Structural Composites Market Size By Matrix (Polymer, Wood, Metal), By Reinforcement Materials (Glass Fiber, Carbon Fiber, Aramid Fiber), By Sector (Construction & Infrastructure, Energy, Transportation [Automotive, Aerospace & Defense]), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Structural Composites Market Size

Structural Composites Market size was valued over USD 30 billion in 2019 and is estimated to exhibit CAGR above 7.5% from 2020 to 2026. Increasing importance and investment on renewable energy sources across the world will boost the product usage in coming years.
 

Proliferating wind energy sector is the chief factor prospering the structural composites market growth. China has the largest installed wind energy capacity over 220 gigawatts (GW), followed by the U.S., Germany, India, Spain and UK. China has the largest onshore-wind farm in the word with 7,965 megawatt (MW) capacity, five times larger than its closest rival. The U.S. has six of the ten largest onshore wind farms and installed wind energy capacity of over 95GW. This product is extensively used to produce stronger, lighter, and longer blades and nacelles of wind turbines.
 

With Paris Agreement, the world is moving towards clean energy sources to reduce greenhouse effect and global warming. Costs of renewable energy sources are falling at a substantial rate. Wind energy is a form of inexhaustible, clean and increasingly competitive energy source. It differs from the principle of fossil fuels diversity and abundance potential of usage. It could exceed 2100 GW and is likely to produce 20% of the global electricity by 2030. It could attract an investment of over USD 200 billion and will help to reduce carbon dioxide emission by more than 3.3 billion tons annually.
 

However, high cost associated with the product might hinder the product consumption in coming years. Additionally, the outbreak of COVID-19 pandemic has adversely affected major industries such as construction, energy, etc. across the globe. Manufacturing facilities for automotive, aerospace & defense and marine production have temporarily closed due to logistical imbalances and unavailability of workers.
 

Furthermore, as numerous companies depend on materials from China, the restriction on international trades and supply chain disruption has significantly affected the structural composites market production.
 

Structural Composites Market Analysis

Based on matrix, structural composites market is classified into polymer matrix, wood matrix and metal matrix.
 

Polymer matrix held the dominant market share in 2019. It is the most commonly used composite matrix and has extensive applications in major sectors. It can be ascribed to key properties associated with this matrix such as low specific weight, high material stability against corrosion, good electrical and thermal insulation, ease of shaping and economic mass production, attractive optical properties, etc. Increasing adoption of polymer matrix in wind energy, transportation and construction industries will prosper the growth of polymer matrix in coming years.
 

Based on reinforcement materials, it is classified into glass fiber, carbon fiber, aramid and others which includes boron fiber, ceramics, graphite fiber and natural fibers.
 

In 2019, glass fiber held the majority of market share of more than 60%. Glass fiber is most commonly used reinforcement material and has extensive applications in major sectors owing to its low prices. It possesses some key characteristics such as incombustibility, corrosion resistance, high strength at low densities, good thermal insulation, sound insulation, etc. Rapid development in global energy, infrastructure, construction and transportation industry will prosper the growth of structural composites market segment in the coming years.
 

On the basis of sectors, structural composites market is classified into construction & infrastructure, energy, transportation, and others which include sporting goods, piping applications, etc. Transportation segment is further classified into automotive, aerospace & defense and other transportations such as marine and railways.
 

In terms of revenue, transportation sector accounted for more than USD 13 billion in 2019. Structural composites find extensive application in transportation sector. In aerospace sector, the product is widely used in fuselages, horizontal & vertical stabilizers, wings & winglets, and floorings. In marine industry, fiber reinforced polymer composites are used for mass structures, radomes, work boats, super yachts, and leisure craft.
 

Automotive manufacturers are widely utilizing structural composites for vehicular weight reduction and increasing fuel efficiency. Rising demand or commercial and military aircrafts coupled with rising automotive and marine production will propel the growth of structural composites market in coming years.
 

In terms of volume, Asia Pacific will be the largest consumer in structural composites market, accounting for 40% market share in 2019. It is also going to be the fastest growing region in the market. It can be ascribed to rapid development in the end-use sectors such as construction & infrastructure, energy, defense & transportation, etc.
 

China is the largest structural composite consumer in the world and is expected to maintain its leading position through the study timeframe. China has the largest wind energy capacity with more than 220 GW installed capacity, the largest automotive & maritime country in the world.
 

China holds the largest share in the global construction sector. It can be ascribed to robust economic development, availability of raw materials, cheap labor, public & private investments etc. driving the growth of various industries. These trends are likely to boost the structural composites market share in the region.
 

Structural Composites Market Share

Some key participants in the global structural composites industry are:

• Hexcel Corporation
• Hexion Inc
• Teijin Limited
• Solvay
• Mitsubishi Chemical Holdings Corporation
• Toray Group
• Huntsman Corporation
• Owens Corning
• SGL Group
• Argosy International Inc
•  Janicki Industries
• NORPLEX-MICARTA

Major market players are emphasizing on merger & acquisition strategies to strengthen their competitive advantage in the market.|
 

For instance, in 2018, Toray Group announced the acquisition of TenCate Advanced Composites to bolster its thermoplastic composites capabilities. It has helped the company to strengthen its position in the structural composites market. In 2015, Solvay acquired Cytec Industries Incorporated which has helped the company to expand its business portfolio. In 2018, Solvay’s composite materials and Argosy International Inc. which has helped Solvay to boost its foothold in Asia Pacific region.

 

Structural composites market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Million from 2016 to 2026, for the following segments:

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By Matrix

• Polymer
• Wood
• Metal

By Reinforcement Materials

• Glass fiber
• Carbon fiber
• Aramid fiber
• Others

By Sector

• Construction & infrastructure
• Energy
• Transportation
  • Automotive
  • Aerospace & defense
  • Other transportation
• Others

The above information is provided on a regional and country basis for the following:

By Region

• North America
  • U.S.
• Europe
  • Germany
  • UK
• Asia Pacific
  • China
  • Japan
• Latin America
  • Brazil
• Middle East & Africa
  • South Africa