Fairfield Market Research Composites Market Size, Share, Analysis, Growth, Forecast 2030

Composites Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Chemicals & Materials


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Composites Market Benefits from Growing Preference over Conventional Material Choices

In the past few years, composites have started getting worldwide traction against traditional materials such as aluminium, steel, and wood in a variety of application areas. It is estimated that more than 17 MT of composites were consumed in the year 2018. The ability of composites to be tailored to fit a diverse range of applications remains the key factor driving demand in global composites market. The two key components within the composites are matrix, and fibre. Glass, carbon, aramid, basalt, and natural fibres are the most widely used fibres in composites, whereas materials such as polyester, epoxy, polyurethane, and vinyl ester are primarily used as the matrix. Suitability of composites for higher temperature ranges, and superior design flexibility are expected to account for a sustained healthy adoption rate projected for composites market.

Composites are stronger, lighter, durable, and versatile as compared to traditional materials. For instance, carbon fibre-reinforced composite is expected to be 4-5x stronger compared to the 1020 steel-grade counterpart, and 1/5th the weight. Design freedom, functionality, and weight reduction attributes continue to be the key factors positioning composites as an ideal material choice across a host of industries, especially transportation, construction, and electrical and electronics. This is likely to accelerate the performance of global composites market.

Growing Efforts towards Lightweight and Durable Materials

Automotive OEMs worldwide are upping their efforts for usage of multi-materials in weight reduction/light weighting to meet fuel efficiency goals. In the past few years, composite materials have become a vital part of automotive lightweight plan as they are widely deployed in under-the-hood, exterior and interior applications. Electric mobility is another factor driving the growth of composites in automotive. One of the most important aspects of electric vehicles (EVs) is their range with weight playing major factor behind it. Composites can play a bigger role in achieving longer range by reducing the weight and dependency on heavier, denser metals.

World wind capacity installations have grown fourfold between 2010 and 2020 with 60.4 GW of capacity added in 2019. Wind energy is the perfect bet to deliver the goals set for renewable energy in Europe. Wind energy is a clean, sustainable, and cost-effective option compared to fossil fuels. Manufacturers are focused on creating turbines with longer blades to capture more wind in return generating more power output. To keep up with growing demand for wind turbines, composites can play an important role in delivering lightweight, and energy-efficient blades.

High-cycle Time, and Raw Material Costs a Question at Hand

Mass production, and affordability of composite materials is a main challenge in the market. In automotive industry, high material cost, and cycle time has significantly impacted the penetration of composites in high-volume cars. Supply of carbon fibre is also adding to the woes of automotive industry as most of the lot is consumed in high-value aerospace sector. Lack of automation, higher raw materials prices compared to traditional steel, wood, and thermoplastics, and high production costs are limiting the market growth of composites across various verticals. Composites industry also needs to tackle recycling issues. Recycling carbon fibre composites is expensive and challenging as it cannot melt down and reform as other materials.

Asia Pacific Retains Lead, Regulatory Support Favours Composites Market in Western Regions

Asia Pacific accounted for more than 40% of the total composites market valuation in the year 2018. While accelerated industrial growth in the region has been the major driving force behind composites market growth here, China will continue to play a substantial role in shaping the Asia Pacific composites market. China’s scientific and sustainable development strategy heralds a bright future for energy-saving products in automotive, marine, and electrical and electronics. There has been a huge development in China’s wind energy market, creating ample opportunities of composites consumption, thereby fostering the growth of composites market in the region.

In Europe, and North America, advancements in the field of lightweight materials have largely fuelled the growth of composites. Demand for composites is on the rise, especially from the automotive and aerospace industry. Carbon fibre-reinforced composites (CFRC) have exceptional properties that make them ideal materials for car manufacturers, and modern aircrafts, focusing on weight reduction, and enhanced fuel-efficiency. Government regulations such as Corporate Average Fuel Economy (CAFÉ), and EU mandate on CO2 emissions will drive the developments in composites market space in the region over the course of next few years.

