WASHINGTON, Dec. 13, 2021 (GLOBE NEWSWIRE) -- The Global Composite Materials Market size is expected to reach USD 128.82 billion by 2028, exhibiting a CAGR of 7.52% during the forecast period which drives from 2021-2028. The growing demand from automotive & transportation industries, wind energy, and aerospace and defence are witnessing to drive the market over the forecast period of 2021-2028. COVID-19 pandemic has significantly crushed the supply chain. Owing to the COVID-19 the demand for composites materials have been surging however, lockdown in various countries have led to increase in supply and demand.
Thus, pulling the restrictions and bans, the demand from end-use industries such as construction aerospace, and automotive industries is rising along with suppliers and manufacturers which is likely to boost the market growth, states Vantage Market Research, in a report, titled “Composite Materials Market by Product (Carbon Fiber, Glass Fiber, Others), by End-use (Automotive & Transportation, Electrical & Electronics Wind Energy, Construction & Infrastructure, Pipes & Tanks, Marine, Others), by Manufacturing Process (Layup Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding Process, Others), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”. The market size stood at USD 72.12 billion in 2020.
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Market Overview:
Upsurge in demand from automotive industries
Since past few years, the automotive industries are growing tremendously. Also, the obsessive behaviour of the industry to carbon fiber is increasing owing to the factors such as adoption of technology with less CO2 emissions, and lightweight. The changing trend towards car racing, bike racing and other sports, is anticipated to increase the demand from automotive sector which likely further to increase the demand for composite materials further propelling the growth of the market.
The Report on Composite Materials Market Highlights:
- Global and Regional Dynamics
- Premium Insights
- Assessment of the market
- Company Profiles
- Competitive Landscape
- Historic Data, Estimates and Forecast
- COVID Impact Analysis
Introduction of the Advanced Carbon Composite
Composites materials are used in a wide array of applications including constriction, repairs, aerospace, transportation, industrial and others. Introduction of new technology and high percentage of potential buyers are unaware about the availability of products. This offers a lucrative opportunity for the manufacturers to advertise products and expand their distribution network to maximise the growth potential. Continuously, increasing demand from construction industry, development in the transportation and aerospace and defence have driven the growth of the market. Introduction of the advanced fibre composite has transformed the market across the globe.
Important questions answered in this report:
- What is the estimated market size and growth rate of the Composite Materials Market?
- Which segments are included in the Composite Materials Market?
- Which top companies are active in the Composite Materials Market?
- What are the major driving factors for the growth of the Composite Materials Market?
- How can I get free sample reports or study of Composite Materials Market?
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Regional Analysis:
Asia Pacific Dominates the Composite Materials Market
Asia Pacific continues to hold the largest share of the market and anticipated to grow at fastest compound annual growth rate (CAGR). As a result of the presence of emerging economies in this region such as Japan, India, China and other countries, the demand for composite materials is surging; leading Asia Pacific to be the major consumer of composite materials. The end-use industries in Asia Pacific market include automotive and transportation industries, wind energy, construction industries and aerospace & defence among others. Advancements in regulatory policies, and government norms are some of the major factors market growth in the region.
However, the Lockdown owing to COVID-19 pandemic may act as restrain for growth of Composite Materials Market.
List of Prominent Players in the Composite Materials Market:
| Sr. No. | Companies | Headquaters |
| 1. | Owens Corning | U.S. |
| 2. | Toray Industries, Inc. | Japan |
| 3. | Teijin Limited | Japan |
| 4. | Mitsubishi Chemical Holdings Corporation | Japan |
| 5. | Hexcel Corporation | U.S. |
| 6. | SGL Group | Germany |
| 7. | Nippon Electrical Glass Co. Ltd. | Japan |
| 8. | Huntsman International LLC. | U.S. |
| 9. | Solvay | Belgium |
Advantages of this Research:
- Evaluate market share for commercial Composite Materials market opportunities, track market size, competitive drug sales, synthesis insights for commercial development and licensing.
- Develop tactics and strategies to take advantage of opportunities in the Composite Materials market.
- Latest Trends and Market Events and analyze essential events in Composite Materials market.
- Develop an in-depth knowledge of competition and analyze sales data to update your brand planning trackers.
- Answer vital business questions; supports decision making in R&D to long term marketing strategies
- Develop economic models, forecast models, and healthcare frameworks.
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Recent Developments in the Industry:
- In June 2021, Hexcel Corporation declared the successful maiden flight of a lightweight camera drone, developed using Hexcel HexPly carbon fiber prepregs.
This report provides details about prevalence, incidence, distribution of patients, and average price of treatment, market & technological trends and new product developments of Composite Materials Market.
| Report Attribute | Details |
| Market Size 2020 Value | USD 71.12 Billion |
| Market Forecast for 2028 | USD 128.82 Billion |
| Expected CAGR Growth | CAGR of 7.5% from 2021 to 2028 |
| Base Year | 2020 |
| Historic Years | 2016 – 2019 |
| Forecast Years | 2021 – 2028 |
| Segments Covered | By Fiber Type:
|
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2021 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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