Composite materials, often dubbed as the "materials of the future," have witnessed a remarkable surge in demand driven by technological advancements and their diverse applications across various industries. This burgeoning demand is reshaping the global composite market landscape, with a promising outlook for sustained growth.
Understanding the Composite Market:
The composite market encompasses a wide array of materials made by combining two or more constituent materials with significantly different physical or chemical properties. These materials, when combined, produce a composite with enhanced characteristics such as strength, durability, and lightweight properties. Common constituents include fiberglass, carbon fiber, resins, and various fillers. The composites market size is expected to witness a CAGR of 10.8% and is 108.8 USD billion in 2023 and is estimated to reach 181.7 USD billion by 2028. Demand for composites is expected to to grow due to the increase in the demand for high performance materials with properties such as high strength to weight ratio, good tensile strength, and electrical conductivity among others.
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Size and Scope of the Composite Industry:
The composite industry has grown exponentially over the past decade, fueled by increasing demand from sectors such as aerospace, automotive, construction, wind energy, and marine. According to recent market research, the global composite materials market size surpassed USD 100 billion in 2023 and is projected to expand at a robust CAGR of over 7% during the forecast period, indicating its significant size and growth trajectory.
Outlook for the Composites Industry:
The outlook for the composites industry remains highly optimistic, buoyed by several factors driving demand and innovation. Technological advancements in composite manufacturing processes, including automation and additive manufacturing, are enhancing production efficiency and reducing costs, further propelling market growth. Moreover, growing environmental concerns and regulations promoting lightweight materials to improve fuel efficiency are driving the adoption of composites in transportation and renewable energy sectors.
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Growth Drivers and End-Use Industry Demand:
The composite industry's growth is underpinned by several key drivers. Firstly, the automotive sector is witnessing a paradigm shift towards lightweight materials to improve fuel economy and reduce emissions, thereby increasing the demand for composites in vehicle manufacturing. Secondly, the aerospace industry's quest for fuel-efficient aircraft and the need for high-performance materials are driving substantial demand for composites in aircraft components. Additionally, the construction sector is increasingly utilizing composites for infrastructure development due to their corrosion resistance and durability.
Regional Growth Trends:
Regionally, Asia-Pacific dominates the composite market, accounting for a significant share owing to rapid industrialization, urbanization, and infrastructure development in countries like China and India. North America and Europe also hold substantial market shares, driven by the presence of key players, technological advancements, and robust demand from aerospace and automotive sectors.
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Key Players Analysis:
The global composite market is highly competitive, with several prominent players vying for market share through product innovation, strategic partnerships, and mergers and acquisitions. Some of the key players in the composite industry include Hexcel Corporation, Toray Industries, Inc., Owens Corning, Teijin Limited, and Solvay S.A., among others. These companies are investing significantly in research and development to introduce advanced composite materials catering to diverse industry needs and applications.
In conclusion, the composite materials industry is experiencing a remarkable upswing in demand, driven by technological advancements, sustainability imperatives, and increasing applications across various sectors. With a favorable outlook and sustained growth drivers, the composite market is poised for continued expansion, offering lucrative opportunities for industry players and stakeholders worldwide.
TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 39)
1.1 OBJECTIVES OF THE STUDY
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS & EXCLUSIONS
1.3 MARKET SCOPE
FIGURE 1 COMPOSITE RESIN MARKET SEGMENTATION
1.3.1 REGIONS COVERED
1.3.2 YEARS CONSIDERED FOR THE STUDY
1.4 CURRENCY
1.5 UNIT CONSIDERED
1.6 LIMITATIONS
1.7 STAKEHOLDERS
1.8 SUMMARY OF CHANGES
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2 RESEARCH METHODOLOGY (Page No. - 43)
FIGURE 2 COMPOSITE RESIN MARKET: RESEARCH DESIGN
2.1 BASE NUMBER CALCULATION
2.1.1 SUPPLY-SIDE APPROACH
2.1.2 DEMAND-SIDE APPROACH
2.2 FORECAST NUMBER CALCULATION
2.2.1 SECONDARY DATA
2.2.2 PRIMARY DATA
2.2.2.1 Primary interviews – Top composite resin manufacturers
2.2.2.2 Breakdown of primary interviews
2.2.2.3 Key industry insights
2.3 MARKET SIZE ESTIMATION
2.3.1 BOTTOM-UP APPROACH
FIGURE 3 COMPOSITE RESIN MARKET: BOTTOM-UP APPROACH
2.3.2 TOP-DOWN APPROACH
FIGURE 4 COMPOSITE RESIN MARKET: TOP-DOWN APPROACH
2.4 DATA TRIANGULATION
FIGURE 5 COMPOSITE RESIN MARKET: DATA TRIANGULATION
2.5 FACTOR ANALYSIS
2.6 ASSUMPTIONS
2.7 LIMITATIONS & RISKS
3 EXECUTIVE SUMMARY (Page No. - 50)
FIGURE 6 THERMOSET COMPOSITE RESIN TYPE DOMINATED THE COMPOSITE RESIN MARKET IN 2020
FIGURE 7 LAYUP MANUFACTURING PROCESS LED THE COMPOSITE RESIN MARKET IN 2020
FIGURE 8 WIND ENERGY APPLICATION LED THE MARKET IN 2020
FIGURE 9 CHINA TO BE THE FASTEST-GROWING REGION IN THE COMPOSITE RESIN MARKET DURING THE FORECAST PERIOD
FIGURE 10 APAC LED THE COMPOSITE RESIN MARKET IN 2020
Continued...
