In recent years, there has been a shift across different industries, which can best be defined as dynamic trends observed in the composite sector worldwide. Composites refer to a combination of two or more different materials having different physical properties or chemical compositions, thereby becoming lighter, stronger, corrosion-resistant materials. Among notable developments in this line include the demand for greater quantities of these substances from the aviation industry, among others. Also significant within automotive manufacturing trends are changes that have seen this industry emerge as a key driver for composite use. Consequently, car manufacturers are progressively taking up compositional elements to increase fuel economy while reducing total vehicle mass. The move not only ensures enhanced sustainability but also falls perfectly into place with global calls for more electric cars. In addition, adoption by automakers has caused an increase in automotive applications such as interior parts and structural components using these materials.
The construction industry, too,, has not been left behind when it comes to utilizing composites in its undertakings. The need for durable, corrosion-resistant, and lightweight materials in construction projects has fueled the adoption of composites for various applications. On the other hand, we see increased use of composites during construction, which involves even designing bridges, buildings, and other infrastructure elements. Another significant player affecting the composites market is the renewable energy sector. In particular, wind energy has increased the demand for large, lightweight components which can withstand harsh environmental conditions. These are made with high strength-to-weight ratio composites. This trend will continue as there is an intensifying global drive towards clean energy, thus further developments on composite materials that match the specific requirements of the renewable energy sector.
However, recycling and sustainability pose a number of challenges in the composites marketplace. Despite their performance benefits, however, concerns have been raised over how these composites are disposed of at their end-of-life. The aim here is the development of more sustainable composite materials as well as improved recycling processes. In addition, there is a growing awareness of the environmental costs associated with composites, as evidenced by market trends that have shown an increase in research and development activities aimed at eco-friendly substitutes. Geographical trends for Asia-Pacific show its emergence as a powerhouse for composite products globally. The region's strong manufacturing base, especially in China, has led to increased demand for composites across many sectors. North America and Europe remain important players focusing on technological advancements coupled with sustainable practices.
Report Attribute/Metric | Details |
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Market Opportunities | Rising demand for recyclable composites Rising demand from various emerging economies |
Market Dynamics | Surge in demand from the automotive industry Growth of the construction Industry Growing Wind Energy Sector |
Composites Market Size was valued at USD 105.87 billion in 2021. The Composites market industry is projected to grow from USD 113.17 Billion in 2022 to USD 219.41 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.63% during the forecast period (2022 - 2030). Surge in demand from the automotive industry, Growth of the Construction Industry, and the Growing Wind Energy Sector are driving market growth.Source: Secondary Research, Primary Research, MRFR Database and Analyst ReviewComposites Market Trends
Composites are widely used in automotive manufacturing in body panels and frames, structural underbody closures, floors, front and rear trunks, induction ducts, rear surround frame, bulkhead (mid-window frame), service doors in the rear trunk, and curved bumper beams. In terms of volume, the top applications for composites in automotive are under-the-hood components, exteriors, and interiors. Suspension components and drive shafts are other expanding markets.
Some common examples of composites by key producers include Ford Motor Co.'s rear suspension knuckle, Marelli's Advanced SMC steering knuckle, Saint Jean Industries' Hybrid carbon fiber/aluminum suspension knuckle using Hexcel prepreg, IFA Composite's CFRP stabilizer bars, and Dynexa's CFRP output shaft. Composites are commonly used in motorsports and low-volume, high-end or luxury vehicles, which prefer continuous carbon fiber materials. For the more cost-sensitive market of mid- and high-volume production models, composites continue to grow steadily and incrementally through continuous glass fiber-reinforced polymers (GFRP) in applications such as leaf springs, as well as chopped fiber molding compounds such as SMC body panels and frames, BMC housings and support structures, and injection molded thermoplastics for bumper frames, lift gauges, and suspension components.
Figure 1: Country-wise Top 10 Automotive producers, 2021Â Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Moreover, Another driving factor for composites in the automotive industry is the push to achieve zero emissions by 2050, resulting in increased development and production of electric vehicles (EVs). Thus, the high demand for composites in automobiles are likely to drive the growth of the Composites market revenue.
Bridges, waterfronts, and other structures require rehabilitation and replacement as a result of aging infrastructure. Composites provide corrosion resistance and durability, which contribute to low maintenance and long service life for structures, resulting in life cycle cost savings and a long-term economic advantage over traditional materials such as steel and concrete. Many promoters in the composites industry, from material suppliers to fabricators, are working to raise awareness about the advantages advanced materials offer for updating infrastructure around the world. The main applications of composites in architecture include cladding, domes, roofing, structures, bridge decks, full-bridge structures, bridge enclosures, masts and towers, pipes, modular structures, tanks, access covers, water control structures, housings, and refurbishment.
