Composites Market is anticipated to grow at a CAGR of ~7.0% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Composites Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global composites market accounted for over US$ 60 billion in 2019. It is anticipated to grow at a CAGR of ~7.0% from 2020 to 2030.
Composites occur naturally or may be derived through artificial means. A composite material, also termed as a composition material, often consists of two or more materials possessing significantly distinct physical & chemical properties. The final product obtained from these materials has characteristics that are different from each component. Within the finished structure, however, the individual components remain distinct, which differentiates composites from mixtures and solid solutions.
With rising fuel prices, there is a global demand for vehicles that are designed & developed in a manner that they will consume less fuel. Composites play a vital role in the manufacture of such vehicles owing to their physical & mechanical properties. Properties such as lightweight and high material strength enable such vehicles to not only become more fuel-efficient but also enhance their sturdiness, thus increasing the safety levels. Composites are also preferred in the manufacture of various internal as well as external components of an aircraft. Emerging economies, especially in the Asia Pacific region, are focused on rapid industrialization. This is another key factor driving the growth of the global composites market. It has also resulted in rising building & construction activities across the globe, further boosting the market growth.
The lack of economically feasible manufacturing processes for bulk-volume applications and the capital-intensive nature of the composites market may prove to be major hindrances for the market growth. Manufacturers, however, are focused on reducing the costs of end products through intensive research & development activities. This will provide major growth opportunities to new as well as established market players. The temporary shutdown of manufacturing facilities in various parts of the world due to the ongoing COVID-19 pandemic is also affecting the market growth; however, the market is expected to start recovering at the beginning of the next year.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:https://www.marketindustryreports.com/composites-market/399
North America will hold the largest market share during the forecast period owing to the growing preference for glass fiber composites in the manufacture of Printed Circuited Boards (PCBs). The U.S. also has the largest aerospace industry in the world, making it a mighty consumer of aerospace composites. However, the Asia Pacific region, led by India, Japan, South Korea, and China, is expected to grow at the highest CAGR. The presence of key market players in various industries such as automotive & transportation, building & construction, electrical & electronics, and pipes & tanks will play a major role in driving the regional market growth.
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.
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