Stratview Research has published a new report on the Composites Market, segmented by Resin Type (Thermoset Composites, Thermoplastic Composites), by Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites, and Others), by Manufacturing Process Type (Lay-up, Filament Winding, Injection Molding, Pultrusion, Compression Molding, Resin Transfer Molding, and Others), by End-Use Industry Type (Transportation, Aerospace & Defense, Wind Energy, Construction & Infrastructure, Pipes & Tanks, Marine, Electrical & Electronics, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
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Composites market is likely to grow from USD 90.22 billion in 2021 to USD 148.16 billion by 2028 at a CAGR of 7.26% during the forecast period of 2022-2028. The prime factor underpinning the demand for composites is the increasing penetration of lightweight materials in various end-use industries such as aerospace & defense, automotive, and wind energy, which is driving the growth of the market.
Covid-19 has impacted the market dynamics, competition, and global supply chain of every possible market one can think of. The revenues for many, have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operations and strategy will sustain and beat the competition.
This report studies the Composites Market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:
Based on the resin type, the market is segmented as thermoset composites and thermoplastic composites. Thermoset composites dominated the market in 2019, and are expected to remain dominant during the forecast period. Thermoset resins are lower in cost, offer higher performance, and are more durable. Thermoset composites are more preferred in aerospace & defense, marine, wind energy, and others.
Based on the fiber type, the composites market is segmented as glass fiber composites, carbon fiber composites, natural fiber composites, and others. Glass fiber composites accounted for the largest share of the market in 2019, as they are comparatively cheap than carbon fiber and offer the required physical and mechanical properties such as strength, durability, and stability. This segment is likely to maintain its dominance during the forecast period as well. The growth of the segment can be attributed as glass fiber composites are dominantly used in the wind energy, pipes & tanks, electrical & electronics, and construction industries, whereas carbon fiber composites are dominantly used in aerospace & defense industry as they are lightweight as compared to glass fibers.
Based on the manufacturing process type, the market is segmented as lay-up, filament winding, injection molding, pultrusion, compression molding, resin transfer molding, and others. The lay-up process type is expected to dominate the market during the forecast period as it is the most cost-effective process, driving the growth of the segment.
Following are the key players in the Composites Market:
- Hexcel Corporation
- Hexion Inc.
- Huntsman Corporation
- Koninklijke Ten Cate BV
- Mitsubishi Chemical Corporation
- Owens Corning
- SGL Group
- Solvay S.A.
- Teijin Limited
- Toray Industries Inc.
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