Market Definition
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.
Market Dynamics
The global Composites Market size was approximately USD 105.6 Billion in 2022 and it is anticipated to exhibit a growth of over 6.5% during the study period.
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.
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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.
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.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation:
The Composites Market has been segmented into Fiber Type, Resin Type, Reinforcement, Manufacturing Process, End-use, and Region. Based on Fiber Type, the Composites Market is divided into Glass Fiber Composites, Natural Fiber Composites, Carbon Fiber Composites, and Others. Based on Resin Type, it is divided into Thermoset Composites and Thermoplastic Composites. By Reinforcement, the market is bifurcated into Fibers, Whiskers, Particulates, Flakes, and Others. Based on the Manufacturing Process, the market is segmented into the Layup Process, Injection Molding Process, Pultrusion Process, Filament Winding Process, Compression Molding Process, Resin Transfer Molding Process, and Others. Based on the End-use, the market is segmented into Electrical & Electronics, Energy & Power, Construction & Infrastructure, Automotive & Transportation, Aerospace & Défense, Marine, and Others. Region-wise, the market is analyzed across 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.
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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