The global composites market size is expected to reach USD 130.83 billion by 2024, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 7.8% over the forecast period. Rising demand for lightweight materials from automotive and aerospace industries is likely to drive market growth.
Rising need for lightweight vehicles is expected to fuel composites market growth over the forecast period. U.S. and Europe are the key regions in the aerospace and defense sector with aircraft manufacturers such as Boeing and Airbus driving product demand.
The composites market has observed backward as well as forward integration from various raw material manufacturers. In-house availability of major raw materials and production and utilization of carbon fiber aids the manufacturers to reduce logistics cost. It also helps them cater to various end-use product manufacturers directly to enhance profitability. Carbon Fiber Reinforced Plastic (CFRP) applications depend on grades and ultimately the quality of precursor. Manufacturers are developing their own manufacturing technique to gain competitive advantage. Special applications of CFRP such as aerospace and high-performance cars are manufactured as per client requirements.
Glass fiber was estimated as the largest product segment in the global composites market, with a share of 64.0% in 2015. Carbon fiber mostly comprises carbon atoms bounded together in crystals that are aligned parallel to the fiber. These fibers are combined with other materials to form a composite. It is molded with plastic resin to form carbon fiber reinforced polymer. Carbon fibers find numerous applications owing to their properties such as low thermal expansion, weight, high stiffness, temperature tolerance, and chemical resistance.
Thermosetting resin was estimated to be the largest market for composites globally, with a share of 83.3% in 2015. Thermoplastic resin is projected to be the fastest growing segment through 2024
Asia Pacific dominated the global composite application market for pipes and tanks in 2015 and is expected to continue its dominance over the forecast period. Increasing offshore oil drilling is expected to fuel growth over the forecast period
Glass fiber emerged as the largest product segment in the global composites market, with a share of 64.0% in 2015. Carbon fiber is projected to be the fastest growing segment from 2016 to 2024
Key players include Teijin Limited; Toray Industries, Inc.; Owens Corning; PPG Industries, Inc.; Huntsman Corporation; Hexcel Corporation; and E. I. DuPont Nemours & Co.
Metamaterial Market - The global metamaterials market size was estimated at USD 316.0 million in 2016.
Carbon Fiber Market - The global carbon fiber market size was valued at USD 2.25 billion in 2015 and is projected to grow at a CAGR of 10.9% from 2017 to 2025.
Grand View Research has segmented the global composites market on the basis of product, resin, manufacturing process, end use, and region:
Composites Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Composites Resin Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Composites Manufacturing Process Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Filament Winding Process
Injection Molding Process
Compression Molding Process
Resin Transfer Molding Process
Composites End-use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Automotive & Transportation
Aerospace & Defense
Electrical & Electronics
Construction & Infrastructure
Pipes & Tanks
Composites Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Middle East & Africa
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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