Capacities Expansion, and Synergies to Dictate Strategic Growth of Key Companies

Manufacturers of composites are engaging in capacity expansions, and business integration operations to strengthen their position in global composites market. In 2019, Solvay announced expansion of its thermoplastic composite facility in the US to meet strong demand from aerospace industry. The expansion is expected to aid Solvay to meet the high-quality standards, and industrial reliability. Solvay also announced the first horizontal strategic platform to fast-track development of advanced composites.

In 2019, Teijin announced acquisition of Renegade Materials Corporation, a US-based supplier heat-resistant thermoset prepreg to aerospace industry. The acquisition helped Teijin to integrate its business operations and strengthen its foothold in aerospace industry. This will also help the company to upgrade its existing production capacities with technological advancements.

Regional Classification of the Global Composites Market is Listed Below:

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • Spain
  • U.K.
  • Italy
  • Russia
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

 Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East and Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa

*Regions and countries are subject to change based on data availability.

Key Elements Included In The Study: Global Composites Market

  • Composites Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2019 - 2022
  • Volume Consumption at Regional and Country Level, 2023 - 2030
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Production Output Analysis (Major Producing Regions)
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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1. Executive Summary
     1.1. Global Composites Market Snapshot
     1.2. Key Market Trends
     1.3. Future Projections
     1.4. Analyst Recommendations

2. Market Overview
     2.1. Market Definitions and Segmentations
     2.2. Market Dynamics
            2.2.1. Drivers
                    2.2.1.1. Driver A
                    2.2.1.2. Driver B
                    2.2.1.3. Driver C
            2.2.2. Restraints
                    2.2.2.1. Restraint 1
                    2.2.2.2. Restraint 2
            2.2.3. Market Opportunities Matrix
     2.3. Value Chain Analysis
     2.4. Porter’s Five Forces Analysis
     2.5. Covid-19 Impact Analysis
            2.5.1. Pre-covid and Post-covid Scenario
            2.5.2. Supply Impact
            2.5.3. Demand Impact
     2.6. Government Regulations
     2.7. Technology Landscape
     2.8. Economic Analysis
     2.9. PESTLE

3. Production Output and Trade Statistics, 2019 - 2022
     3.1. Regional Production Statistics
            3.1.1. North America
            3.1.2. Europe
            3.1.3. Asia Pacific
            3.1.4. Latin America
            3.1.5. Middle East & Africa
     3.2. Trade Statistics

4. Price Trends Analysis and Future Projects, 2019 - 2030
     4.1. Key Highlights
     4.2. Prominent Factors Affecting Prices
     4.3. By Fiber Type
     4.4. By End-user
     4.5. By Region

5. Global Composites Market Outlook, 2019 - 2030
     5.1. Global Composites Market Outlook, by Fiber Type, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            5.1.1. Key Highlights
                    5.1.1.1. Glass Fiber
                    5.1.1.2. Carbon Fiber
                    5.1.1.3. Ceramic Fiber
                    5.1.1.4. Aramid Fiber
                    5.1.1.5. Natural
                    5.1.1.6. Misc. (Metal, etc.)
     5.2. Global Composites Market Outlook, by Resin Type, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            5.2.1. Key Highlights
                    5.2.1.1. Thermoset
                    5.2.1.2. Thermoplastic
     5.3. Global Composites Market Outlook, by Manufacturing Process Type, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            5.3.1. Key Highlights
                    5.3.1.1. Manual Processes
                             5.3.1.1.1. Hand Lay-up
                             5.3.1.1.2. Spray-up
                             5.3.1.1.3. Prepeg Lay-up
                    5.3.1.2. Injection Processes
                    5.3.1.3. Compression Processes
                    5.3.1.4. Continuous Processes
                    5.3.1.5. Misc.
     5.4. Global Composites Market Outlook, by Manufacturing End-user, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            5.4.1. Key Highlights
                    5.4.1.1. Automotive
                    5.4.1.2. Aerospace
                    5.4.1.3. Construction
                    5.4.1.4. Electrical & Electronics
                    5.4.1.5. Consumer Goods
                    5.4.1.6. Wind Energy
                    5.4.1.7. Marine
                    5.4.1.8. Pipe & Tank
                    5.4.1.9. Misc. (Sports Goods, etc.)
     5.5. Global Composites Market Outlook, by Region, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            5.5.1. Key Highlights
                    5.5.1.1. North America
                    5.5.1.2. Europe
                    5.5.1.3. Asia Pacific
                    5.5.1.4. Latin America
                    5.5.1.5. Middle East & Africa
            5.5.2. BPS Analysis/Market Attractiveness Analysis

