Global Composites Market - 2022-2029

Market Overview

The global composites market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX % during the forecast period (2022-2029).

Composite fibers are utilized to improve strength, reduce weight and lessen the cost of athletic equipment. A composite material can be composed of two or more materials with different macro-scale compositions that are joined to form a structurally stable component. Composites or Fiber-Reinforced Polymer (FRP) composites comprise a polymer matrix reinforced with a man-made or natural fiber (such as glass, carbon or aramid) or other reinforcing material.

The matrix shields the fibers from external and environmental degradation while also transferring the load between them. The fibers, in turn, add strength and stiffness to the matrix, making it more resistant to cracks and fractures. When fibers are mixed, they form a material made to do a specific task, like becoming stronger, lighter or more electric resistant. They can also help with strength and stiffness.

Market Dynamics

The need for composites is increasing in the wind energy, aerospace & defense and automotive & transportation industries. However, due to COVID-19, sales in various industries have decreased, resulting in lower demand for composites.

After COVID-19, government stimulus packages will push the composites market

To reduce the detrimental impact on the economy, it is critical to limit the infection. Countries have proposed various measures to stem the spread of the virus, boost consumer spending and stimulate economic activity. China, the first country to be hit by COVID-19, has announced a US$ 180 billion fiscal stimulus program aimed at epidemic prevention, medical equipment manufacture, insurance payouts and tax relief, among other things.

In addition, the government has committed US$ 430 billion in liquidity injections into the banking system to help micro and small businesses. Other measures taken to boost economic activity include lower repo and report rates.

Rising demand for composites in emerging economies

The composites industries have traditionally focused on Japan, North America and Europe. However, there has been a considerable movement toward rising economies in Asia-Pacific and the rest of the world. For example, due to a significant desire for low-cost carriers and demand for glass fiber and carbon fiber composites in aircraft, wind energy and transportation sectors have surged in emerging economies like India, Brazil and China. Countries like China have started many research projects using glass fiber and carbon fiber composites. The country's growing industrialization will be more than sufficient to meet demand.

Furthermore, cyclic sectors such as automotive, pipe & tanks and building & infrastructure are predicted to increase fast due to the rapid economic growth and industrialization in emerging nations, fuelling demand for GFRP and CFRP. Furthermore, demand for composites in the construction and infrastructure industry and pipes and tanks are predicted to rise during the projection period due to upgrading, maintaining and forming new cities with water treatment facilities.

Lack of standardized manufacturing methods

Composites' penetration in various areas, including sporting goods, marine and consumer products, is still limited by manufacturing and non-recurring development expenses. The principal concerns are design consistency, process standardization and maintenance technology. Manufacturers are bound to choose conservative designs due to a lack of standardization of materials and processes, which impedes mass manufacturing and the economic performance of automobiles and aircraft. Furthermore, a shortage of people resources with composites training and experience limits the scope of composites' uses.

COVID-19 Impact Analysis

Manufacturers' supply of current orders was also disrupted due to travel and trade restrictions. As a result, the composites industry faced considerable challenges maintaining uninterrupted supply chains throughout the COVID-19 outbreak. The demand for sports equipment has reduced due to the postponing of events and international sports competitions.

Furthermore, being one of the largest consumers of composites, aerospace and defense has seen the worst and most immediate effects of the pandemic. The aviation industry has suffered due to international and domestic border closures. It has had a significant impact on composites demand.

Segment Analysis

By fiber, the composites market is segmented into glass fiber, carbon fiber, natural fiber and others.

Unique properties of glass fiber

Fiber is ideal for composite manufacturing because of its high rigidity and strength. Furthermore, glass fibers come in a variety of grades, each of which has exceptional heat resistance. Glass fiber is utilized in a variety of applications in the building, wind energy, pipes & tanks, marine and transportation industries due to its exceptional properties such as strength, flexibility, durability, stability, low weight and resistance to heat, temperature & moisture.

It is utilized in various applications in the transportation industry, including underbody systems, deck lids, front-end modules, bumper beams, engine covers, instrument panels and air ducts. The outbreak of COVID-19 in India and China's key glass fiber composite manufacturing countries has slowed demand for glass fiber-based composites.

