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 1/5^th 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

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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