The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Composites Market.
It was estimated prior to this unanticipated outbreak that the Composites Market was expected to grow at a CAGR of 6.8% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Composites are engineered materials made up of polymer matrix reinforced with fiber and exhibit high strength-to-weight ratio and modulus-to-weight ratio. Common fibers used are glass fiber, carbon fiber, aramid fiber, natural fiber, etc. The polymers usually are thermoset resins such as polyester, epoxy, vinyl ester, polyurethane, and others. Some of the thermoplastics are also used as polymer matrix.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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.
Based on the end-use industry type, the composites market is segmented as transportation, aerospace & defense, wind energy, construction & infrastructure, pipes & tanks, marine, electrical & electronics, and others. The transportation segment is expected to dominate the market during the forecast period. Composites offer improved strength-to-weight ratio, which provides lightweight construction and hence, fuel-efficient transportation vehicle.
In terms of regions, Asia-Pacific is estimated to remain the largest market during the forecast period driven by the expanding transportation industry, increasing number of wind turbine installations, and significant growth in construction & infrastructure of the growing economies such as China and India.
Key Players:
Some of the major composite manufacturers are-
- 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.
- others.
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