Geographical Analysis

Growing automotive industry and the rising government initiatives in Asia-Pacific

Due to significant demand from China, Japan, India and other countries, Asia-Pacific is the leading composite consumer. Construction, automotive & transportation, aerospace & defense and wind energy are among the major end-use industries for composites in Asia-Pacific market. Some of the primary factors driving the composites market in Asia-Pacific are technological advancements, regulatory regulations and government norms. Electric vehicle adoption is expected to impact Asia-Pacific composites market's growth significantly.

The growing popularity of electric vehicles can be attributed to government programs and support to improve the environment and reduce reliance on fossil fuels. The governments of various Asia-Pacific countries encourage the adoption of emission-free automobiles by lowering electric vehicle registration taxes. The Ministry of Heavy Industries and Public Enterprises (MHIPE) reported in November 2019 that more than 285,00 electric and hybrid vehicle buyers in India had received subsidies under the FAME (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles) initiative. The region's robust vehicle manufacturing industries, combined with a high prevalence of electrical & electronic component makers, are expected to drive rising demand.

Competitive Landscape

Product and service innovation, as well as tailored products to fulfill client needs, are substantially invested by key industry actors. Major companies have used various business tactics to stay competitive globally, including capacity growth, business expansion, collaborations, mergers & acquisitions and product development. Key players are likely to maintain their market position by launching new products and growing their portfolios. The advent of products with sophisticated features and tailored product offers will likely boost the industry players' positions.

Major global Composites market companies include Owens Corning, Toray Industries Inc., Solvay SA, Teijin Limited, SGL Carbon SE, Hexcel Corporation, Nippon Electric Glass Co. Ltd., Huntsman International LLC, Hexion and Gurit Holding AG.

SGL Carbon SE

Overview: SGL Carbon SE is a German-based European firm. The company is one of the largest producers of carbon-based products globally. SGL Carbon is a multinational firm with 29 manufacturing sites and a service network spanning more than 100 countries. Wiesbaden, Germany, is the company's headquarters. Carbon and graphite materials, specialty graphite, corrosion protection products, fibers and composites are all produced by SGL Carbon SE. Graphite & carbon electrodes, cathodes, mold stock, mechanical carbons, corrosion-resistant goods & systems, composites and carbon-ceramic braking discs are among the company's products. SGL sells its goods all around the world.

Product Portfolio: Chemical and industrial applications, automotive, aerospace, solar & wind energy, semiconductors & LEDs and the fabrication of lithium-ion batteries and other energy storage systems all use the company's components and materials derived from specialty graphite and composites. SIGRACOMP® Carbon Friction Materials, SIGRAPREG® Pre-Impregnated Materials, SIGRASIC® Carbon Fiber Reinforced Silicon Carbide and SIGRATEX® Textile Materials are some of the products available in the company.

Key Development: SGL Carbon stated in November 2019 that it would produce composite leaf springs for Ford Transit. SGL Carbon has developed glass fiber-based composite longitudinal leaf springs for Ford Transit rear axles in series. The Transit Skeleton chassis is used in conjunction with the springs. As a result, they're used in situations where high payloads are critical, such as caravanning models or particular Transit commercial vehicle variations.

The novel composite leaf spring weighs nearly half as much as traditional leaf springs while providing higher security standards. It is Ford's first leaf spring effort in the world to use composites in series. SGL Carbon sends the leaf springs to the Ford-Otosan assembly factory in Kocaeli, Turkey, ready to install.

Why Purchase the Report?

Visualize the composition of the composites market segmentation by fiber, resin, end-user and region, highlighting the critical commercial assets and players.

Identify commercial opportunities in the composites market by analyzing trends and co-development deals.

Excel data sheet with thousands of composites market-level 4/5 segmentation points.

Pdf report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Product mapping in excel for the key product of all major market players

The global composites market report would provide access to an approx. 61 market data table, 56 figures and 205 pages.

Target Audience 2022

Composites Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Emerging Companies

Composites Manufacturers