The growing construction industry in developed nations, with increasing investments in residential construction and infrastructure development. This market growth can be attributed to the increase in residential construction with the growing need for single-family dwellings. Moreover, with the European construction companies focusing on vertical integration to gain a competitive edge and expand their presence in other regions, the construction industry is expected to grow significantly during the review period. The construction market is expected to grow by USD 6.4 trillion in 2020 and reach USD 14.4 trillion by 2030. Sub-Saharan Africa is expected to have the fastest growth in regional construction, followed by emerging Asia. China, India, the United States, and Indonesia account for 58.3% of construction growth. Thus, growth of construction industry is likely to drive the growth of the Composites market revenue.
The Composites market segmentation, based on type, includes Glass Fiber, Carbon Fiber, and Others. The Glass Fiber segment held the majority share in 2021 contributing to around ~60.35% with respect to the Composites market revenue. Glass-fiber composite is a type of fiber-reinforced polymer composites, which are commonly known as fiberglass. The glass fibers are lightweight and exhibit low density, high tensile strength, tenacity, compression strength, thermal expansion, and easy processing. They have wide application in aerospace &defense, automotive & transportation, and building & construction resulting in the growth of the glass fibers segment during the forecast period.
July 2021:Â Toray Composite Materials America, Inc., is a leading innovator and supplier of carbon fiber materials and advanced composite prepreg, announces the launch of Epoxy-based Toray 2700. Epoxy-based Toray 2700 is a high-performance, patented resin technology geared toward emerging aerospace programs. It satisfies stringent aerospace structural design drivers and enables the manufacture of high-quality, high-volume, cost-effective composite parts.
July 2021: Hexcel Corporation had announced the successful maiden flight of a lightweight camera drone, developed using Hexcel HexPly carbon fiber prepregs. The composite drone was developed by a team of students from the University of Applied Sciences Upper Austria in Wels with composite materials supplied by Hexcel Neumarkt in Austria.
The Composites market segmentation, based on resin type, Thermoplastic Composites, and Thermosetting Composites. The Thermosetting Composites segment held the majority share in 2021 contributing to around ~73.24% with respect to the Composites market revenue. The segment is expected to maintain its dominance over the forecast period. The properties of thermoset composites include excellent strength, lightweight, low specific gravity, excellent modulus of elasticity, and high corrosion resistance, among others. The superior properties of thermoset composites have contributed to their increasing applicability across various end-use industries, such as wind energy, automotive, and construction & infrastructure, among others. The growing demand for durable & lightweight substitute materials from the automotive and aerospace industries is one of the key factors propelling the growth of the thermoset composites market.
Figure 2: Composites Market, by Resin Type, 2021 & 2030 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Composites market segmentation, based on Process, Layup Process, Injection Molding Process, Filament Winding Process, Pultrusion Process, Compression Molding Process, and Others. The Layup Process segment dominated the market in 2021 and Injection Molding Process segment is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the Lay-up is an open molding process that can be used to create a wide range of composites products, from small to large. The manufacturing capacity per mold is small; though, it is possible to produce large production quantities by using multiple molds. Hand lay-up is the simplest composites molding technique, offering low-cost equipment, simple processing, and a wide range of part sizes. Furthermore, Good production rates and consistent quality can be achieved with trained operators.
May 2021: Hexcel is expected to promote a wide range of composite innovations for customer applications in aerospace, automotive, wind energy, recreation, and marine markets at JEC Composites Connect, a two-day digital event for networking, discovery, and learning about the composites industry trends and markets.Figure 2: Composites Market, by Process, 2021 & 2030 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Composites market segmentation, based on End-use, Aerospace & Defense, Automotive & Transportation, Electrical & Electronics, Building & Construction, Wind Energy, Marine, and Others. The Aerospace & Defense segment dominated the market in 2021 and the Automotive & Transportation segment is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the automotive industry has to face numerous challenges such as reducing vehicle emissions, improving energy efficiency, and increasing safety and appeal at low cost. Composite material helps the automotive maker in reducing vehicle emissions and improving vehicle efficiency. It offers light in weight, cost-effective, and high-performance material solutions, which are used in automobiles to fulfil the need of the automotive OEMs for high-volume production. It has a wide range of applications in the automobile industry, such as car doors, car hoods, seats, transmission parts, chassis components, and others. Thus, the increasing sales of vehicles and high growth for customized automotive interiors are likely to propel the market growth during the upcoming year.
By Region, the study segments the market into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Asia-Pacific Composites market accounted for USD 43.71 billion in 2021 and is expected to exhibit an 8.47% CAGR during the study period. This is attributed to growth in the aerospace & defence, and electrical & electronics industry in the region.
Further, the major countries studied are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: COMPOSITES MARKET SHARE BY REGION 2021 (%)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Composites market accounts for the second-largest market share due to the EU proposal for tightening its 2030 target for new car CO2 emissions to 50% below 2021 levels, up from 37.5 per cent. Automobile manufacturers impose various requirements such as resistance to temperature changes, vibration resistance, operational reliability at different temperatures, and durability on the power electronics systems based on an electric vehicle's application scenario. Moreover, Germany Composites market held the largest market share and was the fastest-growing market in the European region
The North America Composites Market is expected to grow at a CAGR of 7.46% from 2022 to 2030. This is due to growth in the automotive & transportation industry. Further, the USA Composites market held the largest market share and was the fastest-growing market in the region.