6. North America Composites Market Outlook, 2019 - 2030
     6.1. North America Composites Market Outlook, by Fiber Type, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            6.1.1. Key Highlights
                    6.1.1.1. Glass Fiber
                    6.1.1.2. Carbon Fiber
                    6.1.1.3. Ceramic Fiber
                    6.1.1.4. Aramid Fiber
                    6.1.1.5. Natural
                    6.1.1.6. Misc. (Metal, etc.)
     6.2. North America Composites Market Outlook, by Resin Type, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            6.2.1. Key Highlights
                    6.2.1.1. Thermoset
                    6.2.1.2. Thermoplastic
     6.3. North America Composites Market Outlook, by Manufacturing Process Type, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            6.3.1. Key Highlights
                    6.3.1.1. Manual Processes
                             6.3.1.1.1. Hand Lay-up
                             6.3.1.1.2. Spray-up
                             6.3.1.1.3. Prepeg Lay-up
                    6.3.1.2. Injection Processes
                    6.3.1.3. Compression Processes
                    6.3.1.4. Continuous Processes
                    6.3.1.5. Misc.
     6.4. North America Composites Market Outlook, by Manufacturing End-user, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            6.4.1. Key Highlights
                    6.4.1.1. Automotive
                    6.4.1.2. Aerospace
                    6.4.1.3. Construction
                    6.4.1.4. Electrical & Electronics
                    6.4.1.5. Consumer Goods
                    6.4.1.6. Wind Energy
                    6.4.1.7. Marine
                    6.4.1.8. Pipe & Tank
                    6.4.1.9. Misc. (Sports Goods, etc.)
     6.5. North America Composites Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            6.5.1. Key Highlights
                    6.5.1.1. U.S.
                    6.5.1.2. Canada
            6.5.2. BPS Analysis/Market Attractiveness Analysis

7. Europe Composites Market Outlook, 2019 - 2030
     7.1. Europe Composites Market Outlook, by Fiber Type, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            7.1.1. Key Highlights
                    7.1.1.1. Glass Fiber
                    7.1.1.2. Carbon Fiber
                    7.1.1.3. Ceramic Fiber
                    7.1.1.4. Aramid Fiber
                    7.1.1.5. Natural
                    7.1.1.6. Misc. (Metal, etc.)
     7.2. Europe Composites Market Outlook, by Resin Type, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            7.2.1. Key Highlights
                    7.2.1.1. Thermoset
                    7.2.1.2. Thermoplastic
     7.3. Europe Composites Market Outlook, by Manufacturing Process Type, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            7.3.1. Key Highlights
                    7.3.1.1. Manual Processes
                             7.3.1.1.1. Hand Lay-up
                             7.3.1.1.2. Spray-up
                             7.3.1.1.3. Prepeg Lay-up
                    7.3.1.2. Injection Processes
                    7.3.1.3. Compression Processes
                    7.3.1.4. Continuous Processes
                    7.3.1.5. Misc.
     7.4. Europe Composites Market Outlook, by Manufacturing End-user, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            7.4.1. Key Highlights
                    7.4.1.1. Automotive
                    7.4.1.2. Aerospace
                    7.4.1.3. Construction
                    7.4.1.4. Electrical & Electronics
                    7.4.1.5. Consumer Goods
                    7.4.1.6. Wind Energy
                    7.4.1.7. Marine
                    7.4.1.8. Pipe & Tank
                    7.4.1.9. Misc. (Sports Goods, etc.)
     7.5. Europe Composites Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            7.5.1. Key Highlights
                    7.5.1.1. Germany
                    7.5.1.2. France
                    7.5.1.3. U.K.
                    7.5.1.4. Italy
                    7.5.1.5. Spain
                    7.5.1.6. Russia
                    7.5.1.7. Rest of Europe
            7.5.2. BPS Analysis/Market Attractiveness Analysis

