Global Composite Materials Market Size By Product Type (Carbon-fiber, Glass-fiber), By Manufacturing Process (Filament, ayup, Injection Molding, Pultrusion), By End-User (Electrical and Electronics, Automotive & Transportation, Construction and infrastructure), By Geographic Scope And Forecast
Report ID: 323640|No. of Pages: 202
Global Composite Materials Market Size By Product Type (Carbon-fiber, Glass-fiber), By Manufacturing Process (Filament, ayup, Injection Molding, Pultrusion), By End-User (Electrical and Electronics, Automotive & Transportation, Construction and infrastructure), By Geographic Scope And Forecast
Composite Materials Market Size And Forecast
Composite Materials Market size is calculated at USD 113.7 Billion in 2022 and is estimated to stand at USD 169 Billion by 2030, growing at a CAGR of 8.20% from 2024 to 2030.
The global Composite Materials Market growth is associated with the expanding demand for lightweight elements in the automotive and transportation sector. Furthermore, the surging utilization of advanced lightweight components in manufacturing is projected to push the market growth over the forecasted timeline. The Global Composite Materials Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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Global Composite Materials Market Definition
Composites material, also known as composition material, is a material that comprises two or more constituent materials. These materials are from different physical and chemical properties. Different chemical properties merge these materials to develop another material with other properties. The materials are not blended with each under this process and are formed to do a specialized job, such as becoming lightweight, strong, or resistant to electricity.
Another property is that they can increase stiffness and strength also. The basic reason for utilizing composites over conventional materials is that they can be applied to various functions and enhance base materials’ properties. Composite materials have applications in multiple industries but mainly in the aerospace and defense industry due to their ability to minimize the whole-body weight of defense aircraft and helicopters. Reduced weight is crucial to increase fuel efficiency and overall performance standards for aircraft.
The various properties of Composites Materials include corrosion resistance, high strength for weight ratio and life-long span, and others. These properties make composite materials highly suitable for big projects such as water systems, roads, bridges, and others. Polymer composites are considered a replacement for heavy metal components in the automobile sector. It saves weight by retaining other desirable characteristics, such as mechanical strength.
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Global Composite Materials Market Overview
The rising environmental issues and strict pollution monitoring and control regulations have compelled automotive manufacturers to improve their technologies and manufacture vehicles with low pollution features. Moreover, the increasing emphasis on environmental regulations, especially in Europe and the U.S., has pressurized automotive manufacturers to combine composites in automotive production. This is expected to accelerate the global Composites Material Market growth progressively.
New developments and technological advancements such as nanotechnology, Out-of-Autoclave (OOA) Curing, and others in composite material manufacturing are estimated to take the market’s growth forward. The high cost associated with raw materials for composites will challenge the procurement operations by the component manufacturers. However, the increasing need for these raw materials by various manufacturing industries is expected to put barriers for composites manufacturers.
At the same time, the key players are running competent R&D activities to create low-cost composite grades with related mechanical properties that are the same as the high-cost variants. This is forecasted to increase the demand for composites during the projected period.
Global Composite Materials Market Segmentation Analysis
The Global Composite Materials Market is Segmented on the Basis of Product Type, Manufacturing Process, End-User, And Geography.
Composite Materials Market, By Product Type
- Carbon-fiber
- Glass-fiber
Based on Product Type, The global Composites Material Market is segmented. Carbon fiber and glass fiber are two segments. Glass fiber is expected to gain the highest market share owing to its wide use as a raw material due to its properties, such as rigidity and lightweight.
Composite Materials Market, By Manufacturing Process
- Filament
- Layup
- Injection Molding
- Pultrusion
Based on the Manufacturing Process, The global Composites Material Market is bifurcated. Filament layup, injection molding, and pultrusion are sub-segments. The layup process will gather a large portion of the share in the market. The increasing utilization of boats, wind turbines, and architecture moldings supports the growing market.
Composite Materials Market, By End-User
- Electrical and Electronics
- Automotive & Transportation
- Construction and infrastructure
- Wind turbines
- Pipes & Tanks
- Marine
- Others
Based on End-User, The global Composites Material Market is further bifurcated into end-user—electronics, automotive and transportation, wind turbines, pipes and tanks, marine, and others. The automotive and transportation segment will be achieving the dominating position in the global market. The applications of composites in vehicles such as trucks, buses, and others are driving factors.
Composite Materials Market, By Geography
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Based on Geography, the global Composites Material Market is distributed in North America, Asia Pacific, Europe, the Middle East, Africa, and Latin America. Asia Pacific region is leading with the highest market share. The area is witnessing a high upsurge in the modernization of automotive, aerospace, electronics, and construction
Key Players
The “Global Composite Materials Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Toray Industries, Owens Corning, Mitsubishi Chemical Holdings, Teijin Limited, Nippon Electrical Glass, Hexcel Corporation, SGL Group, Hunstman International, and Solvay.
Our market analysis also entails a section dedicated to such major players wherein our analysts provide insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the players mentioned above globally.
Key Developments
- In February 2022, Saertex started operation in its New Mexico plant with the manufacturing of multiaxial glass fiber non-crimp fabrics to expand the product line for the wind power sector.
- In March 2021, Alvant and 3M collaborated to facilitate metal matrix composite technology for real-world use.
Ace Matrix Analysis
The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.
Market Attractiveness
The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Composite Materials Market. We cover the major impacting factors driving the industry growth in the given region.
Porter’s Five Forces
The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Composite Materials Market, gauge the attractiveness of a certain sector, and assess investment possibilities.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2019-2030 |
| BASE YEAR | 2022 |
| FORECAST PERIOD | 2024-2030 |
| HISTORICAL PERIOD | 2019-2021 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Toray Industries, Owens Corning, Mitsubishi Chemical Holdings, Teijin Limited, Nippon Electrical Glass, Hexcel Corporation, SGL Group, Hunstman International, and Solvay. |
| SEGMENTS COVERED | By Product Type, By Manufacturing Process, By End-User, And By Geography |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
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• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
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Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
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Data Collection Matrix
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Econometrics and data visualization model
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Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
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We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
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The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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