(MENAFN- Alliance News) Regardless of a companys size or income, the most recent research study offers an exhaustive analysis of the Composites market for 2023-2032. This survey study discusses the key market trends and the industrys outlook for the forecast years.?
Global Composites Market presents a variety of new trends that have a significant impact on market growth dynamics as well as the most recent industry knowledge. According to the most recent projection, global growth will reach its lowest point this year at 2.8% before edging up to 3.0% in 2024. Although more slowly than expected, the rate of global inflation will drop from 8.7% in 2022 to 7.0% this year and 4.9% by 2024. Notably, growth rates for emerging markets and developing economies have increased significantly in many cases, from 2.8 percent in 2022 to 4.5% this year.
The global Composites market is anticipated to grow nearly at a CAGR of 8.4 % to reach US$ 148.8 Million by 2027.
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The increase in demand from the end-user industries drives the composites market. The improved properties such as high fatigue life, high strength and modulus, lower weight, acoustic insulation, and resistance to corrosion have resulted in increased demand for composites. The rising demand for lightweight materials in the aerospace & defense and automotive industry are the main drivers for the growth of composites market; demand for corrosion and chemical resistance materials in the construction and pipe & tank industry; demand for electrical resistivity and high demand for flammable materials in the electrical and electronics industry. The emerging trends that have a direct influence on the industry's dynamics include low-cost carbon fiber development, high-performance glass fiber development, and rapid resin cure system.
In-house supply of primary raw materials and carbon fiber processing and use helps manufacturers minimize logistics costs. It also allows manufacturers to augment productivity for the different end-use products directly. Due to their characteristics, such as low thermal expansion, weight, high stiffness, temperature tolerance, and chemical resistance, carbon fibers find numerous applications. Volatility in the prices of raw materials and non-recyclable composites presents a significant threat to market growth.
Global Composites Market Overview:
A composite is a synthesis of two physically and chemically distinct materials. When combined, they produce a substance that is skilled in doing a specific task, such as becoming stronger, lighter, or electricity resistant. The explanation for their use is that they improve the properties of their base materials and, in many cases, are appropriate. A composite's most common example is concrete. In this application, the structural steel rebar provides the concrete with strength and rigidity, while the cured cement holds the rebar stationary. Rebar alone would be too flexible, so cement alone would quickly break. However, a very rigid material is formed when combined to form a composite.
Growth drivers
Growing of Construction and Infrastructure Industry at Rapid pace
Building and infrastructure industry is the top consumer of composites. With development taking place at a rapid pace, it is expected that the composite market will hit its peak. Construction of homes, swimming pools, storage tanks, countertops, bridges, skyscrapers, and commercial layouts across developed and developing economies is augmenting the growth in the composite market. The success of creating the most robust and lightweight structures in the construction industry has increased the level of engagement of composites. Due to the rapid development in developing economies like India and China, humungous demands for composites are seen from the APAC zone.
Increasing use of Composites in Commercial Aircraft and Automobiles
Despite their high cost, fiber-reinforced composite materials have driven mainly due to the requirements of high-performance items such as wings, tails, propellers, fuselages, helicopter rotor blades, spacecraft equipment. The parts of the Airbus A350 and Boeing 787 aircraft are mainly made from composites. They are also used in sailing, fishing gear, kayaks, dinghies, and scull hulls manufacturing. For robust and lightweight composite materials such as carbon fiber, the esteemed thrill of speed in various sports cars is achieved. Composites are used to render the chassis of multiple two-wheelers and bikes. The introduction of electrification between vehicles to replace conventional fuel has dramatically increased the use of composites in the automotive market.
Restraints
High cost and Lack of Standardization impeding the market of Composites
The high processing and manufacturing cost and Lack of Standardization in Manufacturing Technologies are expected to hamper the growth of the Composites market. There are issues related to the recycling of composites, which could be another factor deterring the composites market growth.
Global Composites Market: Fiber Type
Based on Fiber Type, the Composites market segmented into Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites, and Other Fiber Composites. The glass fiber composites segment is account for a significant market share of composites during the forecast years since they are less costly and possess superior physical and mechanical properties such as strength, flexibility, durability, stability, and lightweight. Glass fiber composites are mainly used in the segments of wind power, pipes & tanks, electrical & electronics, and construction & infrastructure.