The Composites market is characterized by the presence of , regional, and local players. The market is highly consolidated, with all the players competing to gain significant market share. The key market players of Composites compete based on cost, product quality, availability of raw materials, and durability of the product. There has been substantial revenue growth for selected composite companies, particularly those located in Asia or those with major operations in Asia. This is the result of an increased domestic demand within Asian countries, as well as an overall rise in composite demand across the globe. However, some major companies produce more than one of the composites. A clear example is Teijin, which produces carbon fiber as well as aramid fiber.
PPG Industries, Inc. (US), Hexion (US), Jushi Group Co., Ltd (China), Toray Industries Inc. (Japan), Owens Corning (US), Teijin Limited (Japan), Hexcel Corporation (US), SGL Carbon (Germany), Mitsubishi Chemicals Corporation (Japan), Solvay (Belgium), and Huntsman International LLC (US) are the key players operating in the Composites market. The Composites market remains highly fragmented with the majority of tier-1 players, with leaders, including PPG INDUSTRIES INC, Teijin Limited, Mitsubishi Chemical Corporation, Solvay, and Toray Industries Inc., accounting for the largest market share. Players in this market adopted various strategies to expand their footprint and augment their market share.
PPG Industries, Inc. (PPG), a leader in transportation and industrial coatings, is engaged in the production and distribution of a broad range of paints, coatings, and specialty materials. It caters to customers operating in a wide array of end-use industries, including automotive, aerospace, marine, and construction. PPG operates through two business segments, namely, performance and industrial coating. PPG manufactures an extensive portfolio of coatings systems through 156 manufacturing facilities and has a presence in over 39 countries across the globe and sales in more than 70 countries. The company offers flooring coating products under the protective coating solutions offered by its performance coatings business segment.
Also, Hexion is engaged in the manufacturing of advanced specialty chemicals and performance materials. It is a leading manufacturer of adhesives and epoxy resins, and coatings. It operates through business segments, namely epoxy, phenolic and coating resins, and forest products resins. The epoxy, phenolic, and coating resins segment accounted for around USD 2,052 million by the end of 2017. The company serves diverse markets, such as architectural and industrial paints, packaging, consumer goods, automotive coatings, aviation, energy, oil & gas, and electrical composites. Hexion has a worldwide network with production facilities in more than 90 countries severing to over 3,000 customers. Its customers include Akzo Nobel N.V., 3M, BASF, Bayer, Dow, Monsanto, PPG Industries, Owens Corning, Valspar, and Weyerhaeuser.
PPG Industries, Inc. (US)
Hexion (US)
Jushi Group Co., Ltd (China)
Toray Industries Inc. (Japan)
Owens Corning (US)
Teijin Limited (Japan)
Hexcel Corporation (US)
SGL Carbon (Germany)
Mitsubishi Chemicals Corporation (Japan)
Solvay (Belgium)
Huntsman International LLC (US)
July 2021:Â Teijin Limited announced that Teijin Carbon Vietnam Co., Ltd. (TCV), situated in Vietnam, had started operating commercially to manufacture carbon fiber products, including prepreg, a fiber sheet pre-impregnated with matrix resin as an intermediate material for composites. TCV initially will produce carbon fiber materials for sports and outdoor activities, including fishing, golf, bicycling, and ice hockey goods, for markets in Southeast and South Asia and Asia-Pacific.
May 2021: The Utah Governor’s Office of Economic Development (GOED) announced that Hexcel Corporation will build a flagship Center of Excellence for Research & Technology (R&T) to support next-generation developments in advanced composites technologies in Utah, adding up to 150 new high-paying jobs in the next 12 years.
March 2021:Â Hexcel announced its role within the launch of a UK-based project called ASCEND (Aerospace and Automotive Supply Chain Enabled Development) that will focus on developing high-rate manufacturing and processing technologies to accelerate the development of new, lightweight advanced composite materials.
January 2021: Huntsman Advanced Materials completed the acquisition of Gabriel Performance Products, a North American specialty chemical manufacturer of specialty additives and epoxy curing agents for the coatings, adhesives, sealants, and composite end-markets, from Audax Private Equity.
Glass Fiber
Carbon Fiber
Others
Composites Resin Type Outlook
Thermoplastic Composites
Thermosetting Composites
Composites Process Outlook
Layup Process
Injection Molding Process
Filament Winding Process
Pultrusion Process
Compression Molding Process
Others
Composites End-Use Outlook
Aerospace & Defense
Automotive & Transportation
Electrical & Electronics
Building & Construction
Wind Energy
Marine
Others
Composites Regional Outlook
North America
US
Canada
Europe
Germany
France
UK
Italy
Russia
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia & New Zealand
Rest of Asia-Pacific
Latin America
Mexico
Brazil
Argentina
Rest of Latin America
Middle East & Africa
Turkey
GCC Countries
South Africa
Rest of the Middle East & Africa
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