Market Overview
The Composites Market is expected to grow at a Compound Annual Growth Rate ( CAGR ) of 6.6 % over the forecast period (2021-2028). The global market value is anticipated to be worth USD 144.5 billion by the end of the forecast period.
Composites are manufacturing materials made by comprising two or more individual manufacturing materials. These composites have better manufacturing properties than conventional manufacturing materials. Composites have higher strength and lightweight nature which is increasing their adoption in different manufacturing industries. Moreover, they may also have other properties like heat and chemical resistance, poor electrical conductivity, etc. according to industrial needs. Their durability and lightweight nature are leading to their wide popularity.
The fast-paced growth of the construction and infrastructure development industry is driving the growth of the global composites market. The demand for composites has increased manifolds after their inception owing to their favorable properties that make them a perfect manufacturing material. The growth of the automotive, aerospace & defense industry where the demand for lightweight and high-strength manufacturing materials is high is also fuelling the market growth. Modern buildings make excessive use of these composites and the rising number of residential and commercial housings across the globe is generating huge demand for the composites.
Covid 19 Pandemic badly affected the global composites market. The restrictions in construction activities during the period led to a sharp fall in the demand for composites. Moreover, the poor performance of the automotive, aerospace & defense industries, one of the major demand generators, also hurt the market growth. Furthermore, the halt in the manufacturing process to curb the virus spread also affected the production rate.
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Market Segmentation
Segmentation, by Type
- Polymer matrix composites
- ceramic matrix composites,
- metal matrix composites
- others
Segmentation, By Resin Type
- Thermoplastic composites
- Thermoset composites.
Segmentation, By Technology
- Layup process
- Pultrusion process
- Filament winding
- Injection molding
- Automated fiber replacement,
- Compression molding
- Automated tape laying
- Resin transfer molding
- others.
Segmentation, By End-use Industry
- Aerospace &
- defense
- Automotive & transportation,
- Electronics & electrical,
- Construction & infrastructure,
- Wind energy
- Marine & oil & gas
- others.
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Regional Analysis
The Global composites market is segmented into five major regions namely: Asia-Pacific, North America, Europe, Latin America, and the Rest of the World including the Middle East & Africa. Among these different regions, the Asia-Pacific region is the fastest-growing regional market segment. This region is emerging as a global manufacturing hub for different commodities owing to favorable government policies and cheap labor. The North American region holds the largest market share due to active demand from various manufacturing industries.
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Industry News
The key players of the industry are emphasizing improving different properties of composites to diversify their industrial use. Many players are also focusing on the use of sustainable and renewable materials for making composites. Similarly, they are also quickly adopting new technologies to reduce productiocostsst.
- In November 2021, ALUULA composites, the leading Canadian composite manufacturing firm, announced the launch of the World’s Lightest and Strongest Soft Composite Material having the best strength to weight ratio.
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