Global Composites Market: Resin Type
Based on Resin Type, the Composites market bifurcated into Thermoset Composites, and Thermoplastic Composites. The thermoset composites segment is expected to account for a significant share of the composites market during the forecast years, due to its durability and low costs. Thermoset resins have high-performance properties and are therefore commonly used in the end-use industries of shipping, aerospace & defense, maritime, electrical & electronics, and wind energy.
Global Composites Market: Manufacturing Process
Based on Manufacturing Process, the Composites market segregated into Lay-up, Filament Winding, Injection Molding, Pultrusion, Compression Molding, RTM, and Others. The lay-up manufacturing process is anticipated to account for a significant share of the composites market during the forecast horizon, due to the increased demand from wind energy, marine, and aerospace & defense end-use industries. The choice of the manufacturing process of composites depends mostly on the shape and dimensions of the components to be made.
Global Composites Market: End-use industry
Based on End-use Industry Type, the Composites market segregated into Aerospace & defense, Wind Energy, Transportation, Construction & Infrastructure, Marine, Pipe & Tank, Electrical & Electronics, and Others. The transportation segment is projected to have the largest share in the composites market during the forecast horizon. Many composites have a higher strength-to-weight ratio than steel and aluminum. The major driving factors behind the introduction of more lightweight and fuel-efficient composites in transportation are environmental regulations relating to emission standards, particularly in North America, Europe, and China.
Global Composites Market: Regional insights
By geography, the global Composites Market segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific dominated the global composite application market and is expected to continue to dominate over the forecast period, owing to China and India's growing economies, the participation of leading players, and the expansion of transportation, wind, and construction & infrastructure industries. The nation's economic growth is the main factor in high composite consumption. In the region, the transport and construction and infrastructure industries are expanding rapidly, driving demand for composites.
Composites Market: Competitive Landscape
The major market players in the Global Composites are Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, SGL Group, Nippon Electrical Glass Co. Ltd., Koninklijke Ten Cate bv, Huntsman International LLC., Solvay, MRC, PPG Industries, Inc., E. I. DuPont Nemours & Co., Weyerhaeuser Company, Chongqing Polycomp International Corporation, Jushi Group Co., Ltd., Honeywell International Inc., Renegade Materials Corporation, Kineco Kaman Composites - India Private Limited, Henkel AG & Co. KGaA, UPM Biocomposites, Trex Company, Inc., Gaffco Ballistics, Binani Industries Ltd., and other Prominent Players are expanding their presence in the market by implementing various innovations and technologies.
The objective of the Study:
To analyze and forecast the global Composites market size of the market, in terms of value.
To examine the careful market segmentation and forecast the market size, in terms value, based on the region by segmenting the Global Composites market into five regions, namely, North America, Europe, Asia Pacific, Middle East, South America and their leading countries.
To outline, categorized and forecast the global Composites market based on the Fiber Type, Resin Type, and Manufacturing Process, and End-use Industry.
To examine competitive developments like technological advancement, services, and regulative framework within the global Composites Market.
To highlight the impact analysis of the factors, affecting the market dynamics such as drivers, restraints, opportunities, and challenges.
To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.
Scope of the Report
By Fiber Type
-- Glass Fiber Composites
-- Carbon Fiber Composites
-- Natural Fiber Composites
-- Other Fiber Composites
By Resin Type
-- Thermoset Composites
-- Thermoplastic Composites
By Manufacturing Process
-- Lay-up
-- Filament Winding
-- Injection Molding
-- Pultrusion
-- Compression Molding
-- RTM
-- Others
By End-use Industry
-- Aerospace & defense
-- Wind Energy
-- Transportation
-- Construction & Infrastructure
-- Marine
-- Pipe & Tank
-- Electrical & Electronics
-- Others
By Region:
-- Asia Pacific
-- North America
-- Europe
-- Middle East & Africa
-- Latin America
Table of Content
Chapter 1: Global Composites Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Composites market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Composites Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Composites market Size Forecast (2023-2032).
Continue....
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Composites market revenues on a global, regional, and country level, projecting trends until 2032. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Composites market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Composites market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Composites business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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