Composites Market By Product Type (Carbon Fiber Composites, Ceramic Matrix Composites, Glass Fiber Composites, Metal Matrix Composites, and Polymer Matrix Composites), Resin Type (Thermoplastic Composites and Thermoset Composites), Manufacturing Process (Compression Molding, Filament Winding, Injection Molding, Lay-up, Pultrusion, and Resin Transfer Molding), Application (Automotive & Transportation, Aerospace & Defense, Building & Construction, Electrical & Electronics, Marine, Oil & Gas, Pipes & Tanks, and Wind Energy) – Global Analysis and Forecast 2020-2030

Composites Market: Overview and Introduction

Composites offer various advantages such as resistance to corrosion, high temperatures, impact loads, stress, and shocks, as well as a reduction in the overall weight and improved strength of products, among others. Hence, they are preferred in various industries including automotive & transportation, aerospace & defense, building & construction, electrical & electronics, marine, oil & gas, pipes & tanks, and wind energy. Several manufacturing processes, including compression molding, filament winding, injection molding, lay-up, pultrusion, and resin transfer molding, are utilized to develop composites that are suitable for specific industrial applications.

The growing need for fuel-efficient vehicles, rising building & construction activities, and the high demand for strong & lightweight materials from a broad spectrum of industries are among the primary reasons that are driving the growth of the composites market. The rapid growth of electrical & electronic industries globally and the widespread utilization of composites in aircraft manufacturing are also among the key contributors to the market growth. The high costs of composite-based products, however, accompanied by the availability of alternatives, such as aluminum and steel, will hinder the market growth to a certain extent.

The global composites market can be segmented into product type, resin, manufacturing process, application, and region.

Composites Market By Product Type

Based on product type, the composites market can be segmented into carbon fiber composites, ceramic matrix composites, glass fiber composites, metal matrix composites, polymer matrix composites, and others (including aramid fiber composites). The glass fiber composites segment will dominate the composites market owing to low costs along with the excellent physical & mechanical properties that make it suitable for a wide variety of applications. Glass fiber composites find applications primarily in building & constriction, electrical & electronics, and wind energy, among others.

Composites Market By Resin Type

Based on resin type, the composites market can be segmented into thermoplastic composites and thermoset composites. The thermoset composites segment can be further divided into polyester, Vinyl Ester Resin, epoxy, and others. The thermoplastic segment can be further divided into polycarbonates, polyetherimide, and polyether ether ether ketone, and others. Thermoset composites are capable of producing complex structures and enabling strong fiber impregnation owing to their low viscosity and high reactivity. Hence, they will dominate the composites market share during the forecast period. Epoxy resins, exhibiting high strength, durability, chemical resistance, and compatibility with carbon, will contribute significantly to the growth of the thermoset composites segment.

Composites Market By Manufacturing Process

Based on the manufacturing process, the composites market can be segmented into compression molding, filament winding, injection molding, lay-up, pultrusion, resin transfer molding, and others (including automated fiber placement and automated tape laying). Lay-up is a fast, convenient, and cost-effective method for fiber & resin deposition and tooling. Owing to its ease of setup, it finds applications in various end-use industries including aerospace & defense, construction & infrastructure, and marine, among others. Hence, the layup segment will dominate the composites market.

Composites Market By Application

Based on application the composites market can be segmented into automotive & transportation, aerospace & defense, building & construction, electrical & electronics, marine, oil & gas, pipes & tanks, wind energy, and others (including consumer goods). The automotive & transportation segment is expected to dominate the composites market followed by the aerospace & defense segment. The dominance of the automotive & transportation can be primarily attributed to stringent environmental regulations and the high strength-to-weight ratio that most composites offer when compared with aluminum and steel.

Composites Market By Region

Based on the region, the global composites market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America will hold the largest market share owing to the growing preference for composites in a broad spectrum of industries. The Asia Pacific region, on the other hand, will grow at the highest CAGR owing to rapid industrialization in India, Japan, South Korea, and China. The flourishing shipbuilding industry in Indonesia, Malaysia, the Philippines, Singapore, and Vietnam will also contribute significantly to this regional market growth. Rising foreign investments in various industries of the region and favorable government policies in various countries will also favor the composites market.

Prominent Players

Some of the prominent players in the global composites market include BASF, Du Pont, Huntsman International, Koninklijke Ten Cate, Mitsubishi Chemical Holding, Nippon Electric Glass, Owens Corning, Hexcel Corporation, Teijin, and Toray Industries, among others.