Composites Market worth $168.6 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 16, 2023 /PRNewswire/ -- The report "Composites Market by Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites), Resin Type (Thermoset Composites, Thermoplastic Composites), Manufacturing Process, End-use Industry and Region - Global Forecast to 2027", size is expected to grow from USD 113.7 billion in 2022 to USD 168.6 billion by 2027, at a CAGR of 8.2% during the forecast period. The composites industry is growing due to the increase in the demand for high performance materials with properties such as high strength to weight ratio, good tensile strength, and electrical conductivity among others.

Browse In-Depth TOC On "Composites Market"

248 - Market Data Tables
81 - Figures
357 - Pages

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Glass fiber composites represent a significant share of the composites market in terms of both value and volume. Favorable properties of composites made of glass include strength, flexibility, durability, stability, low weight, and resistance to heat, temperature, and moisture. Glass fibers are utilized in the building, wind energy, pipelines and tanks, maritime, and transportation industries. In the transportation industry, applications encompass underbody structures, deck lids, front-end components, bumper beams, engine covers, instrument panels, and ventilation systems. The thermoset composites represent the largest market share in the global composites market during the period of the next five years.

In thermoset composites, the fibers, including carbon fibers, glass fibers and others, are put together using thermoset resins as matrix and bind all fibers to form strong composite materials. As uncured thermoset resin in a liquid state at room temperature, it provides an advantage for thermoset resins for wide usages in manufacturing composites. This unique property of thermoset resin allows for the convenient impregnation of reinforcing fiber. Its rigid interlinking molecular structure, inert chemical composition, and resistance to ultraviolet and chemical attack make thermoset composites durable. Also, structures made of thermoset composites are low on maintenance.

In terms of both value and volume, the lay-up manufacturing technique leads the global composites industry. The orientation of fibers can be changed as needed throughout the lay-up process so that they can absorb the highest tension to which they are subjected. This is a low-cost technology with advantages such as quick fiber and resin deposition and simplicity of operation. The lay-up procedure is generally used to create basic enclosures and light-weight structural panels. It is in high demand in the aerospace and defense, building and infrastructure, wind energy, and marine end-use industries.. It is one of the simplest processes used to produce large components such as wind turbine components, concrete forms, and aircraft radomes. The lay-up process also includes the prepreg manufacturing process. The prepreg process can further be classified as the hot-melt process and prepreg lay-up process.

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The aerospace & defense end-use industry accounted for the largest market share in the global composites market during the forecast period in terms of value.

The aerospace & defense industry is a major consumer of composites. Commercial aircraft such as Boeing 787 and Airbus 350 heavily rely on carbon fiber composites for their airframe structures, with 50% of the aircraft's materials being composites. Composites lower the weight of aircraft by about 20%, which helps improve fuel efficiency. Composites are cost-effective, part consolidating, dimensionally stable, and corrosion and fatigue damage resistant. More fatigue capability is achieved over traditional jetliners with advanced carbon fiber composite design, enabling bigger passenger windows and lower cabin altitude.

The growing environmental concerns and the search for high strength and lightweight material to increase fuel efficiency have put carbon fiber in the limelight in the aerospace & defense industry. Leading aircraft manufacturers such as Boeing and Airbus are increasing the use of carbon fiber composites in commercial aircraft.

Asia Pacific is expected to account for the largest market share in the composites market during the forecast period.

Due to low labor costs and significant demand from diverse end-use sectors like pipes and tanks, wind energy, and construction and infrastructure, major international industries are looking into the potential in the region. The Asia Pacific composites market is growing due to increased consumption in different end-use sectors, including wind energy, building & infrastructure, aerospace & military, electrical & electronics, and transportation. The region's expanding emphasis on renewable energy resources has resulted in an increase in wind turbine installations, which has contributed to the expansion of the composites industry. The expanding electric car industry is one of the primary reasons driving composites demand in the transportation sector.

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The key players in the market include Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electric Glass Co. Ltd. (Japan), Huntsman International LLC. (US), and Solvay (Belgium), among many others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the composites market. These players have taken different organic and inorganic developmental strategies over the past five years.

Related Reports:

Fiberglass Market- Global Forecast to 2027

Carbon Fiber Market - Global Forecast to 2032

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