical & electronics, wind energy, construction & infrastructure, pipes & tanks, marine and others.
Automotive and transportation dominated the market in 2020, with a share of ~17%, due to advantages of durable and lightweight materials are useful for designing and manufacturing efficiently.
The market is segmented on the basis of geography by North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
The Asia-Pacific dominated the market in 2020 and is forecasted to grow with a CAGR of 5.5% during the forecast period.
The market growth in the region is due to the increasing consumption of composites in various industries such as wind energy, construction & infrastructure, aerospace, electrical & electronics, and automotive, particularly in China and Japan.
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Segments covered in the report:
Resin type Outlook (Volume, Kilo tons; 2018-2028 and Revenue, USD Billion; 2018-2028)
Thermosetting Composites
Thermoplastic Composites
Others
Product type Outlook (Volume, Kilo tons; 2018-2028 And Revenue, USD Billion; 2018-2028)
Polymer Matrix Composites
Carbon Fiber Reinforced Plastic
Glass Fiber Reinforced Plastic
Others (Aramid fiber composites, etc.)
Metal Matrix Composites
Ceramic Matrix Composites
Process Outlook (Volume, Kilo tons; 2018-2028 And Revenue, USD Billion; 2018-2028)
Pultrusion Process
Layup Process
Filament Winding
Compression Molding
Injection Molding
Resin Transfer Molding
Others (Automated fiber placement, automated tape laying, etc.)
Industry vertical Outlook (Volume, Kilo tons; 2018-2028 And Revenue, USD Billion; 2018-2028)
Automotive & Transportation
Aerospace & Defense
Electrical & Electronics
Wind Energy
Construction & Infrastructure
Pipes & Tanks
Marine
Others
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Regional Outlook (Volume, Kilo tons; 2018-2028 and Revenue, USD Billion; 2018-2028)
North America
U.S.
Europe
Germany
UK
Asia Pacific
China
India
South-east Asia
Latin America
Brazil
MEA
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