8. Asia Pacific Composites Market Outlook, 2019 - 2030
     8.1. Asia Pacific Composites Market Outlook, by Fiber Type, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            8.1.1. Key Highlights
                    8.1.1.1. Glass Fiber
                    8.1.1.2. Carbon Fiber
                    8.1.1.3. Ceramic Fiber
                    8.1.1.4. Aramid Fiber
                    8.1.1.5. Natural
                    8.1.1.6. Misc. (Metal, etc.)
     8.2. Asia Pacific Composites Market Outlook, by Resin Type, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            8.2.1. Key Highlights
                    8.2.1.1. Thermoset
                    8.2.1.2. Thermoplastic
     8.3. Asia Pacific Composites Market Outlook, by Manufacturing Process Type, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            8.3.1. Key Highlights
                    8.3.1.1. Manual Processes
                             8.3.1.1.1. Hand Lay-up
                             8.3.1.1.2. Spray-up
                             8.3.1.1.3. Prepeg Lay-up
                    8.3.1.2. Injection Processes
                    8.3.1.3. Compression Processes
                    8.3.1.4. Continuous Processes
                    8.3.1.5. Misc.
     8.4. Asia Pacific Composites Market Outlook, by Manufacturing End-user, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            8.4.1. Key Highlights
                    8.4.1.1. Automotive
                    8.4.1.2. Aerospace
                    8.4.1.3. Construction
                    8.4.1.4. Electrical & Electronics
                    8.4.1.5. Consumer Goods
                    8.4.1.6. Wind Energy
                    8.4.1.7. Marine
                    8.4.1.8. Pipe & Tank
                    8.4.1.9. Misc. (Sports Goods, etc.)
     8.5. Asia Pacific Composites Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            8.5.1. Key Highlights
                    8.5.1.1. China
                    8.5.1.2. Japan
                    8.5.1.3. South Korea
                    8.5.1.4. India
                    8.5.1.5. Southeast Asia
                    8.5.1.6. Rest of Asia Pacific
            8.5.2. BPS Analysis/Market Attractiveness Analysis

9. Latin America Composites Market Outlook, 2019 - 2030
     9.1. Latin America Composites Market Outlook, by Fiber Type, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            9.1.1. Key Highlights
                    9.1.1.1. Glass Fiber
                    9.1.1.2. Carbon Fiber
                    9.1.1.3. Ceramic Fiber
                    9.1.1.4. Aramid Fiber
                    9.1.1.5. Natural
                    9.1.1.6. Misc. (Metal, etc.)
     9.2. Latin America Composites Market Outlook, by Resin Type, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            9.2.1. Key Highlights
                    9.2.1.1. Thermoset
                    9.2.1.2. Thermoplastic
     9.3. Latin America Composites Market Outlook, by Manufacturing Process Type, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            9.3.1. Key Highlights
                    9.3.1.1. Manual Processes
                             9.3.1.1.1. Hand Lay-up
                             9.3.1.1.2. Spray-up
                             9.3.1.1.3. Prepeg Lay-up
                    9.3.1.2. Injection Processes
                    9.3.1.3. Compression Processes
                    9.3.1.4. Continuous Processes
                    9.3.1.5. Misc.
     9.4. Latin America Composites Market Outlook, by Manufacturing End-user, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            9.4.1. Key Highlights
                    9.4.1.1. Automotive
                    9.4.1.2. Aerospace
                    9.4.1.3. Construction
                    9.4.1.4. Electrical & Electronics
                    9.4.1.5. Consumer Goods
                    9.4.1.6. Wind Energy
                    9.4.1.7. Marine
                    9.4.1.8. Pipe & Tank
                    9.4.1.9. Misc. (Sports Goods, etc.)
     9.5. Latin America Composites Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            9.5.1. Key Highlights
                    9.5.1.1. Brazil
                    9.5.1.2. Mexico
                    9.5.1.3. Rest of Latin America
            9.5.2. BPS Analysis/Market Attractiveness Analysis

