The Composites Market size was USD 126.4 Billion in 2022 and is anticipated to reach USD 178.9 Billion in 2032, growing at a rate of 3.5% from 2023 to 2032.
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Composites are materials that are made up of two or more different substances. The substances are combined in such a way that they create a new material with different properties than the original materials. Composites are often used in applications where the new material has improved strength, stiffness, or durability.
Key Trends
Composite materials are becoming increasingly popular in a number of industries due to their unique properties and potential advantages over traditional materials. Some of the key trends in composites technology include:
Increased use of composite materials in the aerospace industry: Composite materials are increasingly being used in the aerospace industry due to their high strength-to-weight ratio and resistance to fatigue and corrosion.
Increased use of composite materials in the automotive industry: Composite materials are also being used more frequently in the automotive industry for applications such as body panels, structural components, and exhaust systems
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Development of new composite materials: There is a continuous effort to develop new composite materials with improved properties for specific applications. For example, carbon fiber reinforced plastic (CFRP) is being developed for use in aircraft structures due to its high strength and stiffness.
Improved manufacturing methods: Various manufacturing methods are being developed and improved to better suit the production of composite materials. These methods include filament winding, pultrusion, and resin transfer molding (RTM).
Key Drivers
The key drivers of the composites market are high strength-to-weight ratio, low weight, corrosion resistance, and thermal stability. Composites are widely used in the aerospace, automotive, and construction industries because of these properties.
The aerospace industry is the largest user of composites, accounting for more than 50% of the total composites market. The use of composites in aircrafts helps to reduce fuel consumption and emissions.
Restraints & Challenges
There are a number of key restraints and challenges associated with the use of composites. These include:
Limited life span: One of the key limitations of composites is their relatively short life span. This is due to the fact that they are subject to degradation from ultraviolet (UV) light and moisture.
High cost: Composites are typically more expensive than traditional materials such as steel and concrete. This is due to the fact that they are often made from more expensive materials and require more specialized manufacturing processes.
Difficult to recycle: Composites are not easily recycled due to their complex structure. This means that they often end up in landfill sites, which can contribute to environmental pollution.
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Market Segmentation:
Composites Market is segmented into fiber type, resin type, end use industry, manufacturing process and region. Based on fiber type the market is categorized into Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites and Other Fiber Composites. Based on resin type it is segmented into Thermoset Composites and Thermoplastic Composites. On basis of end use industry the market is segmented into Aerospace & defense, Wind Energy, Automotive & Transportation, Construction & Infrastructure, Marine and Others. On the basis of manufacturing process, it is further segmented into Lay-up, Filament Winding, Injection Molding, Pultrusion, Compression Molding, RTM and Others .Whereas based on region it is divided into North America ,Europe ,Asia-Pacific and Rest of the World .
Key Players
The Composites Market Report includes players such as Owens Corning (U.S), Toray Industries Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (U.S), SGL Group (Germany), Nippon Electric Glass Co. Ltd. (Japan), Huntsman International LLC. (U.S), Solvay (Belgium), and Composites Solutions (U.S), among others.
Composites Market Segmentation:
By Fiber Type
- Glass Fiber Composites
- Carbon Fiber Composites
- Natural Fiber Composites
- Other Fiber Composites
By Resin Type
- Thermoset Composites
- Thermoplastic Composites
By End Use Industry
- Aerospace & defense
- Wind Energy
- Automotive & Transportation
- Construction & Infrastructure
- Marine
- Others
By Manufacturing Process
- Lay-up
- Filament Winding
- Injection Molding
- Pultrusion
- Compression Molding
- RTM
- Others
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