Global Composite market size is expected to gain substantial traction on account of the increasing expenditure on the defense sector and higher adoption of fuel-efficient vehicles. The surge in the number of greenhouse gas emission regulations and rising advancements in the automotive industry has bolstered the incursion of lightweight materials. Furthermore, increasing product demand in boatbuilding along with the rise in infrastructure and aerospace investments are other major contributing factors to the market growth.
Composites are increasingly employed in various industrial verticals, including defense, energy, and transportation owing to their optimum impact strength and resistance properties. Growing preference for commercial aircraft and the rising penetration across the aerospace sector will add impetus to the composite market report.
On the basis of fibre type, the composite industry share from carbon fibres will grow at an exponential rate owing to the rising utilization in aerospace and automotive verticals. The increasing need for high-temperature and low-weight materials in marine and wind energy arenas will fuel the demand for carbon fibers in the coming years.
In terms of resin type, the thermoplastic composite is set to attain remarkable expansion due to increasing adoption in material handling, construction, and the marine sectors. Thermoplastic composites have high fire retardancy and provide cost-effective processes, including thermoforming and compression molding in order to produce multiple metallic brackets. Increasing preference by aircraft manufacturers and the escalating need for low void content prepreg materials in various emerging automation solutions will further drive the composite market sales.
The layup manufacturing process in the composite industry is anticipated to register a significant remuneration through 2027. This is mainly ascribing to the advantages of this process as it offers the reinforcements to be cut into desired sizes. Higher incorporation in wind energy verticals, and in the production of architectural moldings will act as promising contributors to the composite market share.
Asia Pacific is expected to capture a substantial revenue share for the composite market on account of the rising infrastructure spending and the rapid influx of cities. The region is home to a significant number of shipbuilding centers across the world. For instance, the South Korea-based HHI (Hyundai Heavy Industries) ship manufacturing facility is the largest shipyard across the world. There are consistent developments in the transportation and automotive verticals in the region. The strong presence of some of the leading industry players in APAC will stimulate the industry size proliferation.
Jushi Group (China Jushi Co.), Tenjin Limited, Hexcel Corporation, Kononklijke Ten cate, Tensar International Corporation, Oray Industries Inc., Owens Corning, Toray Industries, Inc., and SGL Group are a few of the prominent companies bolstering the composite market industry share to a significant extent.
Inorganic marketing ventures, such as acquisitions, partnerships, and mergers, along with new product launches and investments are some actively adopted growth strategies by these leading producers of composites to increase their global presence.
For instance, in December 2020, Huntsman Corporation, acquired major specialty chemical manufacturer, Gabriel Performance Products. The acquisition assisted the firm in broadening its offerings in the latter’s specialty portfolio for coatings, sealants, adhesives, and composite end markets.
In another instance, Owens Corning, in May 2021, partnered with Impossible Objects to develop new high-performance 3D printing materials. The collaboration facilitated the production of tailor-made components for composite-based AM.
The COVID-19 crisis crafted major unprecedented challenges on multiple business verticals worldwide whilst contributing to substantial global economic turbulence. The market for composites also bore the brunt of the pandemic owing to the disrupted industrial operations, mainly across the construction, aerospace, and automotive sector considering the dearth of labor and raw materials.
However, with the recovery of most businesses and their activities gradually coming to life with the relaxation of the trade barriers, the demand for composites will pick up steam in the post-pandemic era.