Composite Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2634
Global Composite Market size is witnessing a decent growth and is expected to follow the trend over the forecast spell. The major application of the composites is in the industries such as aerospace and defence, infrastructure, automobile, energy, pipe, and tank & marine. Population growth attracts huge investments in the infrastructure, automobile, energy and aerospace and defence sector which will drive the Composite Market size in the forecast timeframe. Product possesses properties like high strength to weight ratio, high fatigue resistance, resistance to chemicals, thermal insulating properties, high impact strength which makes it suitable for the above-mentioned industries.
Composites are widely used in defence and aerospace sector for manufacturing aircraft, helicopter, spacecraft structural parts, personal armours, light weight bullet proof jackets, ballistic barriers, riot gears, etc. Improving economic conditions across the world and instability in some regions are the factors for the increase in defence spending. U.S. is one of the top suppliers of military aircraft, leader in manufacturing civil airplanes & spacecrafts; the value of exports by U.S. in the aerospace sector is $146.0 billion in 2017.
Based on the fibre type Composite Market size can be segmented into; carbon fibres, fiberglass, aramid fiber & others. Carbon fibres have excellent tensile strength and resistance to temperatures, these mentioned properties make it desirable for the application in the aerospace and defence sector. On the other hand, fiberglass is nonconductive but not strong as carbon fibre making it suitable for the broadcast and transmission application. Based on the resin type the Composite Market size is classified into; thermoplastics, thermosetting & others these are polymers used in fibre reinforced composites. Thermoplastic composites have low density, good toughness & strength and ability to remoulded. Thermoset composites are light in weight and have corrosion resistance making it suitable for the application in the marine, material handling, automobile & aerospace industry verticals.
Based on manufacturing process, the Composite Market is classified into five categories; layup, spray-up, filament winding, pultrusion, resin transfer moulding, and others. In layup process the reinforcements are cut into desired size and then impregnated with wet matrix material and laid over a mould with a releasing agent. Pre-impregnated reinforced material is also present which is primarily used in manufacturing process of composites in aerospace industry.
Asia Pacific constituted a major chunk of the overall Composite Market share in 2017. This is mainly attributed to strong product demand from aerospace & defence, infrastructure and automobile sector. Asia Pacific witnessed the largest infrastructure spending which was valued approximately over USD 40.0 billion i.e. 59% of the global infrastructure spending in 2017. Product is extensively used in infrastructure industry for retrofitting of structure and as reinforcing materials in repair. FRP (Fibre Reinforced Plastic) are now used in bridge decks.
Stringent pollution control norms; increasing investment in wind and solar energy sector in Asia Pacific will make notable contribution to the growth of Composite Market size in the coming years. For instance, China spent a total of USD 100.0 billion from 2016 to 2020 in wind power facilities. Moreover, China has increased defence & aerospace budget by 8.1% which is valued close to USD 175.0 billion. India has also increased defence spending by 2.4%, amounting to USD 52.5 billion. Product is used in the production of wind turbine blades owing to its excellent properties including low strength to weight ratio property. The above-mentioned trends are likely to drive the Composite Market size in the coming years.
Some of the Composite Market share players are SGL Group, Hexcel Corporation, Huntsman Corporation, Tensar International Corporation, Toray Industries, Inc., Tenjin Limited, Owens Corning, Jushi Group, Oray Industries Inc., Kononklijke Ten cate. The global Composite Market is highly fragmented with the presence of large number of player. Threat of new entrants in market is medium; as it requires technical expertise and high cost of raw material which signifies high initial investments. Companies are investing to tap the regional markets by adopting organic growth strategies of expansions and agreements. For instance, Toray industries Inc. has announced the opening of their subsidiary in India & they are positioning it as a base for their advanced material business; as they will have the capability to tap the South Asia market.
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