OTTAWA, Oct. 05, 2020 (GLOBE NEWSWIRE) -- The global composites market size was valued at US$ 88.34 billion in 2019 and growing at a compound annual growth rate (CAGR) of 7.8% during the forecast period 2020 to 2027. View more details@ https://www.precedenceresearch.com/composites-market
A composite material consists of minimum two materials that combine to offer superior properties to those of the single constituents. Several component materials and numerous processes make composites enormously efficient and versatile. They usually offer more durable lighter, stronger solutions than conventional materials. Foremost driver for the development of composites is the combination of matrix and the reinforcement that can be altered to address the desired properties of a component. Composite materials attain the maximum of their advantageous properties from a strong bond among the stiff, strong reinforcement generally filaments or reinforcements with another geometrical shapes. The high usage of these composites is mainly influenced by cost thresholds, performance requirements, customer demand and regulations.
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Growth Factors
Global composites market is largely influenced by ascending lightweight materials demand in many sectors like automotive, wind energy, transportation, aerospace and defense. Growing demand for composites in the automotive sector of emerging economies is predicted to lift the growth of global composite market during forecast period. Escalating prices of fuel have prompted the requirement for fuel-efficient vehicles. Composites are largely employed as the replacement for wood, aluminum, and steel due to its greater strength to weight ratio.
At present, against the backdrop of unsettled China/U.S. trade disagreements, the U.S. composites sector stays optimistic and endures to demonstrate positive growth. This mainly backed by stable growth of aerospace wind energy, and construction areas.
Report Highlights
- Asia Pacific is predicted to mirror its dominance by both value and volume throughout the forecast period. This high growth is attributed to rising demand from expanding transportation, electrical and electronics, construction segments in this region.
- Some of the driving factors for extensive growth of composites market are high growth in construction, cumulative automotive production, and infrastructure advancements.
- Glass fiber-based composites products dominated the global marketplace in 2019, followed by carbon fiber-based composites.
- The appearance of the Singapore, Philippines, Indonesia, Malaysia, and Vietnam as chief shipbuilding hubs in Asia Pacific is projected to stimulate composites demand in the region during years to come
- The global composites market has emerged as exciting workplace due to new materials, processes and increasing applications areas.
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Regional Snapshots
Asia Pacific dominated the global composite market in 2019, with around 45% revenue share of the overall market. Some of the major consumers of glass fiber composites in the U.S. are the transportation construction, and pipe and tank sectors. These segments collectively account for around 70% of the whole usage. Forthcoming trends show that these crucial segments provide noteworthy growth latent for the U.S. composites commerce. Growing commercial and residential construction, water and wastewater infrastructure, constant growth in gas and oil accomplishments and proliferating demand for lightweight vehicles are predicted to support the market growth.
Latin America is extremely challenging region for composites market. Economic and political uncertainty in this region had decelerated the growth of the market in the past few years. Nevertheless, in recent few years, the regional market showed comparatively solid growth, particularly in Brazil. Local and regional market companies are finding this market attractive due to vigorous growth in the end use sectors of this region.
Key Players & Strategies
Some of the topmost suppliers of glass fiber in the U.S are Jushi, Nippon Electric Glass, Owens Corning, CPIC and Johns Manville. The glass fiber business is quite consolidated, with the uppermost 3 players occupying more than 50% of the total output by value. In order to accomplish the growing demand for glass fiber in numerous applications, enterprises are trying to develop both inorganically and organically. For example, in 2019, Jushi USA started operation of its alkali-free fiber production line along with capacity of 96,000 tons annually and an over-all investment of USD 350 million. On the other hand, in 2017-18, Nippon Electrical Glass acquired the outstanding PPG USA fiberglass operations with around USD 550 million.
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High manufacturing and processing costs of composites are challenging the profitability of the composites market. Along with great production cost, high early capital investment is further posing challenge for the market players. Players such as Owens Corning, Toray Industries, and Teijin Ltd. are united across the value chain of composites in distribution and production undertakings. They are also striving hard to diversify their product portfolio.
The key players in the market include Teijin Limited, Nippon Electrical Glass Co. Ltd., Gurit, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, Owens Corning, Toray Industries, Inc., SGL Group, Huntsman International LLC and Solvay among others. These corporations are accepting numerous organic and inorganic business strategies to surge their presence in the global composites market.
Market Segmentation
By Product Type
- Glass Fiber
- Carbon Fiber
- Others
By Resin Type
- Thermoplastic
- Thermosetting
- Others
By Manufacturing Process Type
- Injection Molding Process
- Resin Transfer Molding Process
- Pultrusion Process
- Layup Process
- Filament Winding Process
- Compression Molding Process
- Others
By End Use Type
- Electrical & Electronics
- Automotive & Transportation
- Wind Energy
- Aerospace & Defense
- Pipes & Tanks
- Construction & Infrastructure
- Marine
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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