10. Middle East & Africa Composites Market Outlook, 2019 - 2030
     10.1. Middle East & Africa Composites Market Outlook, by Fiber Type, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            10.1.1. Key Highlights
                    10.1.1.1. Glass Fiber
                    10.1.1.2. Carbon Fiber
                    10.1.1.3. Ceramic Fiber
                    10.1.1.4. Aramid Fiber
                    10.1.1.5. Natural
                    10.1.1.6. Misc. (Metal, etc.)
     10.2. Middle East & Africa Composites Market Outlook, by Resin Type, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            10.2.1. Key Highlights
                    10.2.1.1. Thermoset
                    10.2.1.2. Thermoplastic
     10.3. Middle East & Africa Composites Market Outlook, by Manufacturing Process Type, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            10.3.1. Key Highlights
                    10.3.1.1. Manual Processes
                             10.3.1.1.1. Hand Lay-up
                             10.3.1.1.2. Spray-up
                             10.3.1.1.3. Prepeg Lay-up
                    10.3.1.2. Injection Processes
                    10.3.1.3. Compression Processes
                    10.3.1.4. Continuous Processes
                    10.3.1.5. Misc.
     10.4. Middle East & Africa Composites Market Outlook, by Manufacturing End-user, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            10.4.1. Key Highlights
                    10.4.1.1. Automotive
                    10.4.1.2. Aerospace
                    10.4.1.3. Construction
                    10.4.1.4. Electrical & Electronics
                    10.4.1.5. Consumer Goods
                    10.4.1.6. Wind Energy
                    10.4.1.7. Marine
                    10.4.1.8. Pipe & Tank
                    10.4.1.9. Misc. (Sports Goods, etc.)
     10.5. Middle East & Africa Composites Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            10.5.1. Key Highlights
                    10.5.1.1. GCC
                    10.5.1.2. South Africa
                    10.5.1.3. Rest of Middle East & Africa
            10.5.2. BPS Analysis/Market Attractiveness Analysis

11. Competitive Landscape
     11.1. Company Market Share Analysis, 2021
     11.2. Competitive Dashboard
     11.3. Company Profiles
            11.3.1. Toray Industries Inc.
                    11.3.1.1. Company Overview
                    11.3.1.2. Product Portfolio
                    11.3.1.3. Financial Overview
                    11.3.1.4. Business Strategies and Development
(*Note: Above details would be available for below list of companies based on availability)
            11.3.2. Owens Corning
            11.3.3. Hexcel Corporation
            11.3.4. Jushi Group
            11.3.5. Teijin Limited
            11.3.6. Nippon Electric
            11.3.7. Solvay S.A.
            11.3.8. Mitsubishi Chemical Carbon Fiber and Composites, Inc.
            11.3.9. SGL Carbon
            11.3.10. Zhongfu Shenying
            11.3.11. Huntsman Corporation
            11.3.12. DuPont
            11.3.13. TPI Composites Inc.
            11.3.14. Formosa Plastics Corporation

12. Appendix
     12.1. Research Methodology
     12.2. Report Assumptions
     12.3. Acronyms and Abbreviations

Our Research Methodology

Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.

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