The global composites market size is projected to grow from USD 90.6 billion in 2019 to USD 131.6 billion by 2024, at a CAGR of 7.7% between 2019 and 2024.
The composites offer exceptional properties, such as stiffness, strength, tenacity, density, and thermal & electrical conductivity, fatigue, and corrosion resistance. Owing to these outstanding properties offered by the composites, conventional materials such as aluminum steel are preferred less in high performance applications in several end-use industries, and the demand for composites is increasing in various end-use industries.
Natural fiber composites are the fastest-growing fiber type of composites market in terms of value.
Natural fiber composites are projected to register the highest CAGR in terms of value between 2019 and 2024. Natural fibers, such as flax, hemp, jute, and kenaf, along with a polymer matrix, such as polypropylene, epoxy, polyethylene, or polyesters, form the natural fiber composite. The use of natural fiber composites is growing as an alternative to glass fiber composites in many end-use industries.
Thermoplastic composites is the fastest-growing resin type of composites, in terms of value.
Thermoplastic composites are the fastest-growing resin type. The thermoplastic composites are easy to remold, and reform and hence can be reused. Thus, the companies are investing in R&D for the mass production of thermoplastic composites to reduce its cost. This is expected to drive the market for thermoplastic composites during the forecast period.
Resin Transfer Molding is the fastest-growing manufacturing process used in the composites market in terms of value.
The resin transfer molding manufacturing process is projected to register the highest CAGR in terms of value between 2019 and 2024. This process yields increased laminate compression, high glass-to-resin ratio, and outstanding strength-to-weight characteristics. Thus, the process is expected to grow during the forecast period.
Wind energy is the fastest-growing end-use industry of composites, in terms of value.
The wind energy is expected to grow at the highest CAGR during the forecast period. The use of composites in wind turbines provides high tensile strength, helping manufacturers to achieve larger blades and higher energy output. Due to its corrosion resistance properties, composites have helped the wind industry to grow by allowing wind turbines to work in the harshest environments.
APAC is the fastest-growing composites market.
APAC is projected to register the highest CAGR in terms of value in the global composites market during the forecast period. APAC dominated the composites industry in 2018. The composites manufacturing companies have ample opportunities in the APAC market in comparison to the European and North American counterparts owing to low-cost labor and raw materials. The growth of the composites industry in this region is supported by the advancement of composite technology solutions and penetration of composites in various end-use industries.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Composites Market 4.2 Composites Market, By Manufacturing Process and Region 4.3 Composites Market, By End-use Industry 4.4 Composites Market, By Fiber Type 4.5 Composites Market, By Resin Type 4.6 Composites Market, By Key Countries
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Increasing use of Composites in Commercial Aircraft 5.2.1.2 Growing Demand for Lightweight Materials and Fuel-Efficient Vehicles From the Transportation Industry 5.2.1.3 Increase in the use of Carbon Fiber in Wind Blades 5.2.1.4 High Demand for Glass Fiber-Reinforced Composite Pipes in Sewage & Water Management and Oil & Gas Industries 5.2.1.5 Increasing use of Composites in the Construction & Infrastructure Applications 5.2.2 Restraints 5.2.2.1 Issues Related to Recycling 5.2.2.2 High Processing and Manufacturing Cost 5.2.2.3 Lack of Standardization in Manufacturing Technologies 5.2.3 Opportunities 5.2.3.1 Increasing Demand in Emerging Economies 5.2.3.2 High Demand for Environment-Friendly Electric Vehicles 5.2.3.3 Growing Adoption of Natural Composites 5.2.3.4 Penetration of Carbon Fiber Composites in New Applications 5.2.3.5 Reduction of Carbon Fibers Cost 5.2.3.6 High Demand for Glass Fiber-Reinforced Composite Pipes in the Emerging Economies 5.2.3.7 Increasing Awareness of OEMS Regarding Strict Government Regulations 5.2.4 Challenges 5.2.4.1 Developing Low-Cost Technologies 5.3 Porter's Five Forces Analysis 5.3.1 Threat of New Entrants 5.3.2 Threat of Substitutes 5.3.3 Bargaining Power of Suppliers 5.3.4 Bargaining Power of Buyers 5.3.5 Intensity of Competitive Rivalry
6 Macroeconomic Overview and Key Trends 6.1 Introduction 6.2 Trends and Forecast of GDP 6.3 Per Capita GDP Vs. Per Capita Composite Materials Demand 6.4 Trends in Wind Energy Industry 6.5 Trends in Aerospace Industry 6.6 Trends in Automotive Industry 6.7 Trends in Construction Industry
7 Composites Market, By Fiber Type 7.1 Introduction 7.2 Glass Fiber Composites 7.2.1 Glass Fiber Composites Market, By Region 7.3 Carbon Fiber Composites 7.3.1 Carbon Fiber Composites Market, By Region 7.4 Natural Fiber Composites 7.4.1 Natural Fiber Composites Market, By Region 7.5 Others 7.5.1 Basalt Fiber Composites 7.5.2 Aramid Fiber Composites 7.5.3 Boron Fiber Composites 7.5.4 Hybrid Fiber Composites 7.5.5 Ultra-High-Molecular-Weight Polyethylene (UHMWPE)Fiber Composites 7.5.6 Other Fiber Composites Market, By Region
9 Composites Market, By Manufacturing Process 9.1 Introduction 9.2 Lay-Up Process 9.2.1 Lay-Up Process: Composites Market, By Region, 9.3 Filament Winding Process 9.3.1 Filament Winding Process: Composites Market, By Region 9.4 Injection Molding Process 9.4.1 Injection Molding Process: Composites Market, By Region 9.5 Pultrusion Process 9.5.1 Pultrusion Process: Composites Market, By Region 9.6 Compression Molding Process 9.6.1 Compression Molding Process: Composites Market, By Region 9.7 Resin Transfer Molding (RTM) Process 9.7.1 RTM Process: Composites Market, By Region 9.8 Others 9.8.1 Other Processes: Composites Market, By Region
10 Composites Market, By End-Use Industry 10.1 Introduction 10.2 Transportation 10.2.1 Composites Market Size in Transportation End-Use Industry, By Region 10.3 Aerospace & Defense 10.3.1 Composites Market Size in Aerospace & Defense End-Use Industry, By Region 10.4 Wind Energy 10.4.1 Composites Market Size in Wind Energy End-Use Industry, By Region 10.5 Construction & Infrastructure 10.5.1 Composites Market Size in Construction & Infrastructure End-Use Industry, By Region 10.6 Pipe & Tank 10.6.1 Composites Market Size in Pipe & Tank End-Use Industry, By Region 10.7 Marine 10.7.1 Composites Market Size in Marine End-Use Industry, By Region 10.8 Electrical & Electronics 10.8.1 Composites Market Size in Electrical & Electronics End-Use Industry, By Region 10.9 Others 10.9.1 Industrial 10.9.2 Healthcare 10.9.3 Sporting Goods 10.9.4 Composites Market Size in Other End-Use Industries, By Region
11 Composites Market, By Region 11.1 Introduction 11.2 North America 11.3 Europe 11.4 APAC 11.5 Middle East & Africa (MEA) 11.6